After hosting Masterminds since 2000, here's the groove which seems to work best for me.

Since I'm very lazy or efficient, if you're willing to work hard this formula will work even better for you.

:::: My Bias

Turn each Mastermind into multiple + escalating income streams.

Think about booking 1,000,000 into your room rather than 10.

:::: General Flow

1) Hold Masterminds

2) Publish recordings + transcripts for free

3) Arrange for increasing income over time

:::: Holding Masterminds

This might be live with a group of people like http://Meetup.com groups, which is how I started.

Format which seemed to work best - creating most energy in room + most buzz afterwards from attendees to their friends is...

Get together 3+ very smart people as a panel. Put them in front of a room, then do the normal 1st Round

Round #1 - attendees have 60 seconds to state their name + top priority to solve + any background info required. I had someone use an egg timer to beep when 60 seconds were up.

Round #2 - moderator + panel members answer have <5 each to answer how they'd resolve each top priority.

Round #3 - optional, each panel member has 5 minutes to talk about something which seems useful to attendees, based on Round #1 + Round #2 conversations.

Record everything.

I use to do these in my living room, so I'd just drop several HD digital records in 2 places in room. Do one loud clap after all records are recording, so audios can be synced.

:::: Mastering

Be sure to normalize all audio, so all people speaking have same volume level.

:::: Publish Mastermind Content

Post recordings in YouTube (add a resource block as single video frame to transform audio into video). Be sure to turn auto transcript on.

Post recordings in iTunes.

Post recordings on your site + transcripts.

:::: Monetization

YouTube - turn on advertising.

iTunes + YouTube - be sure recordings promote your brand (preferably a Website which can be typed in a browser bar easily) + your channel info contains links to your site.

On your site, buy traffic from OutBrain + place Ads from Adsense to start + add other traffic sources + Ad Networks over time.

:::: Wrap Up

This allows you to run any type of Mastermind either for free or paid (to reduce attendance to manageable levels).

The publish recordings/transcripts for free + generate some massive income via Ad Networks monetization.