Sliimey Honey, a unique slime business founded by Mark Lin in 2018, gained popularity for its scented and creatively designed slimes. Each slime was designed to resemble various foods, and they were packaged in small plastic cups. The business was initially established on Etsy, where it garnered a positive response. However, Mark had bigger aspirations which led him to appear on Shark Tank in Season 14, Episode 8.
Sliimey Honey’s Offer on Shark Tank
When Mark Lin entered the Shark Tank, he was seeking a $150,000 investment in exchange for a 10% equity stake in Sliimey Honey, valuing the company at $1.5 million. Mark presented his slime products to the sharks, emphasizing their unique scents and designs.
The pitch highlighted that the slimes could be sticky and deflated, but with the addition of a special activator (a mixture of warm water and Borax), they regained their sticky texture. Slime ingredients included glue, Borax, scents, and essential oils. For added texture, items like bubble pop were incorporated, providing a satisfying crunch when played with.
Mark also shared that they used various scents in their different slime products, making them smell delightful. However, he emphasized that these slimes were not edible and should be kept away from children, pets, and surfaces such as clothes and furniture. Those with allergies to glue, Borax, fragrance oil, or food colouring were cautioned against using the product.
Sliimey Honey’s slimes were priced between $10 to $15 and were exclusively available through the company’s website. While their products could not be found on Amazon, the website offered a variety of different slimes.
Mark Lin: The Entrepreneur Behind Sliimey Honey
Mark Lin was not your typical entrepreneur when he started Sliimey Honey; he was a teenager with a passion for creating and selling slimes. In 2018, Mark launched the business while still in his teenage years, initially selling his products on Etsy. Over time, he transitioned to his own e-commerce website, and his savvy marketing strategies on social media platforms like Instagram and TikTok helped him gain a substantial following.
Mark would upload videos showcasing his slime products on Instagram and TikTok, and many of these videos went viral. His “sliimeyhoneyshop” TikTok account accumulated over 900,000 followers, and his Instagram account had more than 69,000 followers. Mark’s slime products were shipped worldwide, although customers had to wait approximately two months for their orders. The business had a no-refund and no-cancellation policy once a product was sold.
To manage the growing demand, Mark enlisted the help of about 11 of his high school friends. They worked diligently to package and ship products from Monday to Friday. The cost of making one slime ranged from $2 to $4, and the shipping cost for a single slime was between $5 to $6.
Sliimey Honey’s Impressive Sales and Profits
Sliimey Honey’s sales were nothing short of remarkable for a business run by a teenager. By the time Mark Lin appeared on Shark Tank, the company had achieved lifetime sales of $1.2 million. What’s even more astonishing is that Mark accomplished this at the age of 17. With a healthy profit margin of 70% on each product, his business was financially sound.
In 2020, they recorded $50,000 in sales, resulting in a profit of $13,000. The following year, in 2021, sales surged to $580,000, with profits reaching $300,000. By the time Mark appeared on Shark Tank in 2022, the business had already generated $540,000 in sales, with a $300,000 profit. Remarkably, Mark’s mother, a certified accountant, handled all the accounting for the business.
Sliimey Honey’s Shark Tank Pitch
During his appearance on Shark Tank, Mark Lin showcased his company, Sliimey Honey, and requested a $150,000 investment in exchange for a 10% equity stake in his business. He explained the unique features of his slime products, emphasizing their food-like scents and diverse designs. Mark mentioned that Sliimey Honey had more than 100 different slimes available on its online store.
When Kevin O’Leary asked if the slime could be eaten, Mark quickly clarified that it was not edible and jokingly stated that consuming it would be lethal. Mark produced the slimes in the garage of his home, and his mother tirelessly assisted with packaging the products throughout the night. To meet the growing demand, Mark had enlisted around 11 of his high school friends to help with packaging and shipping.
Their pricing strategy included selling the slimes on its website for $10 to $16, with additional shipping costs. The production cost for a single slime ranged from $2 to $4. To market his products, Mark leveraged TikTok and Instagram, where he had amassed a significant following. The shipping cost for one slime was between $5 to $6.
The business had achieved a lifetime sales total of $1.2 million by the time Mark appeared on Shark Tank, all while he was still in high school. With an impressive margin of 70% per product, Mark’s entrepreneurial journey had already resulted in considerable financial success.
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Shark Tank Offers and Negotiations
The sharks evaluated Mark’s business proposition and made their offers. Daniel Lubetzky felt that the slime business wasn’t aligned with his expertise and opted out. Kevin O’Leary extended an offer of $150,000 in exchange for a 30% equity stake in Sliimey Honey.
Lori Greiner expressed her admiration for the slime business but ultimately decided it wasn’t the right fit for her and declined to invest. Mark Cuban believed in the potential of the business but advised against taking an investment at that moment. Consequently, he chose not to invest.
Daymond John offered $150,000 for a 25% equity stake in the business, which prompted a counteroffer from Mark Lin. He proposed $300,000 for a 25% equity stake, which Daymond John declined. Mark Lin then made another counteroffer, suggesting $200,000 for a 20% equity stake. Daymond John agreed to this deal, and Mark Lin accepted his offer.
Post-Shark Tank Success
Following his appearance on Shark Tank, Mark Lin’s Sliimey Honey saw a significant boost in sales. Within eight days of the episode airing, all the products on the website had sold out, a testament to the exposure and impact of the show. The business restocked its inventory in January 2023.
Mark continued to actively manage his business while pursuing a degree in Business/Managerial Economics at UCLA College. As the business grew, he moved operations to a new 3,000-square-foot warehouse. By September 2023, Sliimey Honey had achieved lifetime sales of $3.5 million, a remarkable feat for a business founded and operated by a teenager.
Their success post-Shark Tank can be attributed to Mark’s strong entrepreneurial spirit, effective marketing on social media platforms, and guidance and investment from Daymond John. The episode featuring they was re-aired in February 2023, further bolstering the company’s exposure and sales.
Sliimey Honey’s Net Worth and Ongoing Business
Considering the substantial sales and profitability of Sliimey Honey, the business is estimated to have a net worth of around $1.5 million. Mark Lin’s journey from a high school student to a successful businessman is a testament to his entrepreneurial acumen and dedication.
As of September 2023, they remain in business, continuing to provide unique and scented slime products through its official website, sliimeyhoney.com. Mark’s business acumen, combined with Daymond John’s investment and guidance, has contributed to the sustained growth and success of Sliimey Honey in the world of slime entrepreneurship.
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Conclusion
Sliimey Honey’s journey from its inception as a small business on Etsy to its appearance on Shark Tank and subsequent growth is a remarkable story of entrepreneurial success. Mark Lin’s dedication and creative approach to the slime business, coupled with the mentorship and investment from Daymond John, have propelled Sliimey Honey to impressive heights. With a strong online presence and a loyal customer base, it continues to thrive, offering unique and scented slimes to its customers, all while Mark Lin manages the business and pursues his education. The business’s net worth of approximately $1.5 million underscores the substantial achievement of a young entrepreneur in the world of e-commerce and niche products.
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