Found a NEED. Now I am going to solve it.

[nickR8]

So, for the past couple of months I've been looking for unmet needs. And now I found a need that I will take action on.

Here is the problem/need: For people that don't live in an entrepreneurial hotbed or large city, it is difficult to connect with other entrepreneurs/like-minded people to create mastermind groups.

(for those that don't know what a mastermind group is: it's a group where like-minded people with similar goals get together to discuss their progress/goals and solve their problems).

I made sure that I'm not the only one that had this problem so I googled and found some comments that show that I'm not the only one:



I also met people that say that they also have this problem.

Solution: A web platform that lists mastermind groups and connects like-minded people. Basically like meetup.com but not local and exclusively for masterminds.

Does it meet the CENTS criteria? Let's see:

Need: check
Entry: it isn't easy to build the full platform/webapp so there is a slight barrier... could be higher, though
Control: check - I will be in full control of all parts of the site
Scale: check - once I have the platform running, it will be able to scale well
Time: check - once I have the platform running, it will be separate from my time

The plan: Instead of hiring a web developer to build the full platform I will first build a MVP ("minimum viable product", not "most valuable player" ) myself and see if anyone actually wants to use such a service. If not, that's ok and I will scrap the project with minimum time and money wasted. The MVP will basically be a static website where I handle all the requests manually.

How will I make money with it? In the beginning I won't. If people don't even use the service if it's free, it doesn't make sense to start charging money. Once I can't handle the volume of the MVP, I will start charging a fee for joining a mastermind group. Then, if that makes decent money, I will build the platform and create a recurring subscription model.

Action taken so far: registered domain. It wasn't easy to find a memorable one because of all those domain squatters but I think I found one that's decent.

Next Step: Develop a MVP that actually functions.

Let me know what you think! Would you use such a service? If not, what are your objections?

 

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[RogueInnovation]

zen******* told guys here about this mind mapping thing he used where you could get ideas and stuff across really effectively, that struck me as a really cool thing. (get in with some guys that mentor alot they'll have some gems and be ahead of the game)

Small tip: Take a look at what else is out there. Not with the "but it can't be as good as mine" glasses though, put on the "oh I wonder what other clever things they have going on" glasses (that will drive you to actually discover it). Then after you've got that all addressed, look at what people are currently paying etc for these services/similar.

I can't see anything wrong with the idea(for whatever that is worth), this looks good and seems to me to be about creating that vision that others can get on board with.


Just a tiny tiny tip, ROCK IT! This looks cool.

 

[Y.B.]

Funny I had a very similar idea a while back. If I didn't have so many projects on my list this is one I would be working on as well.

 

[smarty]

Action taken so far: registered domain. It wasn't easy to find a memorable one because of all those domain squatters but I think I found one that's decent.

Build the product first, domain last. Most people tend to buy everything first, except the product. I have made this mistake many times in the past and ended up with a bunch of useless domains I'm currently developing a subscription service and I will buy the domain only when I'm about 90% done with the project and I'm almost ready to put it online.

Next Step: Develop a MVP that actually functions.

Break this down in smaller details/steps. Decide what will be the minimum pages needed and build the basic beta testing site/funnel.

 

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[Ryllban]

Love it! I have not too many business minded friends and would be nice to connect with others. Build it and I will sign up

 

[Blueskies4me]

zen******* told guys here about this mind mapping thing

@zen******* Mind mapping rocks. I'm actually developing a really different version hopefully both app / book release... so cool to see it mentioned! Oh and definitely a great way to organize ideas in this sense.

Sounds like a cool idea!

 

[rocksolid]

I like the enthusiasm but it kind of sounds a little lite this forum. We talk with each other about ideas, projects and ask questions. We are for the most part all like minded people. I just did a google search for Masermind groups and came up with a bunch.

 

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[nickR8]

zen******* told guys here about this mind mapping thing he used where you could get ideas and stuff across really effectively, that struck me as a really cool thing.

Yeah, I saw that zen*******'s post/video on that too. Very cool indeed. I might enforce that technique for the mastermind groups that I bring together And thanks for the encouragement!

Funny I had a very similar idea a while back. If I didn't have so many projects on my list this is one I would be working on as well.

This is too funny. The day I created this thread, I went to a "4HWW meetup" here in Berlin. At the end of the meetup the organizer handed out a list for people to sign up for a mastermind group. He said that he had the same idea for an online platform too! Not sure this is a good sign or not

Build the product first, domain last.

This is good advice but it's too late now But I'll make sure that I don't spend too much time/money up-front on creating the first version of the site.

Love it! I have not too many business minded friends and would be nice to connect with others. Build it and I will sign up

Great! I will post the site as soon as it is presentable

I like the enthusiasm but it kind of sounds a little lite this forum. We talk with each other about ideas, projects and ask questions. We are for the most part all like minded people. I just did a google search for Masermind groups and came up with a bunch.

