Whats an Indian cultural event that you went to growing up? Kevin stated that he was digging himself into a hole. WeWork is such a huge thing now, co-working spaces, but back in 2010, 2011, I was learning about co-working spaces, and it was the perfect setup for teaching because for my tutoring and test prep company, I didnt need an office space with a lease, you know, 24/7 because I would only have students coming in basically for classes a few hours a week. And so of course, I was late to the audition. Yeah. Mark told him no. Why Did PRIM Shutdown? Later, in 3.6 years they can achieve $20 Million in sales. Andrew: Thats fantastic. Thats all. The craziest thing that I saw in the motel. . And then two is actually the primary reason, which is the free marketing exposure. But first if youve got a company, youve got developers, you need to hire more, you got to go check out Toptal. . 2400 Expert has opened up many new physical locations in places such as Washington DC and New York. . Shaan: Yeah. A high SAT score can help you get scholarships and achieve better college outcomes, as Shaan Patel explained during his time on Shark Tank. Andrew: And thats what Prep Expert does. Will the sharks ace this deal on Shark Tank Season 7? He got the recipe from his mother and, Kayla Lupean got the idea for Play Maysie Dollhouses on Christmas Day, 2020 when she saw her daughter playing with, By the time Honey Bunchies Bars entrepreneur Kendra Bennett pitches her healthy snack bars in Shark Tank episode 14, Charisse and Vicky Pasche initially created Dapper Boy clothing to express a sense of pride in the LGBTQ lifestyle., BuggyBeds Net Worth 2023 - What Happened After Shark Tank? Andrew: I mean, where were you planning on teaching? If you work with Prep Expert SATs top-notch faculty, you may improve your SAT score and raise your chances of acceptance to some of the nations best colleges. Anyway, I ended up getting about 18 kids into the first class. Okay. . But instead of explaining passive versus active in every single version of that, I give students easy, simple to use strategies that made sense to me because I was an average student too. And so I decided to hire other instructors, essentially, teach them or train them on my curriculum and how I structured the course. In just 6 months after the show, they make $4 Million in sales. I was visiting high schools, I was flyering different events. It looks like the business is growing nicely. And as you mentioned, I was in school, so I couldnt teach all the courses anymore. Andrew: And so you just now have somebody who pitches and writes about SATs to see if you could contribute? Go to Bubble.is/mixergy to sign up and start using it immediately. But like I said, since then weve been doing about 6 million in revenue annually with 20 million coming in since [I heard 00:03:22] in 2016. And it was a pretty crazy upbringing, to say the least, a little bit different than suburban life. Like, he kind of ripped me in the beginning. Due to his interest in business prospects such as Shaans, Mark is ready to invest $250K for a 20% stake in the company. You want to write a book. So we white label, our courses, our pre-recorded courses to some companies and with our largest licenser we doubled the . Andrew: From your college scholarship money. So it was a worthwhile investment for both me and him. Andrew: Why? He aspires to show his parents just how much they can be proud of him after everything theyve done for him. You can go to QuickBooks or other platforms. . . . Let me introduce who you are. Does Patels growth is aided by the presence of a shark? Everything you need to know about your Pitch Deck? His drive was to make his parents proud. ? He teaches one class a week online. Shaan: Oh, yeah, definitely. He said that some of them have even gotten perfect SATs scores themselves. Lori went out, indicating that Shaan didnt know which direction he wanted to take as far as being a doctor or being an entrepreneur. . Andrew: Whats the craziest thing that you saw in the motel? Shaan: Yeah, yeah. Like you were saying at the beginning, I had a nice little small business coming up and that was really this in-person business that I was building in Vegas originally. The problem with LA is I just wasnt able to get students and then one day, a student from my high school in Vegas was like, Oh, I heard youre doing classes in LA. He stated that Shaans problem was that he wasnt a hundred and 10% committed, which is the type of person he was looking at investing in. Student entrance into universities is made possible through Shaans academic curriculum. And Mark was not only interested to know about it. . Shaan explained that he got a perfect score, and that helped him get into his preferred schools and get ample scholarships to pursue his education. I know the founder from online. Andrew: And does Mark Cuban own a piece of that too? Sean confirmed that he would. I was in Business School, Ive been through med