This transcript was generated from the episode audio and may contain minor errors.
[Music]
Let's talk about how a $20,000 mastermind leads a new side hustler astray. This is an eager coach in training. She spends a lot of money to join this all powerful mastermind group that is supposed to help her business. But it turns out the mastermind group is actually focused on e-commerce, which then leaves her a little bit lost and overwhelmed as she is trying to start a totally different kind of business. And so what does she learn along the way?
How did this happen? What took place? How did she become disillusioned? And what did she take away from it? Now, ultimately what we're trying to do in these stories, this is failure Friday, by the way.
Every Friday we look at something that goes wrong, something that does not go well, something that is not a huge success. And the whole point is to see what we can learn from the process, how we can move forward more positively, or maybe for somebody out there, how you can avoid this mistake or misstep in the first place. That's always good, right? If we can save somebody else the trouble or save them the $20,000 in this case, it might not be exactly like that, of course. But I love hearing from entrepreneurs, side hustlers, small business owners who navigate difficult things and come out better on the other side.
Ultimately, that's a lot of what life is about. So this short story features Amy from Reno, Nevada. And as you might guess, she's had some challenges and she has risen above. Let's hear from Amy about this difficult situation. I'll come back at the end with a quick wrap up.
[Music]
Hi, I'm Amy. A few years ago, I decided to transition from my corporate job to start my own coaching business. I was eager to learn and I wanted to surround myself with successful entrepreneurs. So I joined an expensive mastermind group that promised to provide valuable insights and support. The price tag was steep, $20,000.
But I believed it would be worth the investment. When I first joined, I was excited and hopeful. The mastermind came highly recommended and it seemed like a prestigious group. However, I quickly realized that the focus of the group was primarily on e-commerce businesses. Most of the members were running online stores or digital product companies.
And their discussions centered around topics like supply chain management and inventory and digital marketing strategies specific to e-commerce. As someone trying to build a coaching business, I felt completely out of place. The jargon and strategies discussed in the meetings didn't apply to my business, not whatsoever. And I struggled to keep up. Every meeting left me feeling more lost and overwhelmed.
I tried to participate and ask questions, but my concerns and challenges were often just sidelined in favor of just more relevant topics for the majority. I began to question my decision. I felt that I shouldn't have been allowed to join this group in the first place as my business goals were so different from everyone else's. It was becoming really clear at this point that it was not the right environment for me. And I just wasn't getting the value that I had hoped for.
So after a few months of frustration, I decided to cut my losses and leave the mastermind. This decision wasn't easy, especially after investing so much money, but I knew I needed to find a community and resources that just aligned better with my goals. So fortunately I did get back 50% of my initial investment. So, I mean, at least I wasn't out the full $20,000, but the conversation to make that happen was a tough one, but obviously it was worth it. From there, I took a step back and really reevaluated my strategy.
I started by seeking out smaller, really more focused groups, specifically for coaching and for personal development businesses. I joined online forums, I attended webinars, and I connected with other coaches who were successfully running their businesses. In the long run, I believe that these colleagues and these groups will be more helpful to me than the expensive mastermind. Lesson learned. [Music]
Amy, thank you so much for sharing this story.
I have heard similar things from people who join different coaching programs and masterminds and such, and sometimes it can be a really good thing, just to be clear, but it's also really important to make sure your goals are aligned with the goals of the group and the leader of the group. You know, if the leader of the group is doing this to make money, obviously nothing wrong with making money, we talk about that every day, but maybe all the more important to make sure this is an investment for you and not just paying some money because you like this person or you think, oh, it would be good to be close to that person. You know, much more important to think about how is this going to advance your business goals when money is involved. Nevertheless, never confuse a single defeat with a final defeat. That's the theme of Failure Friday.
And as noted, we can always move forward positively. That's the goal. If you have a question or an update about your side hustle, sidehustleschool.com/questions. This has been episode 2,778. I'll be back again tomorrow.
New episodes every day, always free. My name is Chris Guillebeau, this is Side Hustle School. [Music]
From the Onward Project.
