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Philomina Kane: From Side Hustle to Six-Figure Deal on "Shark Tank"
The Success of Kin Apparel
Philomina Kane, the founder of Kin Apparel, started her clothing business as a side hustle during the Covid-19 pandemic in 2020. Today, her company has generated over $4.9 million in lifetime revenue. Kane's brand offers inclusive clothing for hair protection, featuring satin-lined hoodies, headbands, and bucket hats. This unique and innovative idea caught the attention of the investors on ABC's "Shark Tank," ultimately leading to a six-figure deal.
The Lesson from Emma Grede
One of the guest sharks on "Shark Tank," Emma Grede, provided Kane with invaluable advice that changed her approach to business. Grede advised her to take her time, feel people out, and use the power of discernment before making drastic decisions in both life and entrepreneurship. This lesson proved to be immediately useful for Kane during the deliberation process of her "Shark Tank" deal.
A Strategic Decision
Kane accepted an offer from both Grede and Lori Greiner on the show: $200,000 in exchange for 30% equity of her brand. However, after conducting due diligence and spending nine months contemplating her decision, Kane ultimately decided to go with Emma Grede alone. This allowed her to keep a bigger stake in her company, even though it meant having less funding.
Expanding the Business
Following her appearance on "Shark Tank," Kin Apparel experienced a surge in new orders. Kane relied on Grede's advice once again when it came time to expand her business. She took the time to assess her own business goals and made the strategic decision to avoid hiring any family members or friends. This approach helped her maintain a professional and drama-free work environment.
Achievements and Challenges
Thanks to her careful planning and strategic decision-making, Kane has successfully grown Kin Apparel to employ 15 team members. By handling packaging, customer service, marketing, and logistics more efficiently, she has been able to bring in more revenue for her business. Kane acknowledges that maintaining momentum after the pandemic was a challenge, but she is proud of the progress she has made.
Gratitude and Looking Ahead
As Kane looks to the future, she expresses her gratitude for her experience on "Shark Tank" and the invaluable advice she received from Emma Grede. She hopes to see Kin Apparel stocked in retail stores and is eager to continue growing her company. Kane recognizes that there is still much more to accomplish and is excited about the possibilities that lie ahead.
Overall, Philomina Kane's journey, from starting a side hustle to landing a six-figure deal on "Shark Tank," serves as an inspiration to aspiring entrepreneurs. Her success story is a testament to the importance of careful decision-making, seeking advice from experienced professionals, and staying focused on long-term goals.
Philomina Kane's Success Story
One crucial takeaway from Kane's experience is the importance of carefully evaluating opportunities before making significant decisions. Her decision to choose Emma Grede as her sole investor, even though it meant having less funding, allowed her to retain a larger stake in her company. This demonstrates the significance of considering long-term goals and maintaining control over one's business.
Kane's emphasis on strategic decision-making expands beyond her funding choices. By placing importance on assessing her own business goals and avoiding the hiring of family members or friends, she has created a professional and drama-free work environment. This highlights the need for entrepreneurs to separate personal relationships from business ventures and make calculated choices that contribute to the company's growth.
Moreover, Kane's success story reveals the benefits of perseverance and careful planning. Despite the challenges of maintaining momentum after the pandemic, she has grown Kin Apparel into a thriving business employing 15 team members. By efficiently handling packaging, customer service, marketing, and logistics, she has been able to generate significant revenue and position her brand for further growth.
As Kane looks to the future, her gratitude for the advice she received and her enthusiasm for expanding Kin Apparel are evident. Her aspiration to see her brand in retail stores demonstrates the potential that lies ahead for her business.
In conclusion, Philomina Kane's journey exemplifies the resilience and ingenuity required to succeed as an entrepreneur. Her story serves as a testament to the importance of careful decision-making, seeking guidance from experienced professionals, and staying focused on long-term goals. By incorporating these lessons into their own business endeavors, new ventures can strive for similar success and make their mark in the industry.
Article First Published at: https://www.cnbc.com/2023/07/17/shark-tank-ceo-advice-helped-me-make-millions-in-revenue.html