Mark turned his passion for slime into a thriving business that caught the attention of the Sharks on the hit TV show Shark Tank. In this blog post, we’ll dive into SliimeyHoney’s journey, from its humble beginnings to its sweet success after appearing on Shark Tank.
The SliimeyHoney Pitch And Deal On Shark Tank
Mark Lin, a teenage entrepreneur, stepped into the Shark Tank with a unique product and an ambitious goal. He pitched his upscale slime business, SliimeyHoney, seeking $150,000 for a 10% equity stake. Mark showcased his extensive range of over 100 slimes, each inspired by his love for food and available in various scents and textures.
The Sharks were impressed by Mark’s entrepreneurial spirit and the novelty of his product. Kevin O’Leary and Daymond John saw potential in SliimeyHoney and made offers of $150,000 for 30% and 25% equity, respectively. However, Mark’s negotiation skills shone through as he successfully struck a deal with Daymond John for $150,000 in exchange for a 20% stake in the company.
Is SliimeyHoney Still In Business?
Yes, SliimeyHoney is not only still in business but thriving! Following their appearance on Shark Tank, the company experienced a surge in demand, selling out of all their products. Mark and his team have been working tirelessly to scale up production and meet the growing needs of their customers.
SliimeyHoney’s success can be attributed to their unique product offerings and effective marketing strategies. The company releases a new slime every Saturday, keeping their social media followers engaged and excited. With over 900,000 followers on TikTok and a strong presence on Instagram, SliimeyHoney has built a loyal customer base that spans the globe.
Net Worth Of SliimeyHoney
While the exact net worth of SliimeyHoney is not public knowledge, the company’s financial performance has been impressive. Prior to appearing on Shark Tank, SliimeyHoney had lifetime sales of $1.2 million. In 2020, the company generated $50,000 in sales with $13,000 in profits. The following year, they experienced exponential growth, with sales reaching $580,000 and profits soaring to $300,000.
With Daymond John’s investment and expertise, SliimeyHoney is poised for even greater success. The company is actively seeking warehouse space to accommodate their expanding operations and is in negotiations with major retailers like Walmart and Target. As SliimeyHoney continues to grow, its net worth is expected to rise significantly.
Business Overview
SliimeyHoney’s business model is centered around producing and selling high-quality, scented slime. Each tub of slime is handmade using a combination of glue, borax, and essential oils, with some varieties featuring glitter and charms for added appeal. The slimes are not edible but come with a packet of borax to help rejuvenate the product over time.
The company’s target market is primarily young consumers who enjoy sensory play and creative activities. SliimeyHoney’s prices range from $11 to $14 per tub, with the cost of production falling between $2 and $4. This pricing strategy allows for a healthy profit margin while still offering an affordable product to customers.
Currently, SliimeyHoney operates out of a 3,000 square foot warehouse, with Mark running the business remotely while attending UCLA. The company’s lean team, consisting of Mark, his mother, and 11 friends, has been instrumental in its success, ensuring efficient production and timely order fulfillment.
Conclusion
SliimeyHoney’s journey from a teenage entrepreneur’s passion project to a Shark Tank success story is nothing short of inspiring. Mark Lin’s determination, creativity, and business acumen have propelled SliimeyHoney to new heights, capturing the attention of investors and customers alike.
With a unique product, a strong social media presence, and a growing customer base, SliimeyHoney is well-positioned for continued success. As the company expands its operations and explores partnerships with major retailers, the future looks bright for this sweet and slimy business.
