Youd have to talk to my marketing team. Like, theyre saying, No, you dont have to code. . He has an impressive net worth of $15 million . if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'bizzbucket_co-leader-2','ezslot_9',137,'0','0'])};__ez_fad_position('div-gpt-ad-bizzbucket_co-leader-2-0');if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'bizzbucket_co-leader-2','ezslot_10',137,'0','1'])};__ez_fad_position('div-gpt-ad-bizzbucket_co-leader-2-0_1');.leader-2-multi-137{border:none!important;display:block!important;float:!important;line-height:0;margin-bottom:15px!important;margin-left:auto!important;margin-right:auto!important;margin-top:15px!important;max-width:100%!important;min-height:250px;min-width:250px;padding:0;text-align:center!important}Who founded Prep Expert?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. Its over? Shaan: Yeah. He said that hes focusing on his business and order to scale it. Were talking about . The revenue from the program has quadrupled to over $4 million. Shaan said that he was able to get a full-ride scholarship at the University of Southern California. Prep Expert is most known for founder Shaan Patels debut on ABCs Shark Tank, where he received funding from the shark Mark Cuban. It was like, If youre not 100% in the business, theres going to be someone who is going to outwork you eventually. But then I think, you know, over the course of an hour and a half that I was in the tank, you know, America only sees 15 minutes on TV, but thats edited from the hour and a half that Ive been in the tank. He started . Shaan: Yeah. Andrew: Your parents werent worried about their kids growing up around hookers and drug dealers? . Copyright 2023 BStrategy Insights| All Right Reserved, What Happened To Coolpeds After Shark Tank? . They want to expand her helping hands across the country. Right? And he eventually made me an offer for $250,000 in exchange for 20% equity. Now we use EverWebinar to deliver our automated webinar. . Its a company called Bubble. Shaan said that he was the face of the company, so a lot of the students want to take a course specifically with him. Andrew: But its a meeting software. Andrew: Okay. ", Shaan: Oh, yeah. . 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. What was going to go in the book considering that what you told me sounds pretty normal, average? . I also want to find out what being on Shark Tank meant for his business and how it has exploded since. Andrew: Whats the craziest thing that you saw in the motel? 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. Andrew: For you because its clearly a great one for . , { You also have a PR course once you started doing PR with a local TV shows talking about SAT. . Kevin asks how much it costs to get a student, and most of their customers are referred to them by people they know. Not only did Patel receive a full ride to the University of Southern California to pursue his degree in medicine, but he also received over $500,000 in scholarship offers because of his perfect 2400 score. . I must have gone through 20 to 30 practice exams and I created strategies. I definitely stayed away from a lot of that because of the alcoholism and the drug abuse that I saw growing up. . And so you said, You know what? And so, you know, I knew Ian because he is in the education space, hes in the entrepreneurship space in Vegas, which is a pretty small space in Vegas as you can imagine. Daymond wanted to know what percentage of that number was from the online curriculum. All your business is to Mark Cuban for the rest of your life. And nope, thats not true. "acceptedAnswer": { A whopping 2400, literally the perfect score. Andrew: And it was just a website that the developer you found built for you and a payment process and you were going to what? . "mainEntity": [ I had some kind of attraction or affinity for him for a long time and it was so crazy to shake his head. 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. Thats really amazing. We can co-author a book with Mark Cuban and sell 10 times the amount. Next, he successfully achieved a band score of 376 points on average per person, which spurred him to create 2400 Prep Expert and train additional teachers. So that was a big game-changer. 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. Our website is published on WordPress. . And so if you build a great product or service, your customers, your first ones are going to start telling other people about it. After that it just ran on revenue and basically that $900 is now turned into 20 million and so its definitely a good return on investment. I hadnt really launched online yet. Robert wanted to know what the profit was from the 1.2 million dollars. He even called it his baby. Undaunted, he used the last of his scholarship money just $900 to launch an SAT prep company website called 2400 Expert. Shaan: Yeah, yeah. So I mean, we were looking for some development and design work at Prep Expert. Thanks for being here. . Disclamer: the amount of Chris Hogan (finance)'s Youtube salary income and Chris Hogan (finance)'s Youtube net He told Shaan that business wasnt a game. He started talking about his nephew who could use the book. 5. He followed that up by saying that he would like to work twice a week as a dermatologist. It was . What did you do once you came back? And I would go . Andrew: Yeah. . And many of them say, Yeah, I guess Im not that good. They want to be better and keep studying. I mean, I was pretty down and out of that. You know what? The video ended, and Shaan walked out onto the stage. . . So Blankspaces was the first spot that I had found over . LA also has a ton more test prep companies and competition. . Its like that. Everyone is going to tell you to code. And you know, word of mouth, I believe is the most powerful marketing machine in the world. Actually not most sites. . And then what happens is I give them a great deal on the courses at the end of the webinar and its resulted in over $1 million in sales by basically taking something from the digital marketing world and applying it to the test preparation world. And I was . 