Surviving Shark Tank: Ava The Elephant's Tiffany Krumins Talks Life After The Tank
Introduce us to yourself and your business. How did you get your idea, actually start, and source any materials needed for your product.
My name is Tiffany Krumins and I am the CEO, and founder of the Ava the Elephant® brand. While working as a caregiver for children with special needs I had a light bulb moment when I realized I could solve the age-old problem of administering medication to children. Initially, I purchased fabric, sponges and a medicine dropper and designed my first prototype at home. I did so with the intention of helping Gibby, a little boy I was caring for at the time who has Down syndrome. I was blown away at how he responded to the prototype. It was as if he were never scared of taking medication. I knew I had something pretty amazing!
How did you go about manufacturing your product, as that is a major obstacle for many entrepreneurs?
I, like most entrepreneurs, encountered many obstacles manufacturing my product. Initially I met with multiple factories and but I always found that either the quality or pricing was off. Eventually I found the right factory. But even then, it involved me sourcing certain parts separately in order to get the quality and price point needed to survive at retail. It’s important for entrepreneurs who have a product idea to understand that manufacturing is not going to happen overnight and more importantly, that pricing must be right on if they want to be successful.
How do you handle the logistics and inventory management of a fast growing business, especially in the beginning when you do not know how many units you need to produce?
Even products who have been featured on Shark Tank start out small when it comes to how they handle inventory and logistics. When I first aired on Shark Tank I prepared all of my shipments personally, as do/did most Shark Tank companies. Some may have a small warehouse space, but almost all ship their own product in the beginning. It’s simply not logical for a startup to expect to have a full logistics company as there typically isn’t enough margin to do so.
Speak about your experience on Shark Tank, the outcome, and how involved the Sharks are with your business after the deal.
My experience on Shark Tank was life-changing, in more ways than I can count! It was a major blessing, but not without a fair share of obstacles. I appeared on the pilot (1st) episode of Shark Tank. To be completely honest, I had no idea what I was getting myself into. One could never predict how successful the show would become. My experience with the network, the producers and the sharks has been amazing. Barbara was always very supportive throughout the years and she taught me so much along the way. What viewers tend to forget is the fact that the sharks are investors. Like most investors, they aren’t your typical business partner. It’s not their job to be involved in the day to day of running a business. Don’t get me wrong, some are very hands on, but for the most part, they are investing in multiple companies at one time and they are monitoring their investments in those businesses, while assisting with connections, advice, etc. I can’t speak highly enough about my experience with Barbara and I can only hope other up and coming entrepreneurs will find an investor like her.
What advice would you have for anyone considering Shark Tank for their business?
I say, go for it! Don’t over think whether or not to go on the show. Do over think your pitch and preparation. You can only do what you can do. I felt confident in my pitch because I was honest about what I had to offer. Don’t fake numbers, it will be found out during the due-diligence phase and your deal will not go through in the end. Make your audition video EXCITING! Share the heart of your brand!
What advice would you give someone who is trying to get their product into retail stores?
I would start by saying, don’t take anything personally. When I first started out, I envisioned retail buyers as these powerful people who could make or break my success. I over thought every email and phone call I made. However, once I got to know how the retail world works, I realized that they are typically just overworked people who have strict margins to maintain. If you send them your product, they may love it, but then they look at the pricing or timeline and can’t do it, which means…on to the next! It’s nothing against you or the back-story of your product, it’s all business. This is why it’s crucial to make sure your pricing margins are right on. I was blessed to learn this lesson from a woman who has been in this industry for many years and works with buyers all over the world.
Another piece of advice I would like to give on selling at retail is the fact that there are unspoken rules in the industry. The list of “rules” I’ve learned are longer than I can share but some of them are things like offering discounts to your buyer up front. Yes, discounts, before you’ve even sold the product! Sounds crazy right? An example would be approaching the buyer with the intention of offering .50 per unit during a certain season. Maybe it’s your down season, maybe it’s a holiday season. Either way, make sure your pricing is set up in advance to allow for those discounts.
What is the best piece of advice you’ve ever received?
Barbara always told me, “Take the best, leave the rest!” I’d say that applies to most things, both in life and business!
Thanks so much for talking with us, Tiffany!
You can check out Tiffany's products here: http://www.avatheelephant.com and follow her across social media.
Facebook: http://bit.ly/2adCA5E
Twitter: http://bit.ly/29OuQWr
Instagram: http://bit.ly/29WMNEj
-The Create Team
