The best thing about getting on Shark Tank for entrepreneurs is the fact that the viewing audience, which counts around 7 million people, hears about them. After that, they can all turn into potential customers, which is great for the business. But the developing opportunities don’t stop here. The company that makes a deal with the investors on the show can go national in no time. Today we are going to show a couple of Shark Tank success stories.
Shark Tank Success Stories to Give You a Boost
1. Scrub Daddy
Perhaps surprisingly, one of the most successful stories belongs to a sponge company. In the past three years, the company called Scrub Daddy has made a profit of $75 million. Or at least that’s what the investor Lori Greiner claims. In season 4, she made a deal with the CEO and founder Aaron Krause. For a 20% equity and $200,000.
2. Tipsy Elves
Yet another unexpected success is that of the Tipsy Elves. Even though people discouraged investor Robert Herjavec when he spent $100,000 for 10% of this company, turns out he was right. It has become a year-round apparel company with huge success. They capitalize mostly on the college-football season, as well as on several holidays. Just to see how much the show helped, you should know that before its appearance here, the company made $900,000 annually. Last year though, they managed to make around $8 million.
Another one of the most impressive Shark Tank success stories is the Breathometer. Back in season 5, Charles Yim obtained a five-Shark deal for it. It is, in fact, a breathalyzer that is connected to a smartphone. The investors Daymond John, Herjavec, Greiner, Mark Cuban and Kevin O’Leary spent $650,000 for 30% of the company. After this happened, the Breathometer doubled their profits.
4. Bubba’s-Q Boneless Ribs
Al “Bubba” Baker was called in 1978 the Rookie of the Year in the NFL Defensive. On Shark Tank, he made a deal with John for $30,000 in exchange for an equity of 30% for its company. Bubba’s-Q Boneless Ribs turned out to become a national brand, having more than $200 million in lifetime sales. This is what you can truly call an inspiring story.
5. Grace and Lace
Grace and Lace is the name of a fashion company owned by Melissa and Rick Hinnant. Back in season 5, Barbara Corcoran paid $175,000 for $10 of the business. According to Corcoran, this has been her most profitable investment she made on the show. Before they appeared on the show, the Hinnants made around $1 million in sales. After that, they expected $6.5 million a year or even more. Their image was also helped by an appearance they got in Cosmopolitan.
As you could see, there are plenty of Shark Tank success stories that inspire business owners all over the world. Even though the series first premiered in 2009, it had a huge success and it’s set to air with the 9th season in October 2017.
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