2400 (Prep)s founder Shaan Patel has a net worth of 4.4 Million USD as of 2022. You wanted to level up your business you said earlier, but how? . Mark is curious about your aspirations for the next 10 years. 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 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. . Lets go find out where you were before, how you got to the $600,000 mark, what happened that allowed you to grow beyond. So, I was trying to get a sense of like, What are you doing to get traffic? It looks like one of the things that works for you is bond sites. And it was pretty cool of Mark to be willing to put his name on the book with us and help us for the chapters. The video just froze on us. Introduced himself to the Sharks, and said that he was seeking $250,000 in exchange for 2400 Expert S.A.T. Andrew: Cool. Shaan: Yeah, absolutely. And that was really huge because it helped us scale very quickly at a very low cost. Im going to tell you about both of those later. Yeah. I was showing up number one on Google because this firm had done it. WebWhat is the Net Worth of 2400 Expert/Prep Expert? Mark Cuban agreed to give him $250,000 for 20 percent equity in the business, which was then called 2400 Expert. Andrew: I mean, where were you planning on teaching? Theyre pushing back on you aggressively telling you your decision to run a company and be in school is horrible. I would it say was one summer of just like forced studying thousand vocabulary words, putting together, you know, thousands of practice exams. So at the point that I was on Shark Tank, I was really kind of maxed out in Las Vegas, like, there was about 600,000 in revenue coming in from that one location or we had two locations at that point in Vegas in person. Like, I was like, Oh yeah, weve done $1 million in revenue over the past few years. 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. . ? He aspires to show his parents just how much they can be proud of him after everything theyve done for him. 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. A new episode sees Mark Cuban, Shaan, and the ChangEd team addressing Las Vegass student loan debt. LifeBelt Shark Tank Update 2022. . Why Did Theorem Shutdown? . I also saw Drop Ship Lifestyle sending you traffic. See it. . . Shaan offered $250,000 in return for a 10% share in his business. They offer a no-risk trial period. Whats a good way for them to connect with you? And . I wasnt doing a great job with running is they cleaned up our books, they made amazing statements for us whether it was just simply things like cash flow statements and profit and loss, balance sheets, etc. 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. 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. I was trying. And so, you know, I went on Shark Tank for two reasons. So there was a place called Blankspaces, I believe. Kevin said that he was willing to give money to people who would die for their business. . Shaan: I love that. . But I dont know. But first, Ill tell everyone my second sponsor is a company called Toptal if youre looking to hire developers. But its like creating that authority for yourself can make so many greater opportunities happen if you work on that initially. All I did was word of mouth and let the business grow organically. In Marketing at Brookdale Community College. Do tell us all your thoughts in the comments section below, we look forward to reading all the comments in the section below. He said that he was a shareholder in Kaplan as well as the Princeton Review. This reputable law firm is situated in Washington DC and has around 2,500 attorneys practicing. . Shaan remarked that he needs the Sharks assistance to expand his company throughout the country. To find out more about the other products featured in Season 7 Episode 15, check for our company updates below. You know, I have a biology bachelors. Its bubble.io. Shaan: So hes funny, and I heard he does this a lot, which is he just stays silent after ripping me. 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. All I knew about internet marketing back then was, its probably a good idea if you show up high on Google. The scholarship is open to seniors with at least a 3.0 GPA. His love for Shark Tank and businesses brought him here. I know you told our producer, Brian Benson, about that. Andrew: What did you do to get students to come to you in Los Angeles? And when they do that, weve found that the score improvements are just like the in-person classes. 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.. Im going to use the word elitist. And I mean, even Shark Tank was that. . So what I decided was, I was going to ace this test. Theres nothing in my contract like that. Everything you need to know about your Pitch Deck? Shaan: How did I learn . I heard you guys had software issues. Super talented guy. 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. 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. Licensing effect: How it impact businesses? Mr. He couldnt believe I was a published author. I was getting all kinds of parents calling me because they were . Daymond followed up with asking if the online courses were recorded and packaged, or if it was a live instructor. Mark Cuban, though, seemed interested. Its, I think 35% of the websites online now are published on WordPress. He said that the only reason why he was admitted to the prestigious universities was because of his SATs score. This has been done. Take me to just before Shark Tank? It was really hard to get that first set of courses. Shaan: Literally myself. Shaan: All around LA. Robert asked if the online courses were live. Shaan said that he wanted to open new locations in markets like New York, Los Angeles, San Francisco, Washington DC, Boston, and Philadelphia. And it was a pretty crazy upbringing, to say the least, a little bit different than suburban life. Disposition effect: Why it matters in business. . So many differences have changed since then. I was like, I dont want to go on and, like, promote my business. They help students to know the exact level of competition they face during their exams. 