It seems so straightforward: come up with a business idea, appear on Shark Tank — and watch yourself become a millionaire overnight.
But it turns out the reality of an appearance on the hit show is far removed from that glamorous fantasy.
Just ask Lori Phegan who made her Shark Tank debut a year ago.
The mum-of-two pitched her business, The Inappropriate Gift Co — which sells hilarious, swear word-laden novelty products like mugs, stationery and cards — and received offers from all of the sharks during the season four premiere last May.
Phegan went with Red Balloon founder Naomi Simson’s staggering A$250,000 ($262,532) investment offer in exchange for a 25 per cent stake, which left her “completely gobsmacked”.
But once the cameras stopped rolling, reality set in.
In a recent post on the popular business networking Facebook group, Like Minded B****es Drinking Wine, Phegan shared some surprising insights into life after Shark Tank.
“It’s been 12 months since we appeared on Shark Tank … we have had a great journey but I would like to worry you (or reassure) you all that hard work is still needed regardless of TV exposure,” she wrote.
“There is no such thing as an overnight success … keep plugging away … it’s the small consistent effort that gets you the wins, not the bright lights.
“That’s why you have to love what you are doing and not be doing it because you think it will give you an income. I’m still trying to clear credit cards.”
