Taylor Robinson Music
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 11, 2014
Asking For:
$100,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Taylor Robinson Music is a platform that connects students with screened and approved music instructors across the country, revolutionizing the process of finding private music lessons.
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Background Story
Based in Dallas, Texas, Taylor Robinson Music was founded by Taylor Robinson, a seasoned musician with over two decades of experience playing the guitar. His journey began in a high-school garage band, where he honed his musical skills and developed a passion for teaching others. Witnessing the decline of music programs in schools and the challenges people faced in finding reliable music instructors, Taylor recognized an opportunity to innovate the way music lessons were accessed and delivered.
Drawing from his own experiences as a musician and educator, Taylor set out to create a solution that would revolutionize the process of finding private music instruction. Thus, Taylor Robinson Music was born. The platform connects students with screened and approved music instructors across the country, providing a safe and convenient way to access high-quality music education. Taylor’s vision for the company was fueled by his desire to make music education accessible to all, regardless of geographical location or socioeconomic status.
By leveraging technology and a vast network of instructors, Taylor Robinson Music aims to democratize music learning and empower aspiring musicians to pursue their passions. Driven by his entrepreneurial spirit and commitment to music education, Taylor embarked on the journey of building Taylor Robinson Music from the ground up. With a deep understanding of both the artistic and business aspects of the industry, Taylor has led the company to significant growth and success, cementing its position as a leading platform for music instruction in the digital age.
The Product
Taylor Robinson Music offers a user-friendly platform accessible via website or mobile app, simplifying the process of finding and booking private music lessons. Students begin by inputting their zip code and desired instrument to learn. They are then presented with a curated list of screened and approved music instructors in their area, with options to filter by specialties, read reviews, and view instructor schedules.
Once a suitable instructor is selected, students can easily schedule and book lessons directly through the platform. Taylor Robinson Music facilitates the entire booking process, providing a seamless experience for both students and instructors. The platform charges a small commission for each lesson booked, ensuring fair compensation for instructors while maintaining affordability for students.
One of the key benefits of Taylor Robinson Music is its emphasis on safety and quality assurance. The platform conducts thorough background checks on instructors, including criminal and sex offender screenings, to ensure the safety of students. Additionally, by connecting students with professional touring musicians and recording artists, Taylor Robinson Music offers a unique learning experience with instructors who bring real-world expertise and credibility to the table.
How It Went
The company’s position before Shark Tank
Taylor Robinson Music has demonstrated robust growth and a solid position within the music education market. With revenue exceeding $2.5 million over the past five to six years, the company has established itself as a leading platform for connecting students with music instructors nationwide. However, despite impressive revenue figures, the company faces challenges in achieving significant profitability. Annual profits hover around $40,000, largely due to high customer acquisition costs and operational expenses.
The company’s success can be attributed to its extensive network of over 4,000 instructors, who are primarily professional touring musicians and recording artists. Taylor Robinson Music prioritizes safety and quality assurance, conducting thorough background checks on instructors to ensure the safety of students. In terms of funding, Taylor Robinson Music has primarily relied on revenue generated from lesson bookings to sustain operations and fuel growth. However, the company recognizes the need for additional investment to address operational inefficiencies and enhance profitability.
Efforts to automate systems and reduce costs are underway, with a focus on improving customer acquisition strategies and streamlining operations. The company’s revenue model revolves around earning a commission from each lesson booked through its platform, ensuring a sustainable revenue stream. Overall, Taylor Robinson Music is structured as a technology-driven platform that connects students with music instructors. The company’s focus on safety, quality, and accessibility has contributed to its success in the competitive music education market.
The Negotiations:
In the negotiations, Taylor Robinson entered the tank seeking $100,000 in exchange for a 10% equity stake in Taylor Robinson Music. However, the Sharks had concerns about the company’s slim profit margins and operational challenges. Despite generating impressive revenue, Taylor Robinson Music struggled to achieve significant profitability due to high customer acquisition costs and operational expenses. The Sharks questioned the company’s pricing structure and positioning in the market, with some expressing skepticism about the scalability of the business model.
While Taylor Robinson showcased efforts to improve customer acquisition through local search engine optimization, concerns remained about the company’s ability to address operational inefficiencies. Ultimately, none of the Sharks were convinced enough to make an offer. Mark Cuban, in particular, expressed disappointment that Taylor Robinson had not fully addressed the company’s operational challenges before seeking investment.
While acknowledging the company’s potential, the Sharks felt that Taylor Robinson Music was still too early-stage and faced significant hurdles in achieving sustainable growth and profitability. Despite not securing a deal, Taylor Robinson remained optimistic about the company’s future and expressed gratitude for the feedback received from the Sharks. The negotiation process highlighted areas for improvement and provided valuable insights for the company’s continued growth and development.
