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.

You can find out more about SoapSox at their website, https://soapsoxkids.com. And if you want to get a SoapSox for yourself, you can use the coupon code “UpFlip” on their website for a discount on your purchase.

To get more tips and info on how to start your own business, check out our blog: https://www.upflip.com/blog

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:

Reinvented the Wheel and Built a $1M Company (Shark Tank Success Story) ►
   • Reinvented the Wheel and Built a $3M ...  

$20M in Sales PostShark Tank (How This Business Idea Made Millions) ►
   • $20M in Sales PostShark Tank (How Ba...  

From Shark Tank to $250K/Year eCommerce Business ►
   • From Shark Tank to $250K/Year eCommer...  

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

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