Episode three takes us all the way from machinery used on dairy farms (or any farm) in the country to the glamorous world of makeup. Some supersized ideas – the thing they have in common is the creators all saw an opportunity and have worked really hard to see them turn into reality.
Another week of incredible ideas, passionate people and shark disagreements.. (no walk outs this week, luckily)
Also this week, I have launched my very first Podcast that I am doing with the talented Margie Hartley, Called “Superwomen, we ain’t”. The podcast is a real and raw look into how to run a business and still manage to stay sane. Go to bit.ly/SuperwomenWA – I hope you enjoy it –(it is free) 😊…
Now lets look at this week’s businesses.
Well you have to admit these are two confident guys, but I am not sure if they are in it to improve their Tinder profiles or to pitch for investment in their business..?
If what they said about the 60% retention is correct then their business is quite good, and the sales numbers that they told us sounded great. But would you trust them? They could be the most honest guys on the planet, but they came across too sales orientated for me, so I was unsure I could work with them, and as always in business; if in doubt … run.
Arrogance gets you nowhere, in pitching your business or during a Tinder date… from what I hear anyway.. 🙂
Tip : I believe in the art of not knowing. These guys came across as if they knew everything, and it is impossible to teach someone who thinks they already know everything. If you are an eternal student, then you are always learning, which means of course you are constantly improving and getting better.
I loved this product the second I saw it… why? Because I have horses and one of the biggest challenges that you encounter when you have live stock is moving things around, whether that be picking up manure, taking the horses some hay or the millions of other things you have to transport from place to place on a farm.
I was also looking for a birthday present for Jeff and this looked perfect. (Because the reality is that he does most…ok.. all of the poop scooping).
Peter is one of the good guys, he is a dairy farmer and it was fascinating to understand some of the challenges he faced with regarding to operating his farm to produce and sell his milk. Glad to hear the industry is heading back in the right direction.
He invented the product for the same reason as many people when they start their business, which is finding a solution to a need, and he needed this product on his farm. Peter is made of iron (literally due to his many broken bones). He grew up in the rodeo, so he was not afraid of taking risks and he was taking on a risk with trying to produce this product. I have met with Peter at my farm – he is seriously the nicest man and his product works. I am happy to say that I purchased the Rat Barrow for my husband’s birthday. And he LOVES it 🙂
Anything we can do to support Aussie farmers is important in my eyes.
John Deere – I hope you’re listening!!
Tip: It is important not to confuse creating a product with having a business. You need to always find ways to scale your business so that you can run the business instead of producing the product and running the business which is what Peter is doing (he has made 280 in his farm workshop!). Sometimes we get so busy working in the business that we forget to work on the business. Check when you are running your business that you are always doing both successfully.
GT GOLF (GUNS GOLF), ELEVARE, POST HIGH, BOOBIE TRAP
Some great business ideas:
- One golf club that can replace the entire set of clubs
- A nifty little shelf for use in the shower to make shaving your legs easier (Steve and glen were clearly not interested)
- A great idea with portable goal post which I was thrilled he got a deal from Steve
- and one that was very close to my heart literally; the Boobie Trap which is a storage solution involving drawer inserts which organise store bras.
Love, love, love being in Australia with all these great ideas.
THE QUICK FLICK
What a power house Iris is, she knew what she was doing and is on a mission.
Other than when I am lucky enough to have my own makeup artist for Sharktank (I know, how cool) and preparing for special events, I am not a big makeup wearer so I was unaware of the demand for this type of product. I did a makeup course in my late teens (and there was no flicking there) so this effect was all news to me.
I did enjoy how confused the guys were the whole time trying to work out what she was talking about 🙂
Her sales were impressive and she had a plan and a vision, which is all that you need to start a business but unfortunately for me, she only had eyes for Andrew.
I wish her all the best – she will go a long way with an attitude like hers – and she is only 23! Just remember, first to market, first to mind.
Best of luck to her and the ‘Winged Eyeliner Man’.
Tip: Find what you love, make a business out of it and you will never work another day in your life. Iris loved what she was doing and what she was creating, she is on her way.
LIFE SIZE PLANS
I have spent most of my life either renovating, building or doing something involving building plans, so this business was of interest to me. Many people do not really understand the scale of space so to have your plans projected on the floor so you can walk around and see the rooms and walls from all angles, was an AMAZING idea.
My concerns were that when using technology like augmented reality, I felt that the product may in the very near future be outdated which would jeopardise the system. That and the cost to set up the business meant that the risk for me was not worth it. There was too many barriers for me to invest. But I loved their vision and I hope they do really well.
Tip : When looking for a business to start, you need to look at the past for lessons. Analysing the market today for current sales and looking to the future for growth opportunities. Because you are not going into a declining industry or an industry that has a strong potential to be obsolete in the future. I am not saying this is the case with Life Size plans, but it is likely.