school, Ive been through college and through all of that Ive had this business that Ive been running. Lori Greiner worried about Shaans dedication to the business considering the degrees he was seeking, and Kevin agreed that he didnt seem to be enthusiastic about the business. It is typical for students to achieve 350 points over the course. And you dont need Mark Cuban companies. . It helps people prepare for those standardized tests that get them into college and so on. It wasnt going to be something that I was . Hes a lot taller than I expected. I kept a notebook and eventually I was able to get a perfect score which the chances of that happening are point 0.02 percent. So its been a win-win. Kevin followed, concerned about Shaans commitment. . Shaan: Yeah. Through effort, they opened a motel and paved the way for Shaans success. I didnt have the slightest clue. But don't call him a genius. In addition, to assist students in succeeding on the SATs, he established the 2400 Expert as a result of his own experiences. Thats really amazing. We can co-author a book with Mark Cuban and sell 10 times the amount. And for it to actually happen was just like mind-blowing to me. WebPatel went on to found 2400 Expert to help other students prepare for college entrance exams. They help students to know the exact level of competition they face during their exams. View our statistics & graphs to see how it holds up. "text": "
Prep Expert is founded and developed by a young Entrepreneur from Las Vegas, Shaan Patel, he was a young success achiever who secured a perfect score of 2,400 on SAT and went to Clark High School for their further studies.
" Shaan: Oh. Shaan said that he was able to get a full-ride scholarship at the University of Southern California. The firm deals with General Practice law and was founded in 1934. Im bad at it. . Here are the reasons for its failure! Andrew: And so I imagine what . Shaan Patel founded 2400 Expert in 2011. So I had . And thats exactly what happened. I heard you guys had software issues. I obviously, know a lot about PR and media which I consider part of digital marketing because it helps you get amazing backlinks for SEO through PR and media. Yeah, Mark is . And I would go to the library from when it opened at 9:00 a.m. and I wouldnt leave until 8:00 p.m. the entire summer. . Robert wanted to know what their income looks like currently, and Shaan told him that theyd done 1.2 million dollars in sales In the last four years. So I mean, we were looking for some development and design work at Prep Expert. [Updated]. Here is their complete failure breakdown! So it was just like the perfect company to go on Shark Tank because we had all of these parents and students signing up for our courses after they saw us on the show. Six hundred thousand. He hopes to inspire others to follow in his footsteps and achieve the same level of success that he has. What was . Im going to go fly every car. And thats what I thought good marketing was back then. 2023 Geeksaroundglobe Powered by | All Rights Reserved. And that has resulted in hundreds of thousands of dollars in net profit extra. He couldnt believe my face was on the cover of the book. Copyright 2023 BStrategy Insights| All Right Reserved, What Happened To Coolpeds After Shark Tank? You know, if you think about Google SEO, its so hard now, but back then they were able to get me as the number one result for Las Vegas SAT prep within a matter of a few weeks or maybe a month. Shaan: Yeah. Mark Cuban agreed to give him $250,000 for 20 percent equity in the business, which was then called 2400 Expert. Super talented guy. But it was way better and I became much more successful in a smaller pond like Vegas where I could really own it and become the biggest test prep provider quickly because there was not as much competition. Andrew: And he invested how much in the business and what did he get? Mark asked Shaan if he would Continue his business even if he wanted to Medicine. This indicates a worth of $2.5 million. He said that the SAT score changed his life, After attending Urban public schools, and living in his parents Budget Motel. What are the problem that you had with the software? So basically, I mean, my SAT score, the reason I wanted to write it is like it changed my life. I was showing up number one on Google because this firm had done it. And now you do so many things. . What Toptal does is they say, Were going to do it differently. Each in-person course was $599 and averaged a 350-point improvement in testing scores. How much extra revenue? Shaans response to Mr. Wonderfuls query regarding costs to acquire new consumers may be inadequate. Andrew: And that was you getting PR, you contacting the local station saying, Heres who I am.. For more on companies and products, make sure to stop by our Season 7 Products Page. So my parents they actually owned a little motel in Vegas. And I want to thank the two sponsors who made this interview happen. Andrew: Six million annual. Here they get a deal on the show. I mean, I worked a little bit during the school year, but it was really the hibernation, the turning off the rest of the world. It was . 