wine blending kit for the home pitched on shark tank - blendtique - personalized wine accessories
The second entrepreneur who entered the shark tank this week is showing off his business Blendtique and seeking $250 in exchange for 10% of the business.
He created a kit that allows people to develop their own personalized wine mixture in a comfortable home and then order it on the website.
As for these figures, he has sold $200 in more than two years.
The kit retails for $99 and costs $35 for production, and once you develop your mixture, the price of a 12-bottle box will be $300.
They have seen cases where about 15% of customers buy their personalized wines.
At the beginning of the presentation, sharks seemed happy and liked the concept, but as entrepreneurs shared the full scope of the business model, their ideas became rather negative.
The way he initially showed it, the focus seemed to be on the kit for people to use at home.
Later, this changed when he said that their main focus at the moment was to offer courses and experiences in hotels, cruise ships and other venues.
This can be a problem because trying to focus on so many different strategies can make the business too thin.
In my opinion, I don't think there is any problem with the scope of the model, but even more so in his approach of choosing to show the model.
I think it would be better if the shark came in with a major focus on lessons and experiences.
He could have sold them on something unique and interesting that others didn't offer, but he could have started setting up at different venues.
Then he would say, "but wait, there's more!
At this point, he launched the "home" toolkit, saying that if people like the course and want to share the same experience with their friends and family, they have the toolkit as an option.
Not only can this sell more to customers conceptually, but it can effectively extend their brand to more people than those who can enter a nearby class.
Basically, I just described the exact same business he did.
The only thing I did differently was to focus on what he was really after from the start, rather than switching over during the demo, which would only confuse the shark.
Nevertheless, he finally reached an agreement.
I wouldn't even try to reiterate a lot of things back and forth here, but, after all, he has said and done, and he has reached a loan of $250 with Lori, 8% of the shares received 10% interest.
I can't really comment on the deal that it's good or bad.
In the demo we saw, they didn't explain why he needed the money.
We don't have any data on his profitability.
I have always been skeptical about loan transactions, but if he really needs the money and has the profitability needed to repay the loan, then he has more power.
Anyway, despite sharing some comments about the demo, I thought it was a great product!
My friends and family are more than happy to try something like this, so I may visit this site the next time my holiday or birthday arrives!