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Are Business Coaches & Mastermind Groups Worth the Money?

We know running a business is tough , but is it made easier with support? or are business coaches & mastermind groups a waste of money?


It seems that wherever you turn there's an advert with some guru offering to transform your business and life by attending their webinar, or attending their free event. The challenge with these is often in the stories that are being sold to the audience.

Now I say this from a position of being a business coach, I specifically coach filmmakers in how to improve their business.

I've been a member of many masterminds over the last ten years, and there's always value to be had by going into a room with other business owners.


It was in the book, Think and Grow Rich by Napoleon Hill, that the notion of a mastermind group was first hatched, and absolutely the value of sitting around the table with other business owners and talking about the challenges you're facing can certainly have a lot of ideas generated on how you might solve some of your challenges.

But I'm challenged with the fact that I've been a member of four or five different mastermind groups now, some in the UK, some in the US and some Australia, and something's bothering me about the way in which some of these organisations are running the show.

In many groups that exist there is an increasing trend towards the  presenters, 'the gurus', standing on stage selling a dream. They talk about how they went from nothing to multi-million dollars in sales and business ownership, but one of the biggest challenges is that there's little or no substantiation about how they did that. And when you do a little bit of digging it's not clear if any of the 'from stage stories' are  actually true.

What's really interesting is that the 'room' tend not to question, because the belief system that they have and hold towards wanting to make it big blurs their judgement.

They are openly inviting the quick and easy answer into their lives - they want to believe it so badly that they convince themselves that it must be true.

Plus if you are someone who smells a rat and dares to mention it, its likely that the herd of 'paid members' who are invested in the  belief system will quickly challenge you and either shut you down or remove you before you talk to too many people and do some damage to the well oiled  'sales machine'

 
I've been running a business now since 2009, so nine years, and it's hard, it's very, very hard.

So there's absolutely a lot to be said for having a support network of other business owners and people who can help support you through those challenging times, I've worked with coaches and numerous mentors inside and out of organised large scale business groups.

I'm not passing judgment on anyone who gets value from spending multiple  tens of thousands on being part of a  group.

Most of my time spent in groups in the past, in my experience the leaders of those companies often lack authenticity.

What they say from stage is not necessarily how they actually run their business in real life.

What they say from stage is not actually how they act in real life, and what they say and believe from stage is always the façade, it's an act to convince themselves that they are that person.

I think while they're on stage they truly believe they are that person, but then behaviour offstage tells a different story.

The reason for my writing this post today is because I think it's very, very few and far between that you find a mentor who runs an organisation who actually delivers the kind of value that exceeds promising you the shiny object.

One who actually wants to see you succeed and gets involved personally to help you achieve it...  someone who actually adjusted the fees down (at the end of last year)  to help more members implemented marketing strategies that were being shared..


I want to talk to you about my experience working with Ben Simkin and the Mastermind, because Ben is someone who I believe is very, very different from all the other gurus that exist.

In fact, he would be mortified if you called him a guru...

Ben is a young, successful entrepreneur, a business owner of multiple businesses, who actively generates millions of dollars a year through several business channels that he is the CEO of.

He started the Mastermind about four years ago because he was looking to join source a group that he could share in and learn from.  He couldn't find one so started his own.


When Ben was 19, he wasn't out partying, he was building businesses, and I am fortunate as I come to my one year anniversary of being in the Mastermind to be able to reflect on that journey I've experienced, but more so to compare the experience I've had in previous masterminds and ask the question are business masterminds worth the money?

I'll offer you my own conclusion towards the end of this post.


Fundamentally what makes the Mastermind different is it's not a coaching programme.

Yes, It's full of amazing business owners, top level strategy and practical tactics but more than that it works on a conceptual level so you get to really understand why marketing works or doesn't work... And its not about forcing your product, service or stuff into the market with sneaky tactics to make them buy...

In fact I have never worked with someone in this capacity who has so much integrity

There are amazing examples of what's required in terms of steps to build a successful business.

This material is not simply copied verbatim from a business book.

The content is derived from Ben and his team's in the dirt experience building businesses in multiple sectors.

Then there are the members.

There are countless stories of people who have actually started with nothing working 1-man band in their spare bedroom, joining The Mastermind and three or four years later are earning millions of dollars, and none of this is advertised as a get rich quick scheme, and none of it is advertised asa short cut ... it a conceptual approach then delivers a strategic and practical pathway to execute  steps that will make it happen.

It's a combination of asking the right questions, following the steps and not missing anything out, and actively recognising and being responsible for your own business, failings and successes.

So, in summary, I do think business masterminds can be very, very worthy investments.

In fact, every time I've been involved in a mastermind I've seen a good return on investment, but that's largely been due to how much work I am prepared to do and how quickly I implement strategies that I'm shared and taught with.


If you're thinking about joining a business mastermind, think about what it is you want to achieve and be really honest with yourself, because if you're looking to achieve a quick fix, or you're trying to emulate the guru who's on stage, just do some due diligence.

Think about what's actually going on.

Ask people who've perhaps been in the program.

Ask people who've left the program's, about the good and the not so good. 

What I'd like to add is that in Ben Simkin's Mastermind is tough. It's hard work. It's brutally hard work, but the support that's available to us from people who are actually, actively running million dollar businesses and beyond is palpable.


So, if you're looking to explore a process for building your business, then I can strongly recommend you check out Ben Simkin, and the Mastermind.

I've been in there one year now, and my intention is never to leave, I cannot imagine scaling this business so that I can help more filmmakers without the support I get in that group. 

And Finally

You might question why I would write about such a topic effectively promoting another business coaching and mentoring program when that's precisely what we do here...

One word....  Abundance

Ben has demonstrated  true abundance towards us in the Mastermind and I live it too.  if one of my readers decided to join the mastermind great!  I cannot serve everyone and if you joined my group or joined Ben's I'd be thrilled for you either way.

 

Have you been in in a business Mastermind? What has your experience  been like? 

 

Find our more about the mastermind here https://www.themastermind.com.au/

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