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. They’ve grown every year since becoming a Shark Tank reject, and in 2021 are bringing in more than $100K every month—not 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 didn’t go the way they’d hoped, Ray stayed persistent, and it’s paid off in a big way. In this interview, we’ll find out how SoapSox became one of those rejected Shark Tank pitches that made millions. We’ll hear from Ray what the experience was like and why, when he was offered a deal, he decided to reject Shark Tank. He’ll also share what he’s done since to keep SoapSox growing, from which marketing strategies are winners to how he decides when it’s 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 they’ve 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: https://bit.ly/3yBIdcJ - Start or Grow Your Business with UpFlip Academy https://soapsoxkids.com - Find Out More About Ray's Business You can use the coupon code “UpFlip” 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 “UpFlip15” 33:29 Outro #sharktank #sharktankreject

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