What’s that saying “Marketers ruin everything?” Well when it comes to high-end coaching and mastermind programs, we could say “Coaches ruin everything”. Raise your hand if you’ve joined a coaching or mastermind program and felt HUGELY underwhelmed?
But before I talk about the high-end mastermind program I just joined, I want to discuss ROI. What is ROI and how is it measured?
Money in, money out
This is the traditional way we look for ROI. We see the money we sink in, and then the money that comes out. Most people are EXTREMELY short sighted when they look for this formula. For example, I paid $3000 for a mastermind and course, and if I didn’t look deeply, I would say “No ROI on this purchase. I put $3000 in and ended up paying $6000 more for implementation, and that implementation hasn’t made me $9000 yet.”
There are actually very few cases where you can measure ROI this directly. For some people they see it in Facebook Ads. $1.00 in, $3.00 out. But even in the case of Facebook Ads, there’s this tricky little thing called Lifetime Value of the Customer. And if I get someone onto my email list, they may buy from me again and again. So that money that went in, actually produced more later.
Another way to measure ROI is to measure the difference in skills. Skills are what we bring to the marketplace. So if you didn’t understand media buying or copy before, and now you do, you’ve just upped your personal net worth. This type of ROI is really hard to measure if you’re not immediately out there selling your skill, but in the case of the entrepreneur, the more you know – the more you’re able to implement effectively…and hire effectively.
When we’re told to go to College, we go with the idea of learning new skills. Some of those skills feel really useless, right? Philosophy class for example. Why do we need to know philosophy if we’re going to school for nursing? What educators will tell you is that the very exercise of learning, of using your brain for critical thinking – actually makes you more skilled in the ART of learning. This skill, the ability to acquire new information and implement it, is the most valuable skill on planet Earth. It’s hard to measure ROI on this isn’t it? But if you can become a faster more efficient learner, you’re able to beat out your competition.
In my opinion, this is one of the least understood measures of ROI. You need people in order to be in business and stay in business. And every person you meet, is a potential jump-off point for an entire new network of people. If you don’t value people and relationships, your business will fail, period. I have purchased programs JUST for the sake of getting to know new people, and getting into their circle and sphere of influence. Because I know that strategic relationships are highly valuable to my ability to get more business. In the CYLL Network I talk a lot about the “one client or customer” that unlocks a whole new level. Those of you who love the old Mario video games, when you’d find a hidden door that would progress you five levels, it was such a thrill! That’s what it’s like when you build one strategic relationship that changes everything.
If you work with me on your funnel, you aren’t just getting the perk of my time. You’re also getting the perk of my expertise. What I learned over the past several years as a designer and writer and funnel builder, you’re going to get that accumulation of knowledge in ALL our interactions. I have a lot of failures and successes with which to draw from. It’s like when someone studies an industry or niche for ten years and then writes a book and you are able to accumulate that knowledge in hours, instead of decades. Russell Brunson and Tony Robbins call this concept “Decade in a Day”. When you pay for that kind of advice and expertise, your ROI is essentially… Hey look…I just executed something that took the other guy, ten years to do. The ROI here is hard to measure because we don’t live in a parallel universe. How fun would it be to look at your life without _____(insert mastermind)_______ and with it? Because we don’t know what we don’t know, we can make the wrong assessment about strategy and ROI.
I paid $25,000 to enter a high-end mastermind
I remember the first time I read that this kind of thing even existed. I was floored. Literally – jaw dropping on the floor.
- Who charges that?!
- Who would ever do that?!
- Who has that kind of money?!
What I did not realize at the time was that it was my current mindset and money situation that was coloring the lens of my perspective. I didn’t have $25,000, I didn’t know the power of getting coached by influential people, and I didn’t understand the value of time vs. money (thus why I was shocked that anyone would charge that).
I first learned about these masterminds somewhere in 2015. I applied for one in 2016. I finally jumped the gun in 2017. It’s really fun to see the evolution of my mindset and how I went from so incredulous to actually paying that amount…in full.
For those of you wondering, I joined Russell Brunson’s Inner Circle Mastermind. And though it took me a full year to really take the leap, once I did, my first thought was, “Why did I wait so long?”
I didn’t beat myself up too much. I needed time and that was fine. But here are some things to know if you’re stuck in business, thinking about a mastermind, or just scoffing at the price tag.
Understand TRUE return on investment
If you’re just looking for money in, money out, you’ll miss SO MUCH. ROI is about all those things I mentioned above, so I would write down some expectations or goals you have for each of those items above. For me, this is what it looked like before I joined Russell’s inner circle.
- Money in, money out – I wanted to see that I could not only grow my revenue (currently at $100k a month and I’d like it up to $150k per month) but also that I could not die from the hustle. That’s just as important to me as more revenue.
