In a highly competitive entrepreneurial environment, appearing on Shark Tank can be both exciting and nerve-wracking. Entrepreneurs pitch their business ideas to a group of wealthy investors, hoping to land a deal that will take their business to new heights. In Shark Tank Season 14 Episode 20, Kendra Bennet takes to the tank with her innovative hypoallergenic energy snack bars, seeking $200,000 in investment for 10% of her company of shares. Despite the promise of her product and impressive sales figures, Kendra left Tank without a deal. However, this setback did not stop her from pursuing her entrepreneurial dreams. Let's dive deeper into the journey of the Honey Bunchies (now renamed Bon Bee Honey) and explore their growth since their appearance on Shark Tank.
Origin and growth
Honey Bunchies traces its roots back to Kendra's father, who laid the foundation for the company in 2010. Despite its late start, Honey Bunchies quickly gained traction and expanded its presence in the market. Today, the company's products can be found in more than 1,200 retail locations, including the famous Whole Foods chain.
Financial Performance
One of the key indicators of a business's success is its financial performance. Honey Bunchies energy snack bars cost $0.81 to produce and retail for $2.99. This pricing strategy has proven effective, with the company's sales reaching $300,000 so far this year. Forecasts show Honey Bunchies is expected to end the year with $500,000 in gross revenue, or a profit of about $22,000. In addition, strategic partnerships with 7-Eleven and three national distributors are expected to drive the company's total revenue to more than $2 million in 2023.
Shark Tank Experience
Despite Honey Bunchies' impressive growth trajectory and solid financial performance, Kendra's pitch on Shark Tank failed to close the deal. The sharks may be worried about the company's valuation and the competitiveness of the industry, so they choose not to invest. However, this setback didn't stop Kendra and her team. Instead, they see this as an opportunity to reassess their strategy and make necessary adjustments.
Renamed Bon Bee Honey
After appearing on Shark Tank, Honey Bunchies underwent a rebrand and changed its name to Bon Bee Honey. This strategic decision reflects the company's growth and its broader vision for the future. While details about the rebranding process remain scarce, the transition to Bon Bee Honey marks a new chapter for the company as it continues to expand its retail presence and reach a wider audience.
Development after Shark Tank
After its experience on Shark Tank, Bon Bee Honey remains deeply committed to growth and innovation. The company's products are easily available on popular e-commerce platforms such as Amazon and the Bon Bee Honey website, making them available to consumers nationwide. Although specific revenue figures following “Shark Tank” were not available, the exposure the show gained is expected to boost sales and increase brand awareness.
in conclusion
The journey of Honey Bunchies (now Bon Bee Honey) is a testament to the resilience and determination of entrepreneurs in the face of adversity. Despite being rejected on Shark Tank, Kendra Bennett and her team haven't given up on their pursuit of success. Through strategic rebranding and a relentless focus on product quality and innovation, Bon Bee Honey continues to carve out its niche in a highly competitive market landscape. As the company begins a new chapter, Bon Bee Honey’s story provides inspiration to aspiring entrepreneurs everywhere, reminding them that setbacks are just stepping stones on the road to success.