Why having a mastermind group is a great way to help you earn extra money
Gerry Robert has written an excellent book called The Millionaire Mindset. I use him as a ‘virtual mentor’ because he is someone who has come from complete poverty to great success.
His book promotes the idea of using a Mastermind Group to help you accelerate you way to earning multiple sources of income. A Mastermind Group is a group of entrepreneurs in the same business opportunity together with the aim of helping everyone in the group succeed. They follow a 6 step process:
- Write a clear objective for the group and get everyone to verbally agree to the common objective
- Create a list of things or resources the group members will need if they are going to achieve the objective
- Generate as many ideas as possible by brainstorming
- Provide contacts of people who can help the group with the ideas generated
- Prioritize the ideas
- Move into action straight away – work on your top priorities
Multiple Sources of Income
Unlike other ways to earn extra money, having one that is a multiple source of income (MSI) is the smartest. An MSI is about working smarter where you get income from more than one source without extra work. Network marketing is an MSI.
You can sell a product and get paid a commission on it, the person becomes part of your team and you earn monthly residual commission for every month they are in the business, finally you earn commission down to a certain level deep for people they bring into the business. So for one the act of having someone buy a product they like, being enthused to become a Business Owner themselves you get MSI.
The power of leverage a network marketing business opportunity has
By enthusing people to join your team and then training them in a way they can repeat your approach that is where the power of leverage comes in. I have written about it in an article and called it a force multiplier. By you giving of yourself to your team members and ensuring all the serious team members are equipped to do their ‘thing’ the force behind you leveraging extra money is multiplied.
Focus on an initial narrow team and go deep, i.e. ensure each of them can recruit a team. Then create another small team and repeat the process. If you were to draw it as a diagram it would look the opposite from a normal business chart with the boss at the top. In this chart, you are at the bottom with lots of branches out like a tree. A very stable business model.
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