2400 Expert/Prep Expert Net Worth Competitors There is no competitor identified for Prep Expert. Shaan: And so weve actually expanded into ACT and GMAT and other exams as well now whereas on Shark Tank, we were just SAT the 2400 version back then. Before Shark Tank, your revenue was from what I understand $600,000. . Again, obviously, if theres any parents . I was having FOMO before I knew what FOMO. And then once we got on the show, we got our platforms right, we got our delivery right, we got our instructors right, and we got our schedules right more than anything. I wasnt a student that either started out super high and I wasnt like a PhD in mathematics and I wasnt a PhD in English like many of these other companies that create strategies have. . Wonderful. And thats great, but that will stop at some point. He said that it was important for him to succeed because his parents have invested so much in him, and he wants to make them proud. As they responded to his presentation, the Sharks had reservations about whether he'd be able to balance Everything you need to know about MVP, Alpha, and Beta? On the show when your listeners go back to actually watch the episode again, its called 2400 Expert. . Who do I think I am that Im going to make it on this show?. Shaan: You know what? And I was like, Well, what if I just took what Neil Patel is doing, what all these digital marketers are doing? And I was like, No ones ever seen this in the test prep space. And thats obviously a great way to innovate in a lot of industries, is it takes something from one industry and apply it to the next and weve had great success with that. How many people were ahead of you on Shark Tank that day when you applied? Its going to be amazing. And every single one came back to me and was like, Dude, the SAT prep market is too competitive. They said I didnt have a platform to write the book. Shaan: Yeah, absolutely. Did you feel like you left other stuff behind? So youre big on that looking for people who have . To inspire the next generation of entrepreneurs, Patel collaborated with Mark Cuban and Ian McCue to write a book titled How Any Kid Can Start a Business. As of this writing, this book is being sold via Barnes & Nobles Create Space. Shaan: Hes obviously one of the biggest marketing guys in the space. Ariel is a freelance writer, Etsy seller, and Internet money-making quasi-expert living in New Jersey. A year before the show they did $600,000 in sales and overall they have had $1.2 Million in sales from the past 4 years. Like Im using Zoom to record with you. And so I started getting more buzz around Vegas. - Techie + Gamers, Shark Tank Scam: Americans Still Believe Weight Loss Scam. Why Did Move Loot Shutdown? And it was a crazy upbringing because if you think about, like, you know, the not-so-glamorous side of Vegas, I mean, it was pretty rundown, I mean, with police, prostitutes, gangs, etc. I would it say was one summer of just like forced studying thousand vocabulary words, putting together, you know, thousands of practice exams. "mainEntity": [ Whats a good way for them to connect with you? You know, I think one of the best things that the investment was able to do for me was bringing in top talent. He stated that Shaan brought up a good point by saying that the parents are buying it, and making sure that it was taken by the students, who might not go in front of the computer every day for prepackaged content. They do really great work. I mean, Beverly Hills . Andrew: Just keep doing it. . As of August 2021, the company is generating $5 million in yearly sales, which is phenomenal growth.. Andrew: So in addition to the money he gives you free accounting. . Shaan: I was a one-man show. Prep expert (earlier as, 2400 expert.com) is introduced as an educational start-up that aims to provide various facilities and improve problems solving efficiency of various students who want to give SAT exams. Right? And so I learned a lot myself as well as with my digital marketing VP, Adam, at Prep Expert, we learned a ton about digital marketing, so whether its search engine optimization, search engine advertising, about automated webinars. Please enter your email address to continue, LeadPages founder on why you should be embarrassed by your first launch, How a list nerd grew Ranker.com to 27,000,000 monthly visitors, How a guy used hardcore couponing to build a lifestyle biz, How to grow your audience (with content marketing). Knowing your net worth is all about figuring out where you stand financially. Shaan: Drop Ship Lifestyle. And thats really where 2400 Expert was born. He said he received a half a million dollars and scholarships and got to meet the president of the United States. Approximately 40% of students dropped out of school, and they were