Group Coaching vs. Masterminds - Which one is best for you and your business?

Hi Amazing Soul!

Thanks again for joining me for another episode.

In this episode, we're talking about the differences between group coaching and masterminds. This topic came to me as I designed my own mastermind and wanted to help my clients decide which option was better for them.

I'm excited to dive into this one with y'all!


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Transcript

Speaker 1: 0:02

Hi, my loves. My name is Ruby Lee entrepreneur, digital nomad, croissant obsessed, free spirit and founder of the[inaudible] hustle movement. And this is the earn your hustle podcast. He out, you'll be so motivated to start that business. You've always wanted to grow it unapologetically and go all in earning powerfully with ease and grace. I'm so excited that you're here and listening in and I'm so grateful that you made it. So welcome to the own your hustle way of life, full of freedom, a dose of woo and plenty of random tangent laughs along the way. You know, I started my company working nine to five to as a recruiter. I was working for a ventures based business in the urban cool city of Melbourne, Australia. And today I'm traveling the world, young family and Tokyo, working with the most amazing humans ready to build a career in life by design strapping my love. You are about to binge on all of the most incredible guests that I bring onto this podcast. And guess what? They started their businesses through purpose and calling mostly while still working a day job. Let me also share this. I called my company on your hustle as a reminder for us daily that we get to love our soul and hustle or in our decisions to go big, stop playing small, create with joy, take the risk, say yes to adventure and from time to time be okay with those meltdown moments. These episodes are filled with joy and strategy, spirituality and business, tactical tapes, big picture concepts, musings, and of course some of that Ruby colored energy. So if you're ready, I'm ready. Let's get started. Hey everybody. Today I want to talk to you all, all about the difference between coaching versus a mastermind. So I really want to dive into this topic because I've now really had some time to settle into my own mastermind. As you know, I'm working with my coach, Sabrina, Philip, and there are just incredible women in this group where I am now sharing a business relationship with and we've just really connected on a whole other level. But when I wanted to really talk about in today's episode is what I've noticed in terms of differences of working with a coach privately, being in a group coaching program. And the difference of being in a mastermind environment. And I have to admit it's not something that I really kind of understood when I went into a mastermind space. There was a lot of learnings, a lot of not so much growing pains, but it was definitely just like getting my head around and wrapping my head around the understanding of how a mastermind actually worked. So I know this is going to be very useful for some of you who will be entering into masterminds in 2020 and this is probably a good time to say I have my IRD mastermind open for enrollment in early 2020 so here's the thing, you guys, the only hustle mastermind, this is the first time I have ever run it. And to be transparent and honest, I've been so scared to actually put this out there in the world. I think reason being is, I'm thinking to myself, classic, classic fear slash imposter syndrome slash this is a brand new thing for me. So, Oh, like major growth. But the first thing was like, Oh my gosh, who am I to gather a group of elite amazing kick ass women together when I'm still very much on my journey. But I started to think about it all the time. I started to journal about it in voluntarily all the time. It would just show up in my journals. I dreamt about what one of my mastermind retreats would look like. And then the idea of hosting a retreat freaked me out even more because I thought, I'm so bad at organization, how am I actually going to pull this off? And then my logic mind kicked in and was like, um, you have a company now and it's called hiring people to help you. So anyway, all of that stuff was going on and the surrender came at a point when I had actually just finished my own retreat in Positano with Sabrina and the crew. And I just thought to myself, this is it. Like if anything, I mean the mastermind itself has been incredible for so many other reasons, but if anything I felt like in that moment it made it possible for me to see my own. It made it possible for me to see all of you in there with me will not all of you because it is super limited and we're already over 50% sold and it's not starting until February. So honestly if you are someone who after this episode your ticking boxes more so on the mastermind side rather than the group coaching or private coaching side of things, then hit me up and do it quickly because I have this super intuitive feeling that spaces are not going to be open for very long just because of how much interest has come in. The mastermind itself is beginning February 3rd we're going to do two retreats, one in Bali and one in New York city. It's just going to be such a gorgeous, incredible driven, passionate space for service-based entrepreneurs who are ready to grow their business online and really take their revenue from 5k months up through to 30 K and beyond. So you must already be earning between two to five K on the regular in order to qualify for the mastermind. Can you guys hear this? I just went down to the local crystal shop and totally swooned over all the most amazing crystals here in Lisbon. It's actually the first crystal shop I've seen in Lisbon and ah, there was this massive section of citrine. So apparently there's like a lot of citrine happening in this part of the world, which is my favorite stone ever. I