5 questions to ask yourself before launching your mastermind, online training or coaching program
Thinking of starting your own online program or mastermind? Have one already? That's great news, because online programs and masterminds are an incredible way for you to share your skills with more people and grow your revenue with the benefits of a one-to-many business model.
Chances are, as you are reading this, you are either putting the finishing touches on your program that is due to launch in the New Year, or perhaps you are preparing and creating something to launch in the near future. Or maybe you launched already, but need to fine tune your processes?
Legal templates for online activities:
Your focus right now might be on creating the content, resources and figuring out the schedule of delivery. Or perhaps you are further along and are knee-deep in filming, coordinating, project managing...it’s a big job!
Once you’ve pulled it all together, it will be time to focus on pressing the Go button to launch. In this article, I share some key aspects that are often overlooked during a launch that can hamper the success of your launch or cause you grief once your members are in the program.
In this guide on how to launch a group coaching program (or other type of online or mastermind program) with success, you will want to take into account five key questions.
1. Have you considered a launch plan?
A launch plan is imperative to ensure a thorough, organised and successful launch. While that might seem obvious, in reality it is often an afterthought because so much time and energy has gone into the project already.
By creating a launch plan, you are forced to look at the nitty-gritty, the smaller details, the parts that when forgotten can affect the success of your launch.
If you want to know how to launch a group coaching program, online program or mastermind, think carefully about who your target audience is and why they should consider your program, over other programs that are available. Think about the age, gender and industry for that target audience. Consider what stage of their business or personal journey they are at, as well as ensuring you take steps to bring up and counter any common objections you know exist that might stop someone taking action and joining your program. For example, is cost an objection? How will you overcome that? Perhaps by pointing out the value or offering installment payments.
Consider how far out you need to be promoting your program, so you can create and build energy for the launch date. When you have all of this identified, include it in your program registration page and marketing materials and create the project plan, so you have clear steps to follow detailing what needs to be done and when.
2. Have you considered a payment plan?
Payment plans are a great inclusion to encourage and motivate your target audience to get onboard and sign up. Often, mastermind programs require a decent amount of your personal attention and go for 6 or 12 months, so that means they are typically at a larger price point than, say, an online course.
Unfortunately, though, not everyone will be comfortable paying a lump sum in one hit at the very beginning. Requiring a full up-front payment from your audience could deter them from signing up. They might be questioning: What if I don’t enjoy it? What if this isn’t for me? What happens if I pay this lump sum and a few weeks in, I realise it’s not what I really want or need? Or it could simply be a case of, I don’t have that type of money up front.
By offering your clients the opportunity to pay by instalments, you are softening the blow of parting with what might be a significant amount of money for them. Offering instalments, from a client’s point of view, makes the investment seem less risky and encourages take-up.
If you do go down this path, it is important for you to have a clear instalment and refund policy in place. Perhaps you might consider implementing a 7–14 day grace period in which your customers may be able to change their mind when they first sign up. Having details like these clearly detailed upon sign up, will mean that they consent to the terms & conditions of the program. When you do offer instalments, be mindful of the extra admin this will cause you at your end. The payment plan should reflect the extra admin too.
3. Have you considered an application process?
An application process typically relates to masterminds or training programs of a higher price point and which require more one-on-one human interaction.
By including an application process, you can decide who you are going to have onboard each intake.
Consider an initial interview to ensure they’re a good fit. Ask yourself if they are at the right stage to be undertaking this program? Do they meet the requirements of your target audience? Are they too fresh or too advanced? Would it be beneficial to them, or you, to have them onboard?
Following the interviews, take a look at the applications and see how you can group people together to ensure a good fit within the community. Putting groups and personalities together well leads to a better chance of a successful outcome for both you and your clients.
Another consideration is pricing. You don’t want to be spreading yourself thin trying to give personalised attention to 50 clients. It’s just not doable. Instead of, say, 50 clients at $1000 each, you might want to consider 10 clients at $5,000. It is a significant mindset shift, but good to look at in an example like this, thinking of the number of participants.
Start with a smaller intake, with a higher price you are comfortable with. Producing a program with a smaller intake number allows you to get comfortable managing a community and allows you to provide your clients with the personal attention that they are paying for. As you become more confident in managing a community of people and delivering personal interaction, you can gradually increase your intake limit. You might also bring on a support team around you in future, allowing you to increase your participants that way too. The sky is the limit!
This is all about knowing your worth and the value of the service you will be providing. It is also about starting off on the right foot and setting this first intake up successfully, so that there will be future intakes.
4. Have you considered confidentiality?
The confidentiality protocols you require for participants in your program are important. You need to give this some careful thought, especially where you run group calls or meetups where people share confidential details about their business or life. Will you be requesting that no-one shares any information outside the group?
Participants will need to agree to the confidentiality rules as part of the transaction of agreeing to join the program. You will need to document this in your terms and conditions.
For yourself, look into the intellectual property protection of the resources you make available to participants and include your policy about how they can or cannot be used. This is especially important if your participants also teach or train in the same area as you and if there is a risk of your participants taking your resources and using them in their own business.
Related: Have you considered licensing your method?
5. Have you considered formalising expectations for members?
Outlining expectations for members will also fall under your program’s terms and conditions. What you expect in terms of their input, attendance, action and engagement should be documented if your program promises a specific outcome of some kind.
It is also wise to have documented the following instances:
Will the program be ongoing or conclude at a particular date?
Will there be a follow-on program once this program has concluded?
Can they enrol again in future intakes?
What will happen if a participant requests a refund?
What will happen if someone isn’t the right fit for the program?
These considerations do come up for online program and mastermind facilitators and can be highly stressful when it is discovered that the terms and conditions they have in place are broad or too generic in nature.
While this article has taken you through some of the core fundamentals of what to consider when planning how to launch a group coaching program or mastermind, ensuring you’re protecting your intellectual property and your business reputation is paramount and not worth taking shortcuts on.
Related article: Seller Beware: Online course or program owner protection
Online course or program refund policies: What you need to know
Why your Life Coaching Agreement should be your business life raft
Coaching success starts with these Business Coaching Agreement must-haves
There is a lot to think about when it comes to launching an online program or mastermind. Take a look at our Online Program Terms & Conditions Template. Alternatively, arrange a time to chat with Emma who regularly assists creators of online programs and mastermind and understands this area well.
