This is the eighth instalment in a series of articles wrote from my time on Shark Tank.
Welcome to television!
So what was really like filming Shark Tank? You have to remember that I am a business woman not a TV person so I am used to doing everything for myself. In the TV world, whilst filming, there are a lot of people around to make things as smooth as possible that allows you to just focus on the job at hand which is filming the show. So I really did feel like a princess for the month of filming!
The studio was massive with about 20 cameras and it was filmed in same studio as the Voice, so I felt very special. I stayed in a beautiful hotel in Double bay and was picked up every morning by a delightful driver who took me to the studio. We had to get through the grumpy guard lady who we tried to make smile every day (did not achieve it). We had our own space so we can work during our breaks and it was like big caravan where they had our favourite flowers and drinks.
The beautiful Mimmi was my makeup artist, who looked after me to make sure I looked the same every day. As you now know, we are in the same outfit every day so the editors can mix the pictures to make sure there is a good balance in every show. Got to know the other sharks and enjoyed all the war stories that we all have. My son Riley was on work experience so it was great to have him in the studio for a couple of days.
Life is about spikes and filming the shark tank was definitely a spike in my year. Basically a lot of fun with great people.
On to the pitches!
Nathan and Joel
$350,000 for 15%
I really liked these guys from the start. The food was great; the business model that they have was solid as they can deliver fresh product in a very small space. One of the biggest challenges in the Australian market is rent, so these guys have a great concept. The cost of goods were a bit high but they could work on this as they get bigger and gain more scale. Steve made a good point about not relying on his father-in-law for these products. This can be a double-edged sword. I have had terrible experiences doing business with family and friends and now believe that it can work but you need to be very very careful, as family is important and if you get business in the way then it can cause terrible problems. You only have to read about people like Gina Rinehart in the paper to know this is true. These guys have now opened their second site in Subiaco, so they are on the right track. Great guys and thrilled to have met them.
Suzanne and Lisa
$50,000 for 10%
Great women, good product that smelled great – but their price point was all wrong. They sold from the internet pricing their product at nearly $10 and the postage was not too far from this. Pricing your product is key to marketing. If it’s too cheap, people think it is a cheap product; too expensive and people think that it is too high a risk to try the product. I do have three smelly boys and they actually do not like being told that they smell, so I think that Steve had a good point on the name. But again it could be cool and the young men may love it. I am sure they will get their product out there and do a great job – if they can get the pricing right.
The G Stick
$250,000 for 20%
Mmmmmm interesting name and we all look perplexed when she told us what it was on – who would use a tongue cleaner? – until John clarified that this is something that is very common. The main problem was what Gladys was asking for. The rule of Shark Tank is that we have to offer what she asks for or she goes home with nothing. By asking $250,000 she gave us nowhere to go. The business wasn’t worth $250,000 so it just didn’t make sense.
We Teach ME
$200,000 for 2.5%
Kim did a good job at the start of introducing what he does but fell down on the fundamentals of business. He just didn’t know his numbers and when he started to wing it (or make them up) this is when he lost me. I have to be able to trust my business partners and if they are under pressure and then tell me what they think I want to hear, not what is true, then it’s all over. Kim really needs to go back and fully understand his business and his numbers. He must have known we would ask him questions and he had some answers but it didn’t take long to see the cracks. I actually think that he has a good business model and he should do well, but we need trust.