My Wonderful Life Shark Tank Update
|My Wonderful Life Owners |
Nancy Bush and Sue Kruskopf
on Season 3 of the Shark Tank Show
Nancy Bush and Sue Kruskopf are the owners of My Wonderful Life that lets you have a big say in your own funeral. As a matter a fact you can pre-plan your entire funeral, write your own obituary and pre-pay for the whole thing while you're still on this earth.
Going into the Shark Tank Nancy and Sue was asking for a $100k investment in the pre-planned funeral business in exchange for 10% of the business. With such a name closely resembling Kevin O'Leary "Mr. Wonderful" Himself, the two Ladies decide to use him as an example. You can sign-up on their website for Free and start putting together you book with detailed plans for your own funeral. They have also partnered with a large insurance company that offers a prepay funeral plan so all the details can planned and paid for in advance. Unfortunately as good of an idea as this may sound, this Business Model has not made any real money yet.
The My Wonderful Life may sound like a great idea having a say at your own funeral, but the lack of a proven business plan that's making money had all the Sharks dropping out in quick fashion. It appears all the Shark Tank Investors were not convinced My Wonderful Life was worth the $1 million dollar valuation Bush and Kruskopf put on the business at this stage of its growth.
My Wonderful Life UpdateSeveral very successful businesses have been built offering the consumer free products to get them involved with their company. Once involved with the business, it's a lot easier to "up sell" a small fraction of the visitors and make a profit for the entire company. It's a numbers game that requires a lot of eyeballs to make this business plan profitable.
Well when you go on the Shark Tank Show and millions of people see your business for the first time, it starts what has been coined as "The Shark Tank Effect". Before Nancy and Sue was even done with their presentation on the Shark Tank, the website traffic exploded over 1000 percent from the average. Thousands of new users registered for free on My New Life website with dozens of new customer's deciding to prepay for their own funerals.
This business model may not work for everyone but it does seem to be working for Nancy Bush and Sue Kruskopf's business. It's a Great Idea that will no doubt comfort many people for a very long time to come.
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