think it's actually even my birthstone. I think it's actually my birthstone as well, which is why I resonate with it so much. But this little baby here is this bracelet. It just called to me. You know when you go into a crystal shop, you see the thing that calls out to you the most. That's how you go crystal shopping. Some of you have asked me that in the past. Let's jump into today's episode more deeply. Now, if you've ever been in a group coaching environment, you will know that there are certain parts of it that are awesome. And then there's other parts of it where you just kind of feel like, I just want to go deeper. I want either more advice and more specific advice on my business and, or you're wanting more time with a coach. So here's where we go in terms of comparison. Now in group coaching, you're likely going to be growing a business. You likely still going to be starting out, maybe you've been in business for six months to two to three years and you're trying to have consistent income. A group coaching environment will be amazing for you because it will also have an element of self paced learning and you can kind of just absorb it in your own time and think about how you're going to move those pieces on the chess board strategically for you. And so many of you are still working full time or maybe you're juggling a younger family and you've got other commitments. So this is the perfect time to start investing into group coaching and you know, really growing your business to um, to definitely eventually moving towards more of a mastermind environment. So I would say group coaching definitely comes before a mastermind. Um, you're also potentially looking from it. You're looking to learn from others and a coach. So you like the fact that you've got more of a group to bounce off. And I know when I've been in group coaching programs before, it's not as though I'm necessarily contributing and it's not like I'm necessarily, um, asking others in the group specific questions because I might actually not even know them. I just know their names or I can see them pop up on the zoom call or in the Facebook page or Facebook group. But the learning from the group comes from the questions that they ask the coach. And I like that sort of learning because if you're super shy or you feel like, I don't want to be that person that asks the silly question, although there's no such thing as silly questions. Um, did you like that rodeo boys? It still is really nice to know that, Hey, there's some resonance. Somebody asked is feeling the same way as I am. And there's a lot of learning that can come from that as well. Uh, you will likely also receive from your coach in a more specific way where you're really drawing from what they're saying. They are the hero of the group coaching program. They're likely doing 90% of the speaking and the presenting and the communicating with you and the setting up of stuff. So they are the coach, right? They're the person that you're looking to and you're someone who likes or needs leadership, um, some sort of leadership element to learning. So that's where accountability might come in where, you know, whilst you're someone who's quite driven, it's nice to still have like a coach sparing you on and encouraging you and inspiring you to keep moving forward like one step in front of another. What I love about group coaching as well is that it really opens up knowledge around the industry. So I joined a group coaching program, which was mainly coaches and online entrepreneurs just as I was leaving corporate land. So this was a whole new world to me. I'm like, Whoa, what a Facebook ads. Like what? Like you can go live and then you pin a comment, like super basic stuff. When I started and I didn't know like the ins and outs of all of that stuff. And it was also like how to take payments and you can sleep payments, Oh my gosh, like revolutionary and what programs and tech and things like that. So this is where I'm joined from. Industry knowledge is really going to power you up in a group coaching environment. And lastly, I think it really is all about learning and growth, learning and growth. If you're someone who is more so wanting to explore other options outside of that. I'm not going to focus too much on private coaching today because I think most of us will know what that feels like and looks like. You know, you work one-to-one with a coach, you've got a certain number of calls, it should be customizable program and you get all of their undivided attention that you're someone who just really responds quite well to uh, I guess more specific individualized coaching in that way. But here's where the mastermind comes in and I'll commentate along the way around what I guess has been MythBusters since joining the mastermind that I'm in now. And it's the very first one I've ever been in. I'm sure I'll be in more down the track. I'll try out different masterminds as my business grows. But I am in this one for 12 months. A mastermind. Mine is great for scaling your business. I remember when we talked about group coaching, it was about growing your business. So in my mastermind for example, that starting in February next year, I'm really attracting women who are already earning, which is why there's that prerequisite of two to five K months and they're already, you know, growing a business. But now they're in that next phase and next chapter where they're ready to scale the crap out of their business and invite more freedom and you know, just way more growth around diversification of their product. Maybe hiring, maybe scaling through ads, having more visibility on their business and really going all in with it in a huge way. More than likely in a mastermind as well. Most of the women will, women, all men will be in the group for, sorry, we'll have had a business for more than two years. More than two years. So you wouldn't be like, Oh, I'm leaving corporate and I'm