In 2014, Taylor Robinson left the studio of ABC’s Shark Tank disappointed but not defeated. Taylor Robinson Music Lessons, an online platform that connects music students with local music teachers, was initially well-received.
DALLAS, TX, September 08, 2017 /24-7PressRelease/ — In 2014, Taylor Robinson left the studio of ABC’s Shark Tank disappointed but not defeated. Taylor Robinson Music Lessons, an online platform that connects music students with local music teachers, was initially well-received. The company had been growing fast and was generating over $400K in annual revenue. However, it didn’t take long in the tank for the Sharks to sniff out a problem – an anemic profit margin of only 10%. Accordingly, they didn’t feel the company ready for the big time just yet, and all four passed. Three years later, the Sharks might want to eat their words.
Taylor Robinson Music Lessons is now poised to bring in $1.5 million in annual revenue, and profit margins have almost doubled.
Some of this success is due to Shark Tank, at least indirectly. “We get a small spike in calls and site visits every time the show re-airs, but the best thing we got was perspective,” Robinson said. “The Sharks said I was working hard but not smart, and they were right.” For Robinson, working smart meant redirecting efforts from building a nationwide marketplace to focusing on their 50 most active and profitable markets. This targeted approach allowed for more concentrated local marketing instead of expensive national campaigns. Doing this cut the cost of customer acquisition by nearly 80%. They also significantly reduced overhead expenses by investing the savings back into the company’s IT development.
Today, Taylor Robinson Music Lessons has 8,000 active instructors, who have taught more than 170,000 lessons to nearly 30,000 students. The corporate office has 12 full time employees and three dogs. “I’m incredibly lucky to have found a such a talented team of people who believe in this company as much as I do. Everyone here gives it 110%, heart and soul,” Robinson said.
What’s next for Taylor Robinson Music Lessons? “We’re putting the finishing touches on some major tech upgrades, making sure that the whole system is scalable and ready for the next stage of growth. After that, we’ll re-focus all of our efforts on expansion into new markets,” Robinson said. In the end, he views his Shark Tank experience as a positive one, even though he left empty handed. “We made some mistakes on the way, and it hasn’t been easy, but bootstrapping this company has made success so much more rewarding.”
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