In the wake of a lost relationship, labor and delivery nurse, Wendy Hoffmeister, was looking for a hobby to fill her time and began crafting gnomes. Known for spreading good luck and prosperity, gnomes are a very popular and timeless decor item in many homes. Wendy is able to create gnomes for every holiday and occasion and also offers a custom design-a-gnome feature. As she quickly gained traction selling her gnomes on Etsy, Wendy realized she had a real business on her hands and created Wendy’s Gnome Shop. Over the course of the last 18 months, Wendy has created and sold over 23,000 gnomes which equates to $688,000 in sales.
Would you make a deal, or send these gnomes home? #SharkTank
— Shark Tank (@ABCSharkTank) December 11, 2021
Because her business is growing so quickly, both Wendy and her daughter have retired from nursing to focus on Wendy’s Gnome Shop full time. They are hoping to completely move away from Etsy, which accounts for about 80% of their business currently. Because of the fees through the platform, Wendy would like to partner with a Shark that can help her sell direct-to-consumers through her website to increase her profit margins. Seeking an investment of $200,000 in exchange for 20% equity in Wendy’s Gnome Shop, Wendy is hoping to partner with a strategic investor that is able to help the company boost its SEO and online marketing to reduce its reliance on external websites.
You want to know the best way to nurse a broken heart? Start a business! Trust me, you’ll forget all about them when heartbreak turns into cashflow #SharkTank
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) December 11, 2021
Which gnome would you buy? #SharkTank
— Daymond John (@TheSharkDaymond) December 11, 2021
Although some of the Sharks feel as though Wendy has created too niche of a business, Barbara Corcoran and Daymond John are both impressed by Wendy and the volume of sales she has been able to acquire during such a short time. In an unusual scene in the Shark Tank, Barbara and Daymond found themselves in a bidding war over Wendy’s Gnome Shop. Although Barbara laid out a clear path of strategic change, Wendy felt that Daymond was the ideal partner for her and she accepted his $200,000 investment in exchange for 30% equity in Wendy’s Gnome Shop.
Wendy is making me work for it! #WendysGnomeShop #SharkTank @ABCSharkTank
— Barbara Corcoran (@BarbaraCorcoran) December 11, 2021
Oh the battle for the gnomes begins! There’s nothing like an old fashioned Shark Tank competition. It’s so much fun @TheSharkDaymond @BarbaraCorcoran #SharkTank
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) December 11, 2021
Shark fight! @TheSharkDaymond Which gnomie will Wendy be rolling with? #WendysGnomeShop #SharkTank @ABCSharkTank
— Barbara Corcoran (@BarbaraCorcoran) December 11, 2021
THAT'S MY GNOMIE! (You already know I couldn’t resist that one!!) Sorry Barb #SharkTank
— Daymond John (@TheSharkDaymond) December 11, 2021
“Hanging with the gnomies” That’s a good one!! #SharkTank pic.twitter.com/fskpCE29GZ
— Daymond John (@TheSharkDaymond) December 11, 2021
If you were a Shark would you have invested in this company? Do you think that Wendy made the right choice by partnering with Daymond over Barbara? Start the conversation in the comments below!
Read more:
- Shark Tank: Truffle Shuffle, suds2go, Salad Sling, and Larq
- Shark Tank: Fried Green Tomatoes Accepts $200,000 From Barbara Corcoran
This article was written for Business 2 Community by Jennifer Weyant.
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