The Good News

The good news for entrepreneurs wanting to have virtual mastermind groups to enrich their business platform is that failure does not have to be an option. The great news is there is a powerful tool you can use to have successful program results:

  1. Learn from experienced entrepreneurs about what works and what does not work.
  2. Decrease the time to design, promote, and execute your program
  3. Improve the possibility for a better net profit.

The Powerful Tool The powerful tool is beta testing the program you have designed. There are many examples in the virtual world; your challenge is to choose an example that fits your needs in the best ways. The time you take up-front to do your homework here may mean the difference between success and failure.

For those not familiar with the general process of beta testing, it means going through a program with the creator and giving feedback on each part of the platform, typically at a fairly reduced cost to the contributor. Also, if you have not ever participated in beta testing someone else’s product, this can be an invaluable time saver in the long run. Let me give you an example to follow.

A business owner wants to develop a mastermind program as an enhancement to a current product or service. They have participated in these programs themselves but have never run one themselves. Where do they begin?

Step 1 Contact the person or group running the program you have been participating in. Also, do your diligence, researching the topic, looking for practical, usable tips to develop your own program.

Step 2 Develop a rough draft of what you would like to produce and have someone knowledgeable review it if possible.

Step 3 Develop a draft timetable for beta testing the program, including all resources you may need.

Step 4 Look at pricing strategies for beta testing to see what your market might be willing to pay.

Step 5 Take a hard look at marketing – the who, what, when, where and how. Add this information to the draft timetable in Step 3.

Step 6 Review, analyze and choose your method of delivery (can be done via telephone, using a virtual educational platform, etc.).

Step 7 Launch your beta test, preferably using polls, quizzes and surveys periodically to see where participants may be doing well and where they are not.

Step 8 At the conclusion of the program, look for testimonials to use in the future, as well as the constructive criticism to improve the actual future launch.

What does this do for you? Hopefully you have a wider variety of participants from many professions. This gives you feedback from a variety of perspectives. After all, enriching others’ lives through the sharing that comes from well-planned mastermind programs also demonstrates your expertise in the subject matter at hand – a win-win for all.