What a mix this week, we have ‘donugs’ which is what you would get if KFC & Krispy Kreme had a baby, we saw coverings for the ears that may result in a new way of using a condom, sales training and just sheer fun. Once again a mix of people living their business dreams.
So, let’s get started and look at these unique businesses
Who would not want to be part of a business that provides so much pleasure to so many people? Chris is an extraordinary tour guide, hence why he has done so well with this business. The numbers also make sense if he could multiply the boats it will be a force to be reckoned with.
But you must be careful what you ask for. There are many people who can run one business really well and make a good profit, this does not mean that the same person having more stores or more boats results in a better business.
Chris has an amazing lifestyle and good income, but to grow this business into more countries and more boats, he needs to return from his ‘working 10 weeks a year’ to getting his hands dirty and getting back on board 52 weeks a year and no less. Andrew was right when he was saying that growing this business will mean an end to the ‘vacation’ for Chris
It was certainly Shark against Shark during this pitch.
I am glad we did the deal and I look forward to meeting in the Caribbean for our board meeting. Though like Steve said, Chris will need to raise the age of the people allowed on the tours (quite a bit) for us to be able to get on board.
Tip : More is not necessarily more. As investors we look for scale, but some businesses are better kept on the smaller side. Businesses that rely on one person for their success like this business may be better keeping it contained and enjoying a great lifestyle.
Careful what you wish for, sometimes you have a great thing and to change it up may in fact not be want you want. This business could scale if Chris can duplicate himself. I look forward to working with Chris to see how we can do this.
Well this was definitely the shortest pitch we have ever heard in the tank.
You cannot help but love her enthusiasm and what she was trying to achieve. An ear covering that actually did not quite cover the ear, but hey she is trying, lucky it is still a prototype.
So I am not sure the product is that user friendly or does what she wants it to do which makes it very hard to invest or really see her vision at all. But this is what I love about this show, it is all about people solving problems for people that don’t yet know they have a problem to be solved. I am not sure this is a business for any of us but I wish Rachel luck, she has so much passion and that’s the first step.
Hopefully the people that Glen and Naomi introduce Rachel to love the product and we see EARSOX in hair salons (and at kids swimming lessons?) sometime soon.
Tip : just because you think there is a problem, does not mean that there is one, do your research to really find out what the customer thinks, just not what you think. Plan effectively and do not spend too much money until you know the consumer wants the product.
This week Boost released a Vegemite smoothie – I didn’t think there was a weirder sounding combination – until we heard about Crag’s chicken nugget doughnuts.
The good old doughnut will never be the same again. In my youth there was many occasions that 2am called for a munchie, and this would be the perfect product for that. It is free range chicken that you can eat in one hand and there were some great flavours available. Forget festivals, hitch your truck outside a nightclub and you will sell one for every stumbling patron waiting for their Uber to arrive.
I like the he was conducting his business ethically. ‘Treat foods’ are made a bit more ‘palatable’ (pardon the pun) when the business uses ethically farmed produce.
His sales are awesome and being such a unique item, the festivals that he is lined up for should be amazing for his brand awareness and judging by the previous events he has traded at, he should be very successful (otherwise my nightclub idea will always be a great backup)
Trust Steve to go ahead and offend the chef! Imagine how long she spent perfecting that product and he goes and says ‘it’s an uncomplicated product’! Glad they were good sports
I must admit, I was surprised that Naomi did the deal, but I am excited for her to see the opportunity.
Tips : To be successful with a potential ‘fad’ product, particularly the fast food industry – you need to be the first one to come up with the ‘weird idea’ that is going to be the next fad. And you need to be everywhere.
It seems as if Crag is the pioneer of donugs which is fantastic, let’s hope it is not a fad.
ISR TRAINING AND RECRUITMENT
Vision boards are important for visualizing your goals and it is awesome that Jack has ticked off all the items on his now.
What a fantastic man Jack is – not just a great businessman but an entrepreneur that is making a difference in the community getting young people off Centrelink and into jobs. I love that his mission is to show people that they have skills they don’t even realise.
Coming from an underprivileged background has taught Jack to rise above adversity and make something of himself. He is very inspiring. (And I hope my sons were listening when he was talking about his mum.)
Tip : You need to be passionate about your business and when this is combined with supporting the community around us, there is no limit to what you can achieve and the people whose lives you are changing.