Introduction
Have you ever watched the TV show Shark Tank and wondered what it would be like to pitch your business idea to a panel of investors? Well, one entrepreneur named Megan Cummins did just that in 2010 with her company, You Smell Soap. And while the sharks didn’t ultimately invest in her business, her appearance on the show helped catapult her brand to success.
What is You Smell Soap?
You Smell Soap is a line of all-natural, vegan, and cruelty-free soaps and body washes that come in unique scents like lavender mint and grapefruit basil. The brand’s name comes from the idea that using their products will make you smell good, but also from the idea that stepping outside of your comfort zone and taking risks can lead to success.
The Shark Tank Pitch
When Megan Cummins appeared on Shark Tank, she was seeking $55,000 in exchange for 20% of her company. She explained that the company had already generated $100,000 in sales, but that she needed capital to expand the product line and reach a wider audience.
The Sharks’ Reactions
While the sharks were impressed with Cummins’ passion and the quality of her products, they ultimately decided not to invest in You Smell Soap. Some of the reasons cited were concerns about the crowded soap market and the difficulty of scaling a business with a physical product.
The Aftermath
Despite not receiving an investment from the sharks, Cummins’ appearance on the show helped bring attention to You Smell Soap. Sales of the product skyrocketed after the episode aired, and Cummins was even able to secure a deal with Target to carry the product in stores.
The Importance of Shark Tank
While not every entrepreneur who appears on Shark Tank is successful, the show can be a valuable platform for gaining exposure and generating buzz. The sharks are all successful businesspeople in their own right, and their feedback can be invaluable for entrepreneurs looking to improve their pitch and hone their business strategy.
Conclusion
Megan Cummins may not have walked away from Shark Tank with a deal, but her appearance on the show helped put You Smell Soap on the map. The company has since grown and expanded its product line, and its success serves as a reminder of the importance of taking risks and stepping outside of your comfort zone.