PMS Bites
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 20, 2016
Asking For:
$50,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
PMS Bites are delicious and healthy bite-size snacks designed for women to alleviate PMS symptoms, made with all-natural, vegan, and gluten-free ingredients.
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Background Story
Tania, the founder of PMS Bites, hails from Boston and entered the Shark Tank seeking a $50,000 investment in exchange for a 20% stake in her company. She presented her product as a solution to the common struggles women face during PMS, aiming to offer a healthy alternative to traditional snacks.
Tania, experiencing debilitating PMS herself, decided to create a product that not only satisfies cravings but also helps alleviate symptoms. Despite facing challenges as a one-woman show, she passionately pitched her product, emphasizing the need for funding to expand and overcome the limitations of her small-scale operations.
The Product
PMS Bites are bite-sized snacks made with natural, vegan, and gluten-free ingredients. The main components include dates, almond butter, and gluten-free oats, creating a product that is not only delicious but also addresses common symptoms of PMS.
Tania explained that the bites contain a blend of herbs known to assist with bloating, cramping, and irritability, making them a convenient and healthy option for women during their challenging days. Each bite is 50 calories, and the product is positioned as a guilt-free way for women to satisfy their cravings while addressing PMS symptoms.
The bites are sold wholesale for $4.50 for a pack of three, with a production cost of $1.55, resulting in a 66% profit margin. Tania has strategically placed her product in retail locations, specifically targeting high-end gyms like Equinox.
How It Went
The company’s position before Shark Tank
Tania reported $13,400.07 in sales over two months, emphasizing her retail strategy targeting independent retailers. The bites are handmade in a commercial kitchen, and Tania personally handles the production, packaging, and delivery process, even using her bike for deliveries. The challenges she faced were attributed to a lack of funding rather than a lack of market interest. She highlighted her passion for the product and the need for additional resources to expand her operations and reach a broader market.
Currently, PMS Bites are available in high-end gyms, specifically Equinox locations in Massachusetts. Tania noted that the product is well-received, with positive testimonials indicating improved well-being after consuming the bites. However, the product’s potential seems limited by the founder’s capacity as a solo entrepreneur.
The Negotiations:
The Sharks were intrigued by the unique concept of PMS Bites but raised concerns about the marketing strategy and the product’s name limiting its market reach. While some Sharks appreciated the product’s health benefits and taste, others questioned its effectiveness in addressing PMS symptoms. Despite positive feedback, none of the Sharks offered a deal. Barbara and Mark expressed concerns about the small numbers and Tania’s ability to drive significant sales.
Daymond emphasized the importance of a broader online presence for a product like PMS Bites, suggesting a strategic mistake in focusing solely on retail. In the end, Tania left the tank without a deal, but she remained optimistic about the potential of her product. The Sharks appreciated the uniqueness of PMS Bites but were ultimately unconvinced about its scalability and market reach, urging Tania to rethink her strategy and consider a more significant online presence.