going to go straight into a mastermind. There's almost a really quite a big mindset shift to go from corporate land straight into a mastermind. I'm not saying you can't do it, but just you know, from a very um, logical and um, you know, I guess industry wide perspective you would be to have known some things about growing a business to have joined. You're also consistently billing X amount of dollars a month, which is what I've just discussed. And it's something you tend to do after private coaching or group coaching. The reason being is because you're now at that stage from transitioning from looking to learn from others and a coach to now looking for strategic partners. So in my current mastermind, I am going to be presenting and collaborating in my mastermind sisters groups and their masterminds. I've said every time I say mastermind guys, you just have to take a shot. Like it's now turned into a drinking game. I've said it so many times, but yeah, I am also able to be on their podcast which raises my visibility and vice versa. I'm inviting them into my masterminds on my podcast and it's awesome all around, so you're really strategically collaborating with those that's in this small mastermind group because there's a resonance, there's something there which is like similar path and we hold each other up and there's something really, really cool about that. You don't find that as much in a group coaching program. You're also remember how we talked about in group coaching, how you're really there to receive from your coach. A mastermind is really about both giving knowledge, expertise, your opinion, your ideals on something as well as receiving all the knowledge and feedback and ideals about something. I love this about the mastermind. This has been the best thing about being in my own and having almost six others that can have eyes on my business and it's everything from guys. Can you just like check out my Instagram bio? Is it too broad or what can I do differently in terms of my brand pillars and my messaging or things like, I had a really bad day. I lost a client today and it was just very sudden, has this happened to anyone else before? And then all six will just be like, yes, yes, yes, yes, yes, this has happened. This is what we can do about it. Like mindset shift. Let's just like move that energy aside. Invite new people in. As many of the girls go through launches, for example, we're backing each other's launches, we're giving updates in the group chat, and this is something that I really want to bring to life in the earn your hustle tribe. So far, a lot of my programs and what I've offered and a private capacity has been very much me and you or me and a group, but me mastermind, you guys are going to give back just as much as I'm going to give back to you just as much as you're going to give to each other. So do you feel this difference? It's like a real upleveling and a support and other beautiful way to think about it is that like with a mastermind where the word comes from is that it's a joining of minds. So it's like there's my mind, there's your mind and when there's two minds that's joint together, it makes for a bigger brain if you like, you know the brain gets a bit bigger, so then add a third person in the brain cloud gets a bit bigger at a fourth person in the brain, cloud gets even bigger. And so this mastermind is the thing that we're drawing from this energy source that we're going, wow, look at this incredible library and access point where we can deep into strategy and spirituality and mindset. That's certainly the, the vision for the own your hustle mastermind and it's just this beautiful space where we can come to and it feels safe to cry. It feels safe to celebrate. It feels safe to just have those breakdown moments, whether it's out of joy or sadness and going in this next year really as a true like beautiful sister tribe where we just all come together and be like, yes, this is Lao. Fuck yes. Yeah. You're also super ready to up level and start making more money. So when you're in a group coaching environment, it's more about drawing that industry knowledge to hopefully start making money. This is really about making more money to Uplevel, to give back to your people, to be able to hire and scale and outsource and just really, um, deepen your relationship with your business, but also learn to step away from the every day doing everything, juggle every single bowls type of thing to now just really honing in on what do I need to level up my business so that it ease creating that freedom lifestyle that I so desire. And lastly, it is really all about refinement of your business. It is really about defining your next moment. It is really about becoming the expert and finding support through other experts who have either gone through something or going through something with you. And so typically speaking, what to look out for in a mastermind, there will be many different models. So there are masterminds that are going to be very big and they'll be masterminds that are very intimate. I'm going for more of the intimate side. So at the moment I'm being called to open seven spaces. And as of this recording, four places have already been filled in the first 48 hours of announcing the mastermind. Typically speaking, masterminds are also invite only so it or by application only. So in my case it is invite only to begin with and then now it's kind of out to the world for applications and I'll be reading every single application, taking them through a discovery call to really get to know you. I mean it's a big commitment. It's a big commitment for you to work with me for 12 months and you've got to really make sure you like your coach or at least you resonate with them in some way. And so it is definitely a two way conversation at this point. Masterminds also won't always have a retreat attached to them. So if you are someone who loves that idea of a getaway, a