FRANKI AND SEOUL

Franki & Seoul are bringing Korean beauty (K-beauty) and anti-ageing innovations to the Australian market. Currently only available through their website, they came into the tank with the hope of expanding.

Jamie and Jenny are delightful.  They are doing whatever it takes to get the business working.  Many people start a business then get an office, a car and start hiring people and consequently burn most of their cash before they even get going..  The reality is that young start-ups are incredibly hungry for cash and for you to start a business you need every dollar you spend to make you $2, so these girls understood that you require to sacrifice to get ahead.  At 38 they were well established smart business women, who are now living with their parents to make sure that their business has the best possible start .TICK.

The beauty industry is a hard one, and it is filled with big businesses who have deep pockets and big resources dedicated to marketing.  Their point of difference is that their products are from South Korea and from what they said South Korea is the epicentre for beauty products in the world. I am sure France as well as 50 other countries out there are saying the same thing.

It is not enough for them to say that South Korea is the best; you need the consumers or the experts to give their tick of approval..  There is no doubt Jamie and Jenny will create a great business, but I am not convinced that it will be able to convince the public that they have the best products. Hopefully their claims are proven with research and scientific evidence in the next few years and consumers are educated on the benefits of Korean technology and innovation Vs the rest of the world.

TIP :   In business it is not what you think; it is what the customer thinks and for them to believe your promise there has to be some evidence or endorsement for them to support your claim.

JUST JERKY

Just Jerky is a healthy alternative to the existing Australian beef jerky market.

I put it out there, I hate Jerky, I hate the thought of it and it is not a product that I would normally like.  But I had a taste and it was not too bad, there was no artificial flavours and was all natural. I am all about natural products and healthy alternatives so even though it’s not my thing, I was intrigued.

What I love about Shark Tank, is that I have an opinion in the first 5 minutes and then over the period of the pitch my mind can change over and over again. That is what we have to do as business people is listen and learn, and I learn every single time I meet a new person that steps on the mat.

My offer on paper was the highest percentage on offer the reason for this is my expertise in food retail. Cash comes and goes very quickly it is the advice that holds value and this is where I would have added the value to this business.

…However I was a bit cocky and there is a saying, “arrogance leads to failure” – maybe I was a little arrogant and in the end that meant that I lost the deal.  Good luck to Glen, Elisa and Elias.

TIP : When selling, equity it is important to get more than cash and you need to value the expertise as well as the cash.

WISH U WERE HERE

Wish u Were Here is a lovely idea which is a cushion with a parent’s picture on it for kids to cuddle while they are apart.

Lauren started like many business people; finding a solution to a problem. There are lots of men and women who have to travel for work.  I was one of them, and something for the kids to hold or cuddle something that reminds them of their loved one was a great idea. It’s a nice touch that they are all handmade and what an achievement having handmade 3000 cushions already!

I am not sure of the execution however and if this is the right solution. Children are very blunt and when I took it to Tahlia (my daughter) to see what she thought, she did not like it at all. This does not mean every child won’t like it, but there was something not right about it for me.

Yes it is a nice idea but is it unique? Note sure.. I wasn’t sold and at the end of the day, you need to really believe in the product to invest.

Good luck Lauren and Lily

SPEEDFIT

Speedfit is a new product that uses EMS or electric muscle stimulation.

In a world that we want everything now, this product could work in the fitness world. It has the biggest impact with the least amount of time, who does not want that?. Not sure I know too many people who would not want most results for the littlest effort…Speedfit could be the answer.

I did have sore muscles after the treatment (in a good way), and I could see that it could work..   Glen was sweating big time and you could tell that he was working hard.

Bringing new technology into the fitness space is certainly a way to create a point of difference in such a competitive industry.

The numbers were impressive and the business was solid, with a turnover of 2 million dollars this year, this is an exciting business. They did have a complex structure with other partners, but I thought we could work around this. This business was also very franchise-able which means they can grow fast.

Unfortunately, for those of you who saw the episode, the deal was not meant to be.  Following the show, the guys flew to Melbourne to spend some time with me to discuss franchising which could be quite amazing for these guys. They have challenges ahead of them, but I think they will be fine.

The next show is a ripper.  Tune in next Tuesday at 7.30pm.