The company changed its name to Prep Expert shortly after appearing on the show. Kevin asks how much it costs to get a student, and most of their customers are referred to them by people they know. Wherever they want, you could often, Ill tell you, Shaan. . So I had 900 bucks left at the end of my senior year just laying around for my scholarship money and I was like, I can use this money to launch a website. And so I paid some developers $900 to start a website about, you know, I had written all these hundreds of pages of material, so I wanted to start a course. We were still getting students improving hundreds and hundreds of points. The firm deals with General Practice law and was founded in 1934. I go, Whos teaching me about semi-colons with a freaking man bun?. . He told Shaan that business wasnt a game. And you know what? Like, I had visualized it for almost a year at that point. You know what? Shaan tried to counter again but agreed with Marks original offer at the last moment. Shaan: So, this was back in my hometown of Las Vegas. I wanted to go after LA because of the bigger market. Its prepexpert.com. You know what? . He said that he was a shareholder in Kaplan as well as the Princeton Review. . In addition to Shaans other eight novels, this is yet another crowning achievement in his career as a writer and publisher. Thats my email. . I mean, most of it usually involves like people going crazy on drugs similar to that, Id say. The scholarship is open to seniors with at least a 3.0 GPA. All I did was word of mouth and let the business grow organically. And the business really kind of took off from there in Vegas. Yeah, yeah. I didnt have the slightest clue. Yeah, give me an example. I was learn . Whats his work ethic? So, you know, after I taught my first set of co . And he eventually made me an offer for $250,000 in exchange for 20% equity. Shaan: . Shaan: And the big thing about that is, like, I wasnt pitching them on my business. The median net worth for the 35-44 group, $91,300, is still more than 16% below the pre-Recession median net worth of $109,430 in 2007. Shaan: Oh, they definitely were. . 2400 Experts costs $590 for a 60-hour course online. This article contains remarks made on the Internet by individual people and organizations. So parents are the primary customer of test prep classes. I heard you were going to get started in Los Angeles, not Las Vegas. Mark asked Shaan where he would like to be in 10 years.He said that Shaan would quickly attire of doing the business, and move on to something else. Kevin stated that he was digging himself into a hole. Save my name, email, and website in this browser for the next time I comment. Shaan: Yeah. He says, I scored a perfect score on the SAT and the ACT. And it was like . Mark made him an offer for the $250,000 in exchange for 20% Of any businesses that Sean started. Did you feel like you left other stuff behind? Thanks for being here. A new business concept is discussed in the section. They care about whats good for their audience. And the second if youre at a place where you say, You know what? His PSAT score was high enough qualify to become a National Merit Scholar and earned nearly $100,000 in scholarships! So I had . A whopping 2400, literally the perfect score. Andrew: Like what? Get the best of the best right now. . At one point, I think there were 15 people living in the motel all family members and a couple . . . I mean, Ian is like one of the most impressive teenage entrepreneurs Ive ever met. "mainEntity": [ So its been a win-win. Kevin asked how the business would attract students that had never heard of Shaan. Shaan: Exactly. And thats exactly what happened. Shaan: You know, whats really funny about my audition is I thought I blew it. What did you have to do to get a perfect score? They want to improve students efficiency and improve their preparations by providing them right study materials along with the right mentorship. Lori asked Shaan if he wanted to be a doctor. 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. Andrew: For you because its clearly a great one for . They do these series of tests to make sure that only the best of the best people make it through. Maybe Kevin will give me an offer. So I was really changing peoples college, outlook, their scholarship opportunities. Earlier this year, Shaan Patel pitched his company Prep Expert, an SAT and ACT preparation institution, to ABC's Shark Tank panel. ] Revolights Shark Tank Update 2022, What Happened To Eco Flower After Shark Tank? And Mark was not only interested to know about it. But why dont we take a moment and just go back and get to know who you are and how you built this up because what you had before, it seems like a nice little business. I know the founder from online. And then I just got crushed and crushed and like my heart was sinking in the tank because I was like, This is not how I expected it to go.. 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. Andrew: Why? Andrew: And I guess it makes sense then to have a really young entrepreneur in with you guys here writing the book for really young entrepreneurs. . FAQs:What is Prep Expert?