The dream of every girl worldwide is to be a ballerina someday. If your question is when will this dream come true?
Well, the answer lies here in the dance school called Tippie Toes. The one-stop destination for your ballet dreams and whole loads of fun.
Tippi Toes at a glance:
|Business idea||Ballet dance service in daycare for kids of age 18 months to 12 years of age|
|Founder||Sarah Nuse and Meghan Reilly|
|Asked for||$30,000 for 5%|
|Accepted deal||$100,000 for 30%|
|Business status||In business|
|Episode||Season 2 Episode 1|
The two artists behind the venture Sarah Nuse and Meghan Reilly are unique in their own strengths and work as a great team for the little kids who come to the classes. They started off as dancers who learned the skill and worked out. In the struggle of saving, they found the solution of teaching daycares the same skill. This struck the concept which helped frame the business.
Sarah and Meghan are both podcasters of different shows namely: Destined for greatness and who is your Momma respectively. They are lovers of the skill and entrepreneurs who have started the business out of passion and desire to teach many children for generations. Sarah has also written a book called destined for greatness. And Meghan is the founder and member of the Talent champions council.
Did Tippi Toes get a deal on shark tank?
The sisters are full of enthusiasm as they enter the shark tank in search of an investment of $30,000 for a 5% stake in their company. They start by explaining the problems faced by the next generation of youngsters in today’s school. The two sisters are worried about obesity and the fact that recess in schools has been cut short of time. They believe it is of high significance for a child to play or indulge themselves in physical activity of some kind, which can give them numerous benefits.
They have a strong yet money-multiplying effect in their business which is a profitable point for the shark. The owners are currently having 7 franchises that they sell for $30,000 plus a monthly royalty charge. This price comprises many things like the venue cost, lesson plan, exclusive music, and promotion for the brand.
The sales are questioned by Robert. The sales were $268,000 in the year that just passed and the profit reached $29,000. Kevin is impressed by the business model and says don’t do this You guys are sharks it’s better you work for my company. Robert is the first one to go out as they explain how the brand is going to focus on DVD due to the fact that it is too big a leap to invest in.
The royalty paid by the customer is $1000 per month. This is when Daymond john exclaims “these two are extortionists in tutus”. Kevin offers $50,000 for 51% Barbara agrees with mark’s point of view and says 5% is too less an equity share for investors. She offers $60,000 for 20%. Giving the owners two offers on the table.
Finally, mark wants a counter from the girls and says he will not tolerate any other offers. Reilly counters 100,000 for 30%. The deal is accepted by both parties. The final deal is $100,000 for 30% with Mark Cuban.
What happened to Tippi Toes after SharkTank?
Now just after shark tank with the required funding, they expanded their franchise number to 10. Now the brand is known nationwide. The business has battled all odds despite the deal on SharkTank and remains unaffected to this day and growing.
They have 34 franchises as of 2021 and are generating an overwhelming $2 million in revenue per year. The company had to shift due to the pandemic to virtual classes that soon became a hit. Their business is such that do not have one customer quite after they enroll. It is well understood that this activity is loved by all the kids.
- The product is based on a proprietary model which is unique.
- The products are basically the services like Opening a franchise, Recitals, Music, Parties, Camps, and Dance classes.
- The website is easy to use and the customer can go to the near location to join in the fun or talk to the owners of the franchise.
- The owners have trained their staff to perfection and have understood the customer’s needs.
- The music they create is their own. Each DVD has a different set of songs that play back-to-back.
- Dance classes are for kids aged 8 months to 12 years old.
- Camps are day outings where your kids can join the fun!!
Competitors of Tippi Toes:
The competitors for the firm are:
- Webby dance
- Baby ballet
What is the Net worth of Tippi Toes:
At the time of Shark tank, they were valued at around $333,333. The current valuation of this dance franchise is $1.3 million which is quite spectacular as compared to where they started. They have a current revenue of $2 million annually.
Is Tippi toes still in business?
Today the business is still standing strong and well with 32 franchises that are fully functioning. They started off with an idea to teach a skill at a young age and now they have mastered it.
The girls of this business wanted to divert the line of business by making DVDs and selling them making this their dream but with the help of the sharks, they have kept the musical symphony and dreams of kids alive. They plan to soon reach the whole world.
Tippi toes social links:
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What is Tippi toes?
Tippi Toes is a Ballet dance service in daycare for kids of age 18 months to 12 years of age.
Who founded Tippi toes?
The two artists behind the venture Sarah Nuse and Meghan Reilly are unique in their own strengths and work as a great team for the little kids who come to the classes. They started off as dancers who learned the skill and worked out.