269: How to Set Up and Sell a Paid Mastermind Group

The Side Hustle Show

Nick Loper

How To, Entrepreneurship, Business, Education

4.7 • 1.6K Ratings

🗓️ 8 February 2018

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Women pay up to $2000 a month to hang out with Natalie Eckdahl for a few hours. The mother of 3 has turned her BizChix podcast (which started as a side hustle) into a thriving business based largely on paid mastermind groups. She curates groups of high-performing female entrepreneurs – and gets paid handsomely to do it. Is this a revenue stream you could add to your business? If you’re in a consulting, freelancing, or coaching role and trying to figure out what the next step is to scale up your business, a group mastermind program could be the answer. In fact, a paid mastermind was the first thing I sold on Side Hustle Nation, but I put the program on hold after our son was born. All of a sudden that extra hour or two in the evening became a lot harder to part with! I wanted to pick her brain on how she set everything up and sold it to her audience. “What I’m trying to create is an amazing brainstorming opportunity for the women that join the group,” Natalie said. Today she’s running five separate premium-priced masterminds for 5- and 6-figure entrepreneurs, with prices ranging from $600 to $2000 a month. But it almost didn’t happen. She was a few weeks away from putting BizChix on pause, when a fateful few customers sparked a major turning point. Tune in to hear how Natalie sets up her groups for success, structures the meetings, and 20x’d her rates in 3 years. Full Show Notes and PDF Highlight Reel: How to Set Up and Sell a Paid Mastermind Group

Transcript

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0:00.0	Side Hustle Show 269. Will people pay to hang out with you how to set up a paid mastermind program?
0:08.0	What's up? What's up? Nick Loper here. Welcome to the Side Hustle show because your 9 to 5 may make you a living but your 5 to 9 makes you alive.
0:16.5	Let's see if this sounds familiar. You're working hard on your Side Hustle, you're creating content and maybe you've seen a little bit of traction but the results in terms of
0:25.2	dollars and cents really aren't there. That's where my guest today found herself almost a year into
0:30.5	her podcasting side project and with her third child do any minute she was
0:35.2	about ready to press pause on the whole thing but before that she decided to offer up a paid
0:40.0	mastermind group to her listeners the chance to work directly with her and several
0:44.1	other entrepreneurs for the next three or four months. It was basically like a Hail Mary
0:48.8	pass to say, I didn't say this publicly, but in my mind and in my heart I knew if no one signs up for this
0:54.4	I'm kind of done with this Bischix thing. That was Natalie Ekdahl the founder of
0:58.7	Bischix.com and it's Chicks with an X and she's the host of the Bisiz Chicks podcast which is now over 300 episodes.
1:05.9	So what happened with her Hail Mary Pass?
1:08.2	She ended up getting five women to sign up, join, and importantly pay. Those five people were pivotal. They kept her going, they
1:15.2	proved her concept, they laid the foundation for everything Natalie's built since
1:18.8	then, which includes the premium mastermind groups we're going to talk about
1:21.8	today, a speaking and coaching practice,
1:24.1	and even a live event.
1:26.1	I invited Natalie on the show to illustrate a few things.
1:29.0	The first, of course, is how a relatively small
1:33.4	and how you can build a substantial business
1:35.3	with a relatively small audience.
1:37.2	But beyond that, I wanted to get her insight
	...

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