Swimming with ‘The Sharks’
Averaging nearly 7 million viewers a week, Shark Tank is kind of big deal in the small business world. Each week, entrepreneurs from across the country present their plans to the “sharks,” which includes real estate mogul Barbara Cochran, in hopes of securing an investment.
A year ago, 30 year-old Lynnae Schneller, founder of Lynnae’s Gourmet Pickles, and her sister-in-law, 27 year-old Ally Cullinane, launched their business and decided to apply to go on the show. “Nothing came of it,” says Schneller. Then, six months ago, they received a call and set off for California to film.
After practice pitches and several rounds of elimination, the duo learned they were going to appear in the season premiere.
“We learned a lot,” Schneller tells PINK. The team didn’t receive an investment, but they did walk away with invaluable advice.
“Barbara told us we would regret it if we sold a portion of our business,” she says. Her words of wisdom: “Keep on trucking.”
“They didn’t say anything awful about our business,” says Schneller, which was encouraging. “But small changes make a big difference.” Putting feedback in motion, Schneller and Cullinane made a few small adjustments, such as modifying their labels.
And, despite facing the sharks in front of millions of Americans, Schneller, a mother of two, insists she wasn’t nervous. “It was such a once in a lifetime opportunity; we just had fun with it.” Plus, investment or no investment, the exposure is great for business.
“I had no second thoughts about it,” she adds, proving, once again, that building the lives we want requires stepping out on a limb.
Schneller, who had no experience in the food industry, reached out to others for help. Even people she didn’t know. “Ally and I would just look them up and call them.”
There was a lot to learn, especially in the beginning. “There are lots of moving parts and it is important to price correctly.”
“You really need to know margins; know your numbers and what margins others are looking for,” Schneller advises.
Carving a niche has also helped their business develop. “We’re all natural and gluten-free, so we really target the specialty food market.”
For Schneller, turning her grandmother’s recipe into a pickle business has taken her daily commute from an hour and a half to zero. She works while her children are in school and after they go to bed at night.
She’s merging career and family on her own terms.
Comment: Have you entered a small business competition? Tell us!
BONUS PINK Link: Do you think you’re amazing enough to say it out loud? This Brooks Running executive does.
By L. Nicole Williams
“Success is liking yourself, liking what you do, and liking how you do it.” Maya Angelou
Photo credit: Lynnae’s Gourmet Pickles
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