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. And I see it. In fact, Im going to let you try it and give you a nice big offer to get going with it. Im going to ask him what it was like to shake hands with Mark Cuban for the first time on national television. Daymond John, on the other hand, didnt want to take the ride with Shaan. Here they get a deal on the show. Andrew: What did you feel like you missed out on because you were this guy who was studying so deeply? Before Shark Tank, your revenue was from what I understand $600,000. Shaan: Yeah, yeah. Andrew: And so you just now have somebody who pitches and writes about SATs to see if you could contribute? Shaan stated that he just started offering online courses six months ago. Why Drop Ship Lifestyle? about how they built their business. But I got a perfect SAT score, would love to share some tips for your audience. Kevin wanted to know what the cost of acquiring a customer. They want to provide students a better mentorship and improve their effectiveness of preparation, by which students get focused on their goals and secure satisfactory marks. Im even asking you about your strategy right now and youre saying basically all I did was take the test over and over again. . Is there a way for me to actually develop my app by myself without any coding experience? Well, you got to find out about Bubble. Login or become a premium member. It was like June, July, August, your summer. Andrew: And he invested how much in the business and what did he get? Due to his interest in business prospects such as Shaans, Mark is ready to invest $250K for a 20% stake in the company. I was going to actually have like an HTML-based thing, and then said, Lets just try WordPress. And I did and it worked. The rest I could understand being really painful. Daymond went out. 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. What Happened to ReMyxx(Rekixx) Shoes After Shark Tank? The company has an average SAT score improvement of 376 points in just six weeks. Shaan: Yeah, it was about $600,000 annually. It helps people prepare for those standardized tests that get them into college and so on. You guys are on there. Andrew: Right. Shaan said that he was the face of the company, so a lot of the students want to take a course specifically with him. Did you feel like maybe everyone else was having a good time and not you? So its been a nice happy . If you bring it to Vegas, Im ready to sign up. And I was . Like, theyll all give me offers. I was so cocky going in. . You cant be a student too. Shaan: He invested $250,000 in exchange for 20% equity in my company Prep Expert valuing it at about $1.25 million. This course was designed by experts who have mastered the SAT personally, and it is created to assist you in improving your SAT score.. Your parents did what? And all because, Shaan, you tried to hire from Toptal. Shaan got a perfect SAT score and now helps other students strive for success. They offer a no-risk trial period. None of that worked because, I mean . He basically said, Were not going to work with you anymore unless you paid double. All you have to do is go to top as in top of your head, tal as in talent, toptal.com, thats toptal.com/mixergy. And what we found through all of the data and analytics weve done is yes. Now lets talk about semi-colons and not that hard, especially on this test. And then he teaches that. You were doing this as a side thing. Its been a pleasure. Shaan: Yeah. They produce various practice papers and test sheets of over 3,000 questions by collaborating with various College Boards. This was an extremely smart investment for Mark! I thought I had one of the worst auditions because when I was talking to the producer, the producers face was stone cold. Andrew: So, an hour and a half youre standing there talking to them, trying to persuade them to invest in your company on your terms for the majority of it, theyre skeptical and more. Ive already lost Mark Cuban, which is the one that I wanted, so like, Im totally obviously jarred and thrown off at this point, but he stays silent throughout and he lets everyone else talk and rip me as well. Now we use EverWebinar to deliver our automated webinar. 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. Shaan: Not to mention the co-authoring of the book. You have to be . Everyone wants to go after the bigger market first. Andrew: And the original book as you were thinking about writing it, it was going to be full of that, a little observations that you made that are easy wins, anything thats passive voice and heres a way of knowing passive voice, cross off, its not going to be the answer. He was able to actually double the arrangement and how much we were getting on licenses. Mark Cuban agreed to give him $250,000 for 20 percent equity in the business, which was then called 2400 Expert. Andrew: Because they wanted to talk to the guy who got a perfect SAT score, who could give some tips to their audience and they did it at around the time of the SAT, Im guessing. After the show, they gets huge popularity and becomes a trusted company for SAT preparation they started expanding their business into various other parts of the country. Shaan: Because of the show or because of the . Shaan: Yeah. So it was a worthwhile investment for both me and him. And thats a good start, but you cant stop there! 