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. Will the sharks ace this deal on Shark Tank Season 7? His parents had saved enough money to open their own Budget Hotel called the Sky Ranch Motel. When Shaan is looking to hire he will talk to a matcher first. Andrew: I get the disappearing on the world and doing it. 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. 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. And for it to actually happen was just like mind-blowing to me. Hes a lot taller than I expected. To access 2400 Experts line of courses and tutoring sessions, you can sign up at the official website. How many people were ahead of you on Shark Tank that day when you applied? . . Here is the complete analysis! Andrew: Six million annual. 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. I would literally find every reporters email using RocketReach is a great tool for entrepreneurs out there to find peoples emails and I would pitch them. I dont want even start coding. 2400 Expert/Prep Expert Net Worth Competitors There is no competitor identified for Prep Expert. Anyone who wants to get started including you, you can get 80 hours of Toptal developer credit when you pay for your first 80 hours. I dont know if my college knows about that, but thats okay. We ended up hiring full-time for our needs, but were going to supplement with some Toptal developers in the future. Daymond stated that his entire online operation is teaching live, and Shaan let him know that he would be able to find other teachers to teach the class. WebBased on the stats for Chris Hogan (finance)'s Youtube channel, the total number of video views is around 6.07 Million, which means Chris Hogan (finance) has roughly made $6,071.00~$12,142.00 US dollars on Youtube already! I didnt have the slightest clue on how to start a business or anything about marketing. And you know what? These people are going to be in our network first. And I hope the listeners got a lot of value. Im the founder of Mixergy where I interview entrepreneurs about . WebIn this post, 2400Expert is going to share the official coupon to help you save $200 right away. Shaan: Yeah. So the first one was back in 2010, I made another good decision. I had a lot of fun chatting today. Ian McCue took the Prep Expert SAT Course as a 9th grader in high school. 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. They care about whats good for their audience. And so, you know, that kept me Id say away from drugs very early. I was the teacher, the marketer, the salesperson. Kevin was willing to admit that the product was safe. He came to the, To access 2400 Experts line of courses and tutoring sessions, you can sign up at, For more on companies and products, make sure to stop by our, R. Riveter Handbags Update | Shark Tank Season 7, Happi Floss Compostable Flossers Update | Shark Tank Season 14, Eterneva Diamonds Update | Shark Tank Season 11, Victorias Kitchen Almond Water Update | Shark Tank Season 6, Tia Lupita Foods Update | Shark Tank Season 14, Play Maysie Doll House Update | Shark Tank Season 14, Dapper Boi Clothing Update | Shark Tank Season 14, Honey Bunchies Energy Snack Update | Shark Tank Season 14. Shaan: Yeah. 5 Vic Flick: $500,000 Vic Flick is another expert appraiser that has appeared on dozens of episodes of Pawn Stars, over the years. Do you use that service? Shaan: Oh, absolutely. 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. So you were going to write this book and you had a perfect SAT score. . Okay, but . They now provide a wide range of options for students to choose from, including on-demand video courses, live online classes, individual coaching, and more. The time requirement would be too much, so he went out. Shaan said that the Sharks might be thinking that he was unable to help other students because he was just some genius. . He said that the firm was his main Ambition. Andrew: And still you did. (2022 Updated), What Happened To Revolights After Shark Tank? . I dont know how he figured that out, but it ended up working out really well for the both of us. Like, theyll all give me offers. I was so cocky going in. Its like PR media doesnt care about your business. Patel is now a dual MD/MBA student at Yale and USC. Toptal If youre having trouble finding developers, Toptal is a network of elite pre-vetted software developers. What was it about you? Thanks, everybody. And the reason for that, I think is if you put an engaging instructor who really knows the material well, whos not only a 99th percentile scorer themselves, but is able to really engage with students, those students are less likely to go on Facebook or Snapchat or Instagram during the class. This was an extremely smart investment for Mark! Andrew: The business has grown. I wanted to hire more people, open in more cities, expand online. . I cant get this book published. None of that worked because, I mean . And so I was like, person 500 and something in line in New York City. 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. Im going to go fly every car. And thats what I thought good marketing was back then. . Im just going to use the material I wrote and Im going to teach SAT prep courses. And I used the 900 bucks to launch the website, which was probably the best investment I ever made. Shaan has been featured in the 30 Under 30 list from INC Magazine in 2019. Right? 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. Shaan: Yeah, yeah, yeah. So like, theres something called couponsplusdeals.com. What is Founder Vesting and how does it work?