- Skill gained – I didn’t join this mastermind for specific skills. I’m sure I’ll learn them of course, but I am a very sharp and fast learner so this is something I often can do on my own.
- People met – This was my core motivation for joining. I know that I’d be in the company of very smart, effective, and wealthy entrepreneurs who would provide so much more value to my network and business than I could do on my own. Not to mention, the King of the Internet himself – I could have access to him! That to me was HUGE.
- Strategy acquired – I want to know how to scale without dying. That’s the main thing I need to know and who better to learn from but the people who are ahead of me? I had to get in a room where I’m the poorest person there. Then I can learn not just from Russell, but from everyone.
I joined exactly one month ago and in that time, I’ve already seen a CRAZY ROI. I’ve met people who are helping me clean up my finances and save more money (like thousands), I’ve gotten help and advice about ways to start systematizing my business so I’m not dying from the hustle, I’ve gotten some mindset and support for emotional/businessy stuff, I’ve learned all kinds of strategies from other entrepreneurs, and I’ve even learned some new Shipstation skills I didn’t have before from a fellow member.
And most exciting of all? I’ve gotten the chance to work with Russell directly on a few new projects. #decademade
You get what you put in
Nothing in this world is a magic bullet. Nothing. So if you think more money means more magic, you’re going to be sorely disappointed. Because the truth is that money comes when you focus your energy and effort on something, and couple that with powerful time-tested strategy. That’s how you make money. When you spend $25,000 on a course or coaching program, you focus your energy on it. Because you’ve just assigned value to something in your life, made it a priority, and created focus. And focus is what you need.
Some of you might be saying, “I don’t need to spend $25,000 to focus better.” You say that, and you know what? I got to $100k a month in my business without spending $25,000 too. But that doesn’t mean that it wouldn’t have happened faster and more effectively had I just bit the bullet and done it! In fact, knowing what I know now, I would have been better equipped to scale faster, and avoided some seriously costly mistakes.
That goes back to my argument about the parallel universe. You don’t know what you don’t know. If I added up the money I could have saved (and Lord knows the money I could have made), it would have easily surpassed $25,000. And remember, it’s not just about focus. You’re focusing on the RIGHT things when you have a mentor and group that are raising your bar every day.
Something happens when you pluck yourself (a big fish) in a little pond, and instead you put yourself in a MUCH bigger pond. If you’re making $5000 a month, you need to be absorbing the perspective and mindset of someone making $10,000 a month. The more I run with people who are ahead of me, the more discontent I get at my own plateau. It’s a profitable discontent because it pushes me farther than I would go if left to my own devices.
The opportunity cost of not joining the Inner Circle meant I didn’t learn about some money-saving strategies, that yes…I added up…would have probably added an additional $30-$50k to my bottom line.
What’s it going to cost you to stay where you are? What’s the opportunity cost of spending that money elsewhere? Say to the government in taxes? Or on some untested idea you think is going to work? Or on a vacation and new car? Everything has an opportunity cost. Everything. And as Entrepreneurs, we need to think about the MOST valuable asset we have.
It’s us. You. Me.
I can get a 10% return in the stock market. Maybe I can get a 100% return in Bitcoin (or lose it all LOL). But what I can always bank on, always – is my own brain. My hands. My ability to figure out how to make money. That investment should be your #1 priority at all times.
But what about charity?
I actually have had people say to me, “Julie – $25,000 for a mastermind? Imagine what you could have done with that money for charity!” Again, and really – this is worth like thousands of dollars what I’m going to say…if you do not learn how to see money as a long-term game, you will lose the game. Period.
Could I have taken $25,000 and given it to orphans or charity? Yes. Absolutely. And for some people, that is totally awesome and amazing.
But what I know? Is that if I can invest back in myself – in a way to produce a platform that gives me greater impact and influence, I will not only create wealth for myself and my kids and my family, I will create it for hundreds, if not thousands of other business owners. And every single time I help more people have more of an impact on their world, the ripple effect is massive. It’s so big I can’t even comprehend it.
The programs I make and the people I teach – some of them are in Africa right now, using their Digital Marketing skills to help orphans.
Believe you’re worth it
It takes a bit to get there in your head. You have to believe you’re worth it. You have to believe you’re a good steward of the gifts and talents you’ve been given. And you have to live up to the standard once you put that money down. It’s scary to bank on yourself. Some of us have been taught to trust others more than ourselves. If you’re not ready to own your power and your worthiness, you’ll never be able to spend that kind of money on a mastermind. And it means you need to stop dreaming, start doing, and hold yourself accountable.
When you’re ready, there’s no better investment than one that helps you develop skills, strategies, and relationships that will increase your impact on the world.