The forum here is a gathering of like-minded people but it is quite impersonal (it's not the fault of this forum of course, text is just more impersonal than live calls...). You don't really get to know the other people as there are also very many... Mastermind groups are a lot more personal as you don't chat but rather talk to the others via Hangouts/Skype and discuss your goals, problems, progress etc with a select few people.

Action taken:
- Bought 3 months of hosting via namecheap (got 20% off through a coupon, yay! ) roughly $15.
- Installed WP on the site for the MVP
- Bought theme for the site roughly $50. I could have used a free one but then I would have had to do too many customizations to get it to do what I want
- Installed and customized the theme (still working on this)
- Created a "backend" to the site so that I am notified whenever people join a mastermind/create a new one

Next steps:
- Populate the site with a couple mastermind groups that people can join so that it doesn't look so empty
- Bring real people to the site to use it

 

[Oven]

I was thinking of doing something kind of similar as well, but not very seriously. They way I see it, people put in there interests/experience and times available and then it find other people interested in the same thing with similar experiences and same availability you can then contact them. Maybe a good way to monetize it would be to let people search very broadly for free but for specific searches you need to pay. You would need a very large user base for this to work though. I recently start a mastermind and was searching for very specific people so you need to be able to search specifically.

 

[nickR8]

Maybe a good way to monetize it would be to let people search very broadly for free but for specific searches you need to pay. You would need a very large user base for this to work though.

Yes, this could work, but as as you said: "You would need a very large user base for this to work"... and at the moment I don't. I'll first see if anybody would use the site for free. If people do, great. Then I'll start charging a small fee for joining a listed mastermind group and see how that goes.

 

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[nickR8]

Progress:
- Finished creating an MVP. Very basic but functional.

You can find it at mastermindo.com

If anybody would like to join a listed mastermind group go ahead and join one! It's not a "real" webapp yet so I'll be doing the "processing" myself
If you don't find a mastermind that fits your needs you can create one on the site.

If you have any comments/suggestions for the site, let me know. This is a really early version of the site. But not too bad for an MVP created in 3 days, right?

Next Steps:
- Get real people start using the site (joining and creating mastermind groups) and get feedback from them

 

[joschi]

Hey Nick,

really cool idea, i had trouble finding a german mastermind group... i think there just is none haha
and maybe i have a really cool idea which could give a huge value to your service, not shure if it will work, but i tested it a year ago, when i was working on something

i just hit myself that i dont visited the bord for such a long time ^^

regards

 

[HenkHolland]

Nick, I don't want to discourage you, but why would you want to start a web-platform for mastermind groups while we have The Fastlane Forum? In my opinion, here on this forum, everybody will be able to find all the people they need to set up a mastermind group. Moreover, most people on this forum have read MJ's book and will probably/hopefully have the right mindset.

Be honest with yourself and question your idea.
Does it really fill an unmet need?

 

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[joschi]

@HenkHolland
is that your opinion or have you tryed it before/done research in this direction?
the forum is very good, but it could be better. driving a bike gets you everywhere you can get on wheels... but isnt it more comfortable to drive a car?

if he refine it right there definitely is a need.

regards

 

[HenkHolland]

@joschi
Yes, that is my opinion. I have not done research in that direction.

It is also my opinion that once somebody has formed his mastermind group (or two), he or she will not return to NickR8's web platform.
So, I don't see real potential for recurring income for example by a subscription model.

I am not saying NickR8 should not do it, but I encourage him to do proper due diligence before making the decision to spend time on this project.

 

[joschi]

It is also my opinion that once somebody has formed his mastermind group (or two), he or she will not return to NickR8's web platform.
So, I don't see real potential for recurring income for example by a subscription model.

you are right with this. at least partially. mm groups come and go, only a few survive or develop potential... its a flow not static. so maybe that's a good point to start with. besides of that he can offer services arround that. once you have enough people interested in this and collected some mailadresses he can start doing stuff

@Nick, maybe you should also look into which needs of people in master mind groups or directly of master mind groups you could solve...
i had some pretty neat ideas here a while ago and have them still in the oven.

 

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[nickR8]

Ok guys, there has been some progress since the last update:

- Partnered up with @joschi. We're creating the site together now.
- We built the infrastructure for the site: Wordpress/buddypress, live video meetings on openmeetings
- We now have an explainer video for the site too

Next steps: get the word out and test the site in action!

Regarding monetization: We are pondering different kinds of monetization models right now. One option would be to charge monthly for a "premium" account where you can join more then one mastermind group. A second other option would be to build the payment into an accountability system where members only have to pay if they didn't reach the goals for that week. A third option would be to have experts come on and host their own mastermind meetings which they charge money for and we do revenue share. But first we want to test if people will use the service when it's free.

Any suggestions are welcome. And if you're interested in joining a mastermind group, sign up at MasterMindo.com