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. After graduating in 2010, he was eager to release his SAT lectures publicly, but publishers turned him down. Mark still disagrees with the proposal, although Shaan asked for $300,000 to exchange for a 20 percent stake in the company.. So what that means is the perfect strategies obviously Im going to plug my company, the strategies Ive created Prep Expert. Result: In the end, Shaan struck a deal with Mark for $250,000 for a 20 percent stake in the company.. Theres all these like celebrations. You also have a PR course once you started doing PR with a local TV shows talking about SAT. So Joes total net worth is $61,000: $294,000 (Assets)-$233,000 (Liabilities) = $61,000 (Net Worth) Why You Need to Know Your Net Worth. Andrew: Perfect. Shaan: You know, what was really cool is our accounting book for that was just working my butt off to try to grow the business and revenue. Bag Bowl: What Happened After Shark Tank? 5 Vic Flick: $500,000 Vic Flick is another expert appraiser that has appeared on dozens of episodes of Pawn Stars, over the years. 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. Later, in 3.6 years they can achieve $20 Million in sales. Shaan said that it was exciting because every year theyve doubled their revenue. I mean, the thing, we were using a software platform called ClickMeeting, which I loved for one reason, which is it didnt require students to download additional software onto their Mac or their PC. And throughout the hour and a half, though, Im talking a lot about my work ethic, about how Im willing to work or I do work often 80 to 100 hour weeks and I have done that to write books to put together a business. I think that he said he was making an acqui-hire that Prep Expert wasnt going to be my last business and that he wanted to continue to invest in other businesses, do other ventures with me. I read the blog post, I see the tweets of people who got rejected. Ian McCue is an amazing entrepreneur that I met in Vegas, actually. Andrew: He went to them and he said, Look, youre paying Shaans company to license content and then youre reselling it. I was the teacher, the marketer, the salesperson. Not to mention, I mean, so many other amazing things that he does, whether its tweeting, you know, to his 7 million followers, big promotions were having, etc. . 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. Theres a lot of people with online courses doing $600,000. He said that the only reason why he was admitted to the prestigious universities was because of his SATs score. So youre big on that looking for people who have . A high SAT score can help you get scholarships and achieve better college outcomes, as Shaan Patel explained during his time on Shark Tank. Everything you need to know about MVP, Alpha, and Beta? So instead, Shaan says hell be out of school to focus on the company for the summer. Now with Generation Z coming up, they are all taking online classes, and so its much more of a common thing for your kid to have an online class than it was back in 2010, 2011. All I knew about internet marketing back then was, its probably a good idea if you show up high on Google. Thanks so much, Shaan. So it was a worthwhile investment for both me and him. He was also accepted into the And a big chunk of that you attribute to Shark Tank. Like, theyre saying, No, you dont have to code. The thing that I originally wanted, which was publishing a book, probably was the thing that ended up getting me on Shark Tank. They wanted to become the largest test providers in the whole nation. Shaan said that he was able to get a full-ride scholarship at the University of Southern California. . These people are going to be in our network first. He said that starting his own business was his most important goal. It wasnt even more than that? Prep Expert expanded its business model to grow with the demanding college market, and the company now has $5 million in annual revenue. 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. How did Mark Cuban help you grow? Kevin argued that customer acquisition is the cornerstone of the industry. ", And so thats a big tip I have for entrepreneurs who are looking to leverage media and PR exposure. Its just the best thing you can possibly have from a Shark. Ninety-seven percent of the people who want to be Toptal developers in their network just get excluded completely. ? . And so you finally started to move back to Vegas, started to get customers, and then Im wondering what you did to go beyond that one guy that you got, that one friend. I heard just the actual mechanics of it were a problem. They researched this topic collaborated with various experts, college boards, and students, and produces various practice papers according to the same format as students are going to deal with in their SAT exams. You decided Im going to write a book. You know, I think one of the best things that the investment was able to do for me was bringing in top talent. Kevin went out, saying that Shaan was not the kind of person who loves to give up his life for his business. View our statistics & graphs to see how it holds up. Ill have to talk to them and see whats going on there. Andrew: From your college scholarship money. And then what happens with him? Its like ClickWebinar and ClickMeeting. . And when they do that, weve found that the score improvements are just like the in-person classes. Were going to tell you not to. All right. Andrew: But it was interesting. Prep Expert expanded its business model to grow with the demanding college market, and the company now has $5 million in annual revenue. Now, you also started to go at that point, tell me if Im wrong, from offline where you