14 Reasons To Launch A 7-$Figure Mastermind Business In 2023

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As you know, this newsletter is all about marketing secrets, money, mindset, and acquisitions. But what if you could add a 7+ figure revenue stream to your existing business without going through an acquisition process?

In today's edition, I'm going to walk you through the top 14 reasons you should seriously consider launching a mastermind. I also will debunk 5 common myths that business leaders falsely believe.

Let's start out by defining what a mastermind is.

'A mastermind is a group of people who have similar interests, who?meet regularly to improve their businesses,?solve challenges, share wins & best practices, hold each other accountable, network with peers,?and create meaningful friendships that do life together.'

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Top 14 Reasons To Launch A 7 $Figure Mastermind

1. Highly Profitable

Mastermind businesses are extremely profitable since?there are?low staff requirements and overhead. More importantly, there are 8 different monetization strategies to generate 7+ figures of new income opportunities. Recently, a known colleague sold only 50% of his mastermind for an $11 million dollar payout.

2. Launch Fast

Masterminds don't take years to launch or get operational. The clients that we teach and coach on starting their masterminds can typically have a large revenue launch event achieved in 60 to 90 days or less.

'When you're surrounded by people who share a passionate commitment around?a common purpose, anything is possible.'

Howard Schultz, Starbuck's Former CEO & Chairman

3. Low Effort

In a mastermind, the members provide the primary value, not you. You get to focus more on relationships. You're already busy with your existing business or vacation. Masterminds allow you to create revenue opportunities without proportionately adding more 'busyness' to your life.

4. Low Commitment

Tired of the daily grind of your current business? A mastermind is a much lower commitment of your time. This is because a mastermind is not a 5 or 7-day-a-week business. In fact, most months of the year might require you to be a part of a simple Zoom meeting.

'A mastermind is a group of people who are equal parts?visionaries and executors.'

Elon Musk, Business Magnate, CEO of Tesla & SpaceX

5. Great Positioning

Because you're the leader of your own mastermind, you're always the influencer and authority in the room. You're the one that's providing value and delivering solutions, and bringing in influencers to speak to your mastermind community.

6. Highly Scalable

Once you've launched your first mastermind, there are multiple strategies to scale and verticalize into more revenue opportunities.

7. Network Building

A mastermind allows you to target and connect with the ideal customers for your business. Each member of your mastermind brings their network of relationships along with them.

'Coming together is the beginning. Keeping together is progress.?Working together delivers success.'

Henry Ford, Founder of the Ford Motor Company.

8. Joint Ventures

The mastermind business model allows you to easily create joint venture relationships that nearly guarantee success. Your mastermind community delivers a solid opportunity to land your next business deal with a joint venture partner.

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9. Get New Clients

As the owner and administrator of a mastermind, you're naturally able to create opportunities to deliver new clients into your existing business.

‘A mastermind is a group of people who can think three moves?ahead in the game of life.'

Warren Buffet, Business Magnate, CEO of Berkshire Hathaway

10. Off Market Deal Flow

You and your audience can strategically create opportunities to invest in off-market business and real estate deals, which any investor knows are the best and most attractive deals on the planet.

11. Build Wealth

Your mastermind is a highly?exit-able/sellable asset because a recurring revenue business sells for a nice multiple; there's a big payday coming.

'A mastermind is a group of leaders?who turn?dreams into reality through sheer?determination. No two minds ever come together without thereby creating a?third, invisible, intangible force, which may be likened to a third mind'

Napoleon Hill, Author, Think & Grow Rich

12. Luxurious Lifestyle

A mastermind allows you to create and host events at some of the best locations and hotels in?the world.

13. Bolt On Business

While a mastermind can be a stand-alone business, it can also be a great add-on to your existing business.

14. Connect With Influencers

Because a mastermind allows you to aggregate the eyes &?ears of a highly valuable audience, influencers will line up to be a speaker and part of your events.

‘A mastermind is a group of leaders who can connect the dots?and see the bigger picture; they're the architects of innovation and progress.'

Steve Jobs, Founder & Former CEO of Apple

Myths & Objections

There is a handful of mythical and limiting beliefs that many leaders will subconsciously tell themselves about why they can't launch their own mastermind.

?? Myth 1 Debunked: I don't have an audience.

I can see why this might be a tempting belief. But it doesn't matter. Once you understand the right tactics and strategies for launching a mastermind, you quickly realize that it doesn't matter if you're not an influencer or if you don't have a large following or email list.

?? Myth 2 Debunked: I don't have anything of value to offer.

First, it's likely that you do, but you don't realize it. Second, even if it's fully true that you don't have a strong business acumen, you can still leverage strategic relationships that do.

?? Myth 3 Debunked: I don't have the money to start a new business.

Not true. It takes very little capital to launch a mastermind. It's not entirely impossible to launch with no money at all. Plus, you can create 6 figures of revenue in a single day upon launching your mastermind business.

?? Myth 4 Debunked: I don't have the time.

A mastermind business might be the most leisurely business to launch and own in the world. I'm not suggesting that there is NO work. But once you understand the structure of a mastermind business, you quickly realize that insufficient time is not a credible concern or objection.

?? Myth 5 Debunked: I don't have skills.

This may be true at the moment, but that's temporary. My business partner and I can provide you with not only the right strategies but we can also give you everything you need to launch.

'A mastermind is a community where colleagues and fellow entrepreneurs come together to learn from one another,?which is a good idea because, after all, everything we know we learned from someone else.'

Coach John Wooden, Former Head Basketball Coach, U.C.L.A.

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Want to learn more about the Launch A 7-$Figure Mastermind Consult from Whatbox Digital?

Just click here if you want to book an introduction call on my calendar to learn more about how you can launch a highly profitable and successful business or how to add this as a bolt-on business to your existing business model.