“Sometimes the product can come across as a bit gimmicky unless someone tries it in person and sees it work. “One thing I said on the show was that all sales bar 3% are online, so I see huge potential in the retail market,” she says. There’s also plans to expand The Quick Flick range into more colours too, and crucially, to target the retail arena. “My idea with the whole company brand is to develop other products that align with the same concept, that are quick, easy, and user-friendly.” “I think it’s important to start out with a core product and really develop a loyal following for the brand, become known for a signature product. “It’s something I’ve discussed with Andrew,” Smit says. The goal is to eventually launch an umbrella company, Quick Cosmetics, which will become the home for The Quick Flick, as well as a host of other cosmetic products. The business was growing so rapidly, and I needed a mentor to guide me,” she says. “At that stage, I’d pretty much done everything I could on my own. With one full-time employee to help with emails and orders, she felt the time was right to find someone to help her take the business to the next level. Smit had watched Shark Tank a number of times and had closely followed the US version of the show. “I thought, surely lots of other people have this problem.” I had also tried other beauty hacks and gimmicky products and nothing worked. “A lot of my friends had the same issue and it’s well-known in the makeup industry that it’s a really tricky look to master. “I designed it because I had this problem – it was taking me forever to do winged eyeliner in the morning,” she says. Like many entrepreneurs, the initial idea came from Smit’s own experience. “My little project soon turned into a business.” “It was the mid-semester uni break and I thought, how about I work on this little project in my time off’,” she explains. She says the idea came to her in 2016 but she only really starting acting on it in mid-2017. Smit was still has university studying Interior Architecture when she began developing The Quick Flick concept. Source: Supplied From “a little project” to “huge potential” While Janine Allis also made an offer (the other three sharks felt they didn’t know enough about the cosmetics industry to get involved), it was with Banks that the deal-making happened in earnest. It also boasts healthy profit margins each item costs around $5 for Smit to source and bring into the country and then retails for $34.99. Smit had invested around $10,000 of her own money in the venture and in under a year, The Quick Flick had brought in more than $310,000 in sales. The pitch valued the business at $3 million, which Smit says was calculated based on current turnover and projected sales. The 23-year-old Perth-based entrepreneur had gone into the tank asking for $300,000 for 10% of the business. It’s also waterproof, vegan and cruelty-free. Smit is currently going through that exact process with Andrew Banks, who offered her a deal worth $300,000 for 27.5% of her business, The Quick Flick, on last night’s episode.ĭeveloped by Smit, the The Quick Flick is a pre-loaded stamp for creating a ‘winged’ eyeliner look, which is available in three sizes.
If that advice sounds familiar, it’s because the sharks themselves regularly share similar insights: they want to hear from founders who know what they’re talking about and who are prepared to go through the process of due diligence too. “Know your numbers, business plan and where you want to take it,” she says. Smit’s second piece of advice is to “know your business like the back of your hand”. “You have to have faith in yourself and what you’re doing.” You'll also receive messages on behalf of our partners.
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