business mastery getaway, where you really get to dive into your business but just hang out with incredible people for two days, then look out for that. Just double check what's inside of what's offered inside of the mastermind. Also, some masterminds don't have one to one time with the coach. Um, rather it is just a group environment. I personally love it that I have access to my coach, but I also have access to all six other women. So it depending on what you want to do and how you respond best in your learning, sort of a, what am I trying to say? Like you're learning behaviors then it definitely, you know, have a think about what's gonna bring the best out of you over a 12 month period as well. Masterminds are definitely going to be a much, much higher investment than group coaching and a much higher investment typically speaking. Then, um, most other, uh, most of the courses right that you would have, um, invested in. And then outside of a mastermind, your private coaching is going to be like still super top tier working with a private coach. So I am going through a whole recalibration of my product suite. Mastermind is a new player in the owner hustle, um, product cycle. So as of this mastermind launched, my private coaching prices have absolutely just more than doubled I think now. So it's so cool you guys. It is so cool to be able to feel like things are changing, things are really developing and moving on up and Oh, I have to just share something with you. So I said to Mike, um, can I just get a little update on how things are tracking for October from a monthly recurring revenue perspective and a sales target perspective? And I've just got to share these numbers with you. So we're currently October 19th and this is the update us dollars$86,000 in new sales this month alone,$20,000 in monthly recurring revenue, which is like what we've added to our current MRR and another 15 K in the pipeline where contracts are out and ready to be signed by three clients. And um, definitely more M are due before the end of month. So MRR being monthly recurring revenue where you're not just launching to make money, you're just stacking the income. Or in my world I call it loading the dough. Um, it's just what I used to say when I was in accounting world and it'd be like load the deal. So I've just taken that into my business. Um, and a lot of my private clients will know the loading the dose spreadsheet because it's one of our favorite things to fill in. But ah, I am so grateful. I am just, I'm in all of these numbers, but at the same time I know how much focus and strategy and support and work that has been put into this, but also a real receiving gifted energy that comes from being in a mastermind, having the right people surrounding you, having just this ability to be totally vulnerable with, you know, a group that just will pull you up no matter where you're at. And it's definitely not a group that ever chooses to pull you down. You know, like the old crabs analogy where you know, if you see crabs in a bucket, they won't ever let some one of the crabs escape. They'll just try and pull legs and pull arms and pull you back in. So if you're in that environment right now, check out the mastermind, have a look at what masterminds are around and might be mine. It might be their own, your hustle mastermind, it could be others. But this really just opens up an ability for you to think about other ways that you can grow your business and you can really stretch out your income even more. And usually speaking of mastermind will be a very scary big investment, but there's something in your intuition that tells you I am in this skin, in the game I am in. The gloves are off. Bring it on. Like that's the energy you should be feeling when you're ready to really go all in with a mastermind and it's not going to suit you. I have to be honest. It is not going to suit you if you're not ready to actually share. If you're someone who just likes to keep things super private and closed and you feel awkward in a group situation and I mean awkward as in you know that you're never ever going to be that one that talks in a group rather than you want to be pushed out of your comfort zone. To be able to share more than a mastermind is just not going to suit you. So every single person in the group gets an opportunity to share what sort of shit's going on and what good stuff's going on. And in my mastermind, we're definitely going to open up all of our monthly calls with like, cool, let's get around to everybody what's happening? Like let's lay it all out there. The good, the bad, the ugly, the exciting, the forecast, everything. So I really, really do encourage you to look at your personality style, your characteristics, what behaviors you have typically, uh, you know, demonstrated in other groups, situations you've been in, but also listening to your intuition about growth mindset, about what needs to happen for you to hit these big numbers. So if you've been journaling or having on your vision board 20 K months, 30 K months, 40 K months, 50 K months, but you're not doing anything on the professional development front to push you out of your comfort zone, then think about how a mastermind might fit into that. Let me know if this was useful. I know that there was like a ton of stuff in here that you may have not considered before about joining a mastermind and you're wondering what is actually the difference. Uh, send me a message over on Instagram at underscore Ruby Lee underscore, check out the owner hustle mastermind, or send me a DM with more details and I'll send you through an application. And definitely we can strike up a conversation as well about what it could look like for you. And I hope you have the most magical, amazing day ahead. And remember that today, you all the power and you have all of the decision making and you have all the control to absolutely earn your hustle. Love you guys so, so much.