Entourage student Briella Brown, a 20-year-old entrepreneur from Sydney, has had one of her biggest wins in business yet.
Two investors have come on board, investing $80,000 into her business Your Closet, off the back of her appearance on Shark Tank. Naomi Simpson, the founding director of Red Balloon, and Janine Allis, the founder of Boost Juice saw potential in Briella’s business and have come on board to take Your Closet to the next level.
Many entrepreneurs step into the tank each week and leave disappointed, but not Briella.
Her pitch alone proved the passion that she has for her business, and the Sharks saw a lot of potential.
“My initial audition didn’t go that well so I was really happy when I found out I had made it through to filming. I don’t think much can prepare you for standing in front of those sharks pitching your business as it is a once in a lifetime opportunity. They don’t let you see the set prior to your pitch or to meet any of the sharks so it was a bit daunting but the sharks were surprisingly really kind and understanding.”
Your Closet is an online dress rental service that offers women flexible and affordable wardrobe options for the special events in their life. Briella’s mission is to “create incredible Cinderella moments for hundreds of thousands of women Australia-wide.”
Briella was inspired to launch her business in Year 12 when she invited to multiple formals in a short space of time. She realised that both herself and her friends were spending hundreds of dollars on dresses that would only be worn once. She saw a gap in the market… and thought of the solution, which is where Your Closet was born.
Coming into the tank, Briella appeared calm, collected and confident, something that entrepreneurs who are twice her age have struggled to maintain when stepping in front of the Sharks.
“I just tried to focus on understanding all metrics and numbers to do with my business. Once I learnt my pitch off by heart and knew all of my numbers then I just tried to relax and not be so nervous.”
It has been just over a week since her pitch, and Briella has already seen the effect that the Tank has had on her business.
“Our members have grown by 29%, we also had 1000 new followers on Facebook, 1400 on Instagram and 100 on Twitter. Lisa Messenger herself posted a tweet about the business and Mamamia, Daily Mail, Dynamic Business, Manly Business and Red Balloon have all covered the business in the days following the show.”
In 5 years, Briella is aiming to have thousands of rentals per weekend with over 100 designers on board. Her favourite piece of business advice is “don’t take no for an answer” and with this in mind, these goals are more than attainable for this determined, passionate entrepreneur.
Briella had been a student with The Entourage since August 2015, noting the change she found after attending a workshop that focused on sales that taught her how to convert, “The Entourage has given me access to experts in areas of business that I have no experience.”
Her advice for fellow entrepreneurs who are looking at bringing on investors?
“I think the most crucial element is knowing your numbers and metrics inside out because if you don’t know how much the business is making then the investors are not so likely to invest.
Shark Tank was my first time pitching for investment so I don’t have much experience myself but if I had my time over I would probably ask business advisors and mentors to grill me a bit harder before it was pitch time so that I could handle the harder questions with a bit of experience up my sleeve.”
We can’t wait to see what this new investment and partnership has in store for the future of Your Closet.
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