From Failed Shark Tank Pitch to $135K/Month with Only 4 Employees
Have you ever wondered about the Shark Tank deals that failed? SoapSox is likely one of the deals that Shark Tank regrets not taking. Theyโve grown every year since becoming a Shark Tank reject, and in 2021 are bringing in more than $100K every monthโnot bad for a business with just 4 employees.
Before he was an entrepreneur, Ray Phillips worked in a group home for children affected by trauma. This experience inspired him to create SoapSox in 2013 as a fun way to motivate kids to take a bath. Though their Season 6 Shark Tank full episode experience didnโt go the way theyโd hoped, Ray stayed persistent, and itโs paid off in a big way.
In this interview, weโll find out how SoapSox became one of those rejected Shark Tank pitches that made millions. Weโll hear from Ray what the experience was like and why, when he was offered a deal, he decided to reject Shark Tank. Heโll also share what heโs done since to keep SoapSox growing, from which marketing strategies are winners to how he decides when itโs time for a new design.
Along with their original designs, SoapSox comes in the shape of popular characters like Disney and Paw Patrol. Ray shares how he made those partnerships and what impact theyโve had on his growth.
SoapSox is the prime example of rejected Shark Tank pitches that became successful. If you want to hear from businesses that made deals on Shark Tank, check out our other interviews:
Resources:
Startย orย Growย Your Business with UpFlip Academy – https://bit.ly/3yBIdcJ
Find Out More About Ray’s Business – https://soapsoxkids.com
You can use the coupon code โUpFlipโ on their website for a discount on your purchase!
Timestamps:
0:00 Intro
1:47 Meeting Ray
2:58 The Process of Idea Valuation
3:50 Initial Investment and Breaking Even
5:07 Shark Tank Experience
6:48 Profit Margins and Retail Channels
7:55 Product Overview and Features
9:21 Marketing Strategies and Social Media
10:47 Revenue
12:00 Retail Placement
13:31 Business Challenges
15:14 Office Tour and Product Review
16:51 Manufacturing
18:22 Declining The Shark Tank Offer
19:24 Amazon FBA Experience
20:28 Blitz
21:43 Managing Inventory and Distribution
22:54 Shark Tank Application and Key Moments
24:33 QVC Experience
25:58 New Product Development
27:06 Connecting With The Honest Company and Disney
28:43 Favorite Characters and Top Sellers
29:32 Original Designs VS. Disney Designs
30:55 Life After Shark Tank
32:12 Amazon Partnership Tips and Tricks
33:01 15% Off Discount Code โUpFlip15โ
33:29 Outro
#sharktank #sharktankreject
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