were meeting people in-person to online. All right. Beyond him, what did you do that allowed you to keep growing? But then I had like this nice, very family-oriented religious Indian family that immigrated in the late 80s. I think that a lot of it was he was investing in me and he really believed that, you know, Id be able to continue to grow the business. Shaan stated that he would like to have 2400 Expert be a 20 million dollar Revenue business. What was . But first, Ill tell everyone my second sponsor is a company called Toptal if youre looking to hire developers. Robert wanted to know what the profit was from the 1.2 million dollars. Id say PR and media by basically pitching the news stations, and then, obviously, just leveraging my contacts that Ive had from when I was in high school in Vegas. Whether Shaan desired to work as a doctor, Mark inquired if Shaan would keep his business going despite his desire to practice medicine. Later he also published their book called How Any Kid Can Start A Business by collaborating with Mark Cuban and McCue. That helped you grow. Mark and Shaans partnership has extended to a book for young entrepreneurs, too. He wants to help students achieve success just like he has. There was a dude who was so interesting I had to hit Play on it because he had a man bun. Its like 50,000 people apply every year and only about 180 I think end up airing. He hopes to inspire others to follow in his footsteps and achieve the same level of success that he has. . And so I was like, person 500 and something in line in New York City. Lori stated that the electronic content is valuable, even though she understood that people wouldnt just sit and do it. 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. He said that some of them have even gotten perfect SATs scores themselves. So you can check that out at clearhatmarketing.com. The company soon became well-known because it helped students raise their SAT scores by an average of 376 points Shaan: Yeah. Coursera Plus Discount Offer | March Exclusive Offer Limited Time Deal on Coursera Plus Get Coursera Plus Annual for $199 with a Read More 12+ Best Statistics Courses With Certifications In 2023 Leave a Comment / Online Courses / By evelyn jones Wonderful feels that the economy will not experience a slump real soon. I mean, Beverly Hills . So that was one of the better things that . Like, I was like, Oh yeah, weve done $1 million in revenue over the past few years. . You want to write a book. Find out in our 2400 Expert update. . And then we got a Shark Tank investment, I brought marketers in. So I mean, we were looking for some development and design work at Prep Expert. Student entrance into universities is made possible through Shaans academic curriculum. It was . Hes like, Oh, yeah, a perfect SAT score. What were you planning on doing? So we white label, our courses, our pre-recorded courses to some companies and with our largest licenser we doubled the . Web2400 Expert Shark Tank Update Mark Cuban invested in Shaans business because he believes in education, and that decision has made him an even richer man. He called his future success his parents American Dream. And so while it was hard to get those first batch of customers as it is for any business, it became very easy to start getting the next round of customers because I had parents knocking down the door for more courses because, you know, they had heard about the score improvements. But it was perfect for an SAT company. . Shaan: You know, normal high school teenage stuff whether it was just going out with friends to parties or it was playing sports or video games or whatever it was. Who do I think I am that Im going to make it on this show?. Shaan: From my scholarship money. Toptal If youre having trouble finding developers, Toptal is a network of elite pre-vetted software developers. Shaan stated that he would like to have 2400 Expert be a 20 million dollar Revenue business. 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. This reputable law firm is situated in Washington DC and has around 2,500 attorneys practicing. Search engine advertising has been amazing. When did that happen? And so that changed the game. I was like, Oh, maybe Damon will give me an offer. Andrew: What did you do to get students to come to you in Los Angeles? Bubble You dont need to be a coder to build software. They all wanted in-person classes. What was going to go in the book considering that what you told me sounds pretty normal, average? And that was really huge because it helped us scale very quickly at a very low cost. For more on companies and products, make sure to stop by our Season 7 Products Page. 2400 Expert has opened up many new physical locations in places such as Washington DC and New York. And so you said, You know what? 2400 Expert Now in 2018 The After Shark Tank Update, Cousins Maine Lobster Update What Happened After Shark Tank, What Happened to Michael J. Fox News & Updates, CertifiKid 2023 Update What Happened After Shark Tank, Beyond Sushi 2023 Update What Happened After Shark Tank, Lance Reddick, Known for John Wick and The Wire Roles, Dead at 60. He said that hes focusing on his business and order to scale it. What happened to Hike Messenger? -SPONSORED- Robert thinks Shaan is only tinkering at the edges of the industry. Lori told him that His story was impressive. They do really great work. Standing in from of a classroom, Shaan said that hes developed an educational program in order to help students achieve their dreams by getting into college. Through effort, they opened a motel and paved the way for Shaans success. Its time to pass on his knowledge to the next generation since his company is expanding throughout the country. Im not tied to that. 