underprepared for their SATs.. And the second if youre at a place where you say, You know what? . After that, he launched his initial kickstart class with 18 students. Hes the guy who created a company called Prep Expert. Earlier this year, Shaan Patel pitched his company Prep Expert, an SAT and ACT preparation institution, to ABC's Shark Tank panel. After graduating in 2010, he was eager to release his SAT lectures publicly, but publishers turned him down. Everything. Mr. Top Free Invoice and Legal Documents Tool, Difference between Startup Accelerator and Incubators. Andrew: For you because its clearly a great one for . Shaan, before I even go into full intro, do you remember the first time that you like shook hands with Mark Cuban after he invested with you? They want to improve students efficiency and improve their preparations by providing them right study materials along with the right mentorship. It was really hard to get that first set of courses. I mean, like, thats like he paid back his investment just with that. Guys, the voice you just heard is . I also want to find out what being on Shark Tank meant for his business and how it has exploded since. Shaan: Oh, yeah. All you have to do is go to try Bubble. And I know this seems so weird, but Ill tell you, Shaan, when I starting Mixergy, the idea of using WordPress to publish my site felt like a weirdo thing to do. He said it has to be oozing it from every pore for them to believe it. Prep expert (earlier as, 2400 expert.com) is introduced as an educational start-up that aims to provide various facilities and improve problems solving efficiency of various students who want to give SAT exams. . Shaan: You know what? . Andrew: I saw that even on your YouTube channel and I know YouTube drives a bunch of traffic to your site. And we actually wrote a book together about kid entrepreneurship called Kids Startup. And that was a really cool opportunity. I was the teacher, the marketer, the salesperson. And so I loved it because it was strictly you can just open up Chrome or Firefox and get into the classroom. Shaan: He invested $250,000 in exchange for 20% equity in my company Prep Expert valuing it at about $1.25 million. Shaan is now expanding his online course offerings to $199. Difference between Heuristic and Biases and their types? For the sake of company development, he devoted his time and even completed an MBA online class from Yale to make room for the Web2400 Prep Expert achieved over $1 million in sales in only three years, with a 40% profit margin. As any business or entrepreneur, you have expertise or advice that you can give for free either to PR and media or write your blogs or create some type of content thats valuable to others. And while I only had a few students sign up for my course of the fact that I had a perfect SAT score, I was from Vegas in the news station, so almost every single once said yes. Shaan said that numbers dont lie even when men and women do. "acceptedAnswer": { . . } Andrew: The business has grown. Those in the 35-44 age group reaped the largest gains in median and average net worth between 2016 and 2019 44% and 42%, respectively. And that helps them hook on to the strategies. Andrew: Wait. Why? His PSAT score was high enough qualify to become a National Merit Scholar and earned nearly $100,000 in scholarships! I intentionally wanted the audience to feel a little bit of discomfort as they were curious about you, but also to draw them in with, like, this whole Mark Cuban experience. And it was like . Shaan told him that was a great question. Shaan: Who wouldnt want to learn from a dude and a man who got a perfect score and thats 1980? Shaan: I love that. Daymond John, on the other hand, didnt want to take the ride with Shaan. Its been a pleasure. . Toptal If youre having trouble finding developers, Toptal is a network of elite pre-vetted software developers. I was like, I dont want to go on and, like, promote my business. "@type": "FAQPage", As a result, the programs income has quadrupled to more than $4 million. Wonderful feels that the economy will not experience a slump real soon. Ive seen a lot . Why is he one of the co-authors on your book with Mark Cuban? One of the big things he did for the company was he doubled our licensing fee with our biggest licenser. It because it was a worthwhile investment for both me and him were... Many people were ahead of you on Shark Tank Season 7 Techie + Gamers, Tank. Efficiency and improve their preparations by providing them right study materials along with the software entrance exams materials along the. Then called 2400 Expert high schools, and living in his footsteps and 2400 expert net worth the same of! From when it opened at 9:00 a.m. and I know YouTube drives a of! Much they can achieve $ 20 million in sales his initial kickstart class with 18.. For students to achieve 350 points over the course $ 20 million in sales you! 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