Ready to take your business to the next level? Yes?
Then you’re probably trying to find a business coach or mastermind to help you get there. Or, perhaps, you’re facing an unexpected roadblock that leaves you wondering whether it is beneficial to spend capital on a business coach or mastermind? If that’s the case, should you? If yes, how do you go about finding the right one?
This post will unpack those questions and give you more clarity on how to choose the right mentors and business coaches.
Lessons Learned from Spending over 6 Figures on Business Coaching Programs
I would not have achieved this level of success without the mentors and business coaching programs I invested in over the years. I have spent over six figures on business coaches and masterminds. Yes, you read that right. Over six figures.
So I feel more than qualified to share strategies on how to find the right people to help you take your business to the next level.
Let me first provide you with some lessons that I learned through the years before I give you tips on finding the right coaches so you can get the most out of your investments.
I would like to state that I am forever grateful that credit cards exist as they have provided me with the means to invest in myself. I am aware that not everyone has access to one, or access to funds to invest; and are constantly having to make choices between investing and putting food on the table. Having been in debt to the tune of $60,000, I had to make some hard choices. However, I feel really privileged that I’ve always had a roof over my head and food on the table.
Alright, let’s dive in.
This is a vast topic that I will be separating into three segments: How to know when to invest in a business coach or mastermind, how to find the right one, and how to maximize the investment return.
How can you figure out whether and when to invest in a business coach or mastermind? If you ask a dozen business coaches this question, you will get a dozen different answers, so take what I say with a grain of salt.
My answer is based on my personal experience of coaching thousands of health professionals over the past six years, and it is by no means absolute.
So, how do you know that you need one?
You should invest in a business coach or mastermind when you do not know what you are doing or what you need to learn in order to reach the next level.
When I started out in 2007, I was unaware of the existence of business coaches or books on the topic, so I struggled for years on my own. Once I learned that there were courses, resources and people to help me overcome my struggles, I was over eager to sign up and get things rolling. It was solely an investment in support.
The type of investment you make will depend on where you are on your business journey. I am someone who seeks help when I am not sure of what I am doing. I learned that it can be a complete waste of time, energy and money trying to learn things on my own. So I seek out people who can help me accelerate the process and maintain momentum in my business.
So I have to ask, why did you invest in your professional designation? Why not try figuring it out on your own? Why did you pay for school?
For me, the answer is that whenever I need to learn a new skill, I go out and find someone who can help me master that skill (this is the fastest way to move to the next level). You should always be investing in yourself and your business if you want to keep growing quickly.
How to Find the Right Business Coach or Mastermind
Now that you know when and why you need to make an investment in a business coach or a mastermind, how do you pick the right one? I have four tips to share with you.
Tip #1: The right coach is someone you deeply respect and are afraid of disappointing. If you are going to pay someone to work closely with you, it’s very important that you have a fear of disappointing them, as this fear will act as an extra driver for you to take action and succeed. (By fear, I mean the drive to do the work so they’ll be proud of you.)
When I joined Craig Ballantyne and Bedros Keullian’s mastermind in 2012, Craig totally intimidated me. He saw something in me and knew I had potential so I was motivated to remain on top of my game to ensure that I never face the embarrassment of being seen playing small.
We can always debate whether this is a good or bad thing, but it works. No one wants to show up empty handed to a party, right? I did not want to show up to the next Perfect Life Event without crushing my goals.
Tip #2: It is crucial that whomever you choose has actually done and still does what they are teaching. They need to live and breathe what they do, and have at least a year’s worth of experience under their belt. There are unfortunately a large number of people selling coaching programs on things they have personally never done.
Let me share my own experience with this. I was once attracted to a program that promised to teach Facebook ads, leads acquisition and launching. It cost $6,000 USD upfront and $1,500 USD per month for the next 12 months. The coach promised to teach the secret to doubling our launch numbers using Facebook Ads. I was struggling to grow my wellness business academy launches, so the program seemed appealing to me.
I had run a dozen online program launches at this point and had two years of experience working with affiliates. To make a long story short, I went to his first mastermind weekend and taught his group how to launch and work with affiliates because he had never done it before.
I did not properly vet the mentor and paid the price for making the decision too quickly. It turned out he ran a Facebook ad agency and supposedly ran traffic for some of the biggest guys online. He had never planned and executed, from start to finish, his own online program launch, so he was teaching a program he was unqualified for.
With a couple of back and forth discussions between our lawyers, I was released from the contract but lost $10,000 USD. I have heard countless stories such as mine from members of my Take Your Health Practice Online community, and hope this post will help you to avoid making this mistake.
What can you learn from my mistake? Do not rely solely on testimonials. They mean nothing. Properly vet prospective mentors; make sure they actually practice what they teach; and use the models in their daily business. If they are running their business, a red flag should instantly be raised.
The same rule applies to you and your business: If you teach what you are not practicing, it’s likely your client will pick up on it and feel disconnected.
Tip #3: Find someone who mentors specifically on the skills you wish to attain. What is it that you need to be good at right now? Sales, marketing, team building? You can’t learn all these skills at once, so take a moment to think of which skill you require the most.
Identify which skill you most urgently need and find a mentor or mastermind to acquire that skill. Once you have mastered that skill, go ahead and acquire the rest, one at a time.
Tip #4: Find someone who has achieved a level of success in their business or life that you wish to achieve in your own.
When I first invested in the Craig Ballantyne and Bedros Keullian mastermind program, it was because Bedros had the life I wanted: the family, the house, the business, the freedom and the money. His personality seemed amazing, he inspired me and we shared the same values. From my personal experience, both Craig and Bedros are honorable, kind, generous and successful men.
If you are investing to work with someone, make sure you look past their sales pitch — go deep into their social media and see if they resonate with you as a person. Do they have integrity? Are they congruent with their work and message, or are they all over the place? Do they share your values? Do you aspire to reach their level of success?
Why does this matter? Because you are paying someone lots of money to come and work closely with you. It is important to be absolutely sure that they have the ability to mentor you beyond strategy. Can they help you become a better human being?
OK, there you have it. Some really practical strategies for knowing when to invest in a business coach or mastermind, how to find the right one and how to make the most of it.
Have you invested in a business coach or mastermind? Thinking about it? Would love to read your thoughts in the comments section!