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. Thats all. Shaan wants to find the solution and help as many students as possible to improve their SAT scores. I mean, we went from . The 6-week course he used to offer through 2400 Expert was taught in person, but a shift towards online instruction was more cost-effective. Andrew: And that was you getting PR, you contacting the local station saying, Heres who I am.. I was visiting high schools, I was flyering different events. Although he struggled in school, this medical student was able to graduate from Yale and acquire an MBA despite attending a number of impoverished and urban institutions. Its bubble.io. . Mark Cuban is, obviously, one of the business luminaries in the world, billionaires and I just . Disclaimer: This article contains remarks made on the Internet by individual people and organizations. Again, obviously, if theres any parents . He followed that up by saying that he would like to work twice a week as a dermatologist. They provide various experts and students who can solve quires and provide them solutions for their questions, they have also collaborated with various college boards to prepare their model papers and test sheets that help students to know the exact patterns and questions levels for that particular exams. . Look at this. Here is the complete analysis! What should a failed startup founder do next? Shaan said that numbers dont lie even when men and women do. We ended up hiring full-time for our needs, but were going to supplement with some Toptal developers in the future. Sure. Am I right? Shaan: How did I learn . A lot of sites are. Courtesy of ABC/Beth Dubber. You probably dont know about these guys. . Prep Expert is still in business and doing great to improve various childrens lives by helping them to get a satisfactory rank in various competitive exams. I know we kind of made it sound easy like, I hired an SEO firm, I got PR and media, but I was trying a million different paper ads, all these and I didnt know what worked, what didnt. Ive seen some pretty crazy things, man. Shaan: Hes obviously one of the biggest marketing guys in the space. "@type": "Answer", All they do thats different from other places is, other places wont make it easy for you to put your ads online or to cull through all the different resumes you get. Since appearing on Shark Tank, 2400 Expert has changed its name to Prep Expert. And as you mentioned, I was in school, so I couldnt teach all the courses anymore. Why didnt he do what Ive seen him do for others, which is to say, Look. It is typical for students to achieve 350 points over the course. Back in the 1980s, the motel was acquired by Patels parents after moving from India to Las Vegas so that they would have a place to stay and an additional source of income. Shaan: I dont think there was much they could stop. . I think youll be really happy that you did. Shaan: It was 23 rooms and we basically lived in the front office or like a little living space attached to the front office. Shaan stated that he did not have exact numbers on the client acquisition cost, but all of their clients came from word of mouth, so there were no advertising costs. The video just froze on us. Shaan: I wouldnt say so. Robert told Shaan that he thought that 2400 Expert was a great idea, but he was challenged by the fact that Shaan was just playing at it. I had a lot of fun chatting today. Shaan looks shell-shocked. So my parents they actually owned a little motel in Vegas. Why Did VINE Fail? He told the Sharks that those online courses were bringing in more Revenue than the in-person classes ever did. Shaan told her that was a great question, and said that he had always wanted to be a doctor. In addition, the number of people working for Shaans company has increased from a small group of ten to a large group of fifty. So I have a fun episode because I am what you would call a side hustler or a part-time entrepreneur, meaning I was in school when I was on Shark Tank. . Anyone who wants to try it right now is going to get 40% discount for the first three months. Why Did PRIM Shutdown? And basically, its not necessarily for other digital marketers because digital marketers are already good at this. Six weeks are just like he has heard just the best thing you can have! Network of elite pre-vetted software developers points shaan: so, this was back in hometown. Really happy that you did Sharks that those online courses doing $ 600,000 I blew it a shift online... 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Sounds pretty normal, average to ask him what it was like, person 500 and something line! Now and youre saying basically all I did was take the ride with shaan of that... Station saying, Heres who I am that Im going to actually my... Six weeks a shareholder in Kaplan as well as the Princeton Review he would like to as... Now have somebody who pitches and writes about SATs to see if you bring it to Vegas, actually improve! Shaan stated that he just started offering online courses were bringing in more revenue than the in-person ever.