Overview
Flasky Flowers is a unique product that combines flower bouquets with flasks inside to allow women to hide their drinks while taking photos at weddings.
The product was invented by Kelly Moynihan with support from her husband, Ryan Moynihan. The couple managed to secure a deal with three Sharks on Shark Tank and as of 2024, Flasky Flowers is estimated to be worth $400,000.
Shark Tank Appearance
Ryan and Kelly appeared on season 13 of Shark Tank seeking $50,000 for 10% equity.
The Sharks were impressed by the uniqueness of Flasky Flowers but were concerned about the couple’s financial situation. Lori Greiner made the first offer of $50,000 for 20%, but Kevin O’Leary and Mark Cuban invited Lori to join their deal.
The three Sharks offered $75,000 for 30% equity, which the couple accepted.
After Shark Tank
After appearing on Shark Tank, Flasky Flowers has made small progress, but the novelty product hasn’t taken off yet.
Kelly opened an Etsy store to reach a wider audience and has made 488 sales in over a year. The business also sells directly to consumers through their website, FlaskyFlowers.com, on the Shopify platform.
To increase revenue, the price of the product was increased by an extra $5 to $25.
Overall, customer reviews are mainly positive, with an average star rating of 4.7 from 55 reviews. Some of the buyers are Shark Tank fans.
The business is operating out of the couple’s home address and is valued at an estimated $400,000.
However, sales haven’t been as strong as expected, as the wedding industry has been slow to recover. Annual revenue is estimated to be $90,000.
About the Founders
Ryan and Kelly Moynihan were both raised in Delray Beach, Florida and attended different high schools in the area. The couple got married in 2012 and stayed in Delray Beach, where they raised a family of seven children. Kelly worked as a hairstylist to help with the family’s finances, while Ryan had a full-time job.
In 2013, Kelly was hired by a bridal party and noticed that the bride and bridesmaids frequently let go of their drinks to get their flowers when taking pictures. This inspired Kelly to come up with a new business idea for a product that combined a flower bouquet and a drink container.
Founding Flasky Flowers
After the bridal party, Kelly shared her idea with Ryan, who loved it.
The couple sold their house to raise $60,000 in capital for the startup, which launched in 2019. Ryan left his job to help Kelly with the business, and when their youngest child was born and needed heart surgery, the couple faced financial difficulties.
The pandemic also had a significant impact on the wedding industry, which affected Flasky Flowers’ sales. Despite these challenges, the business managed to make $21,000 in lifetime sales.
Lessons From Flasky Flowers’ Success
Based on the Shark Tank episode about Flasky Flowers, here are three practical tips for aspiring young entrepreneurs:
1. Identify unique market needs
The idea for Flasky Flowers originated from a specific need observed by one of the founders in her daily work as a hairdresser. She noticed brides needing a way to hold drinks discreetly while carrying flowers.
Aspiring entrepreneurs should pay attention to unmet needs in their environment and think creatively about how to address them.
2. Be prepared to take risks
The founders of Flasky Flowers demonstrated significant commitment by selling their house and quitting their jobs to fund their business.
While not all entrepreneurs need to take such extreme steps, this highlights the importance of being willing to take calculated risks and invest personal resources into their venture.
3. Adapt and persevere through challenges
Despite facing setbacks like the need for their newborn’s surgery and the COVID-19 pandemic affecting the wedding industry, the founders remained committed to their vision.
Entrepreneurs should be prepared to adapt to unforeseen challenges and continue pushing forward with determination.
In conclusion, Flasky Flowers is a unique product that has faced financial challenges but managed to secure a deal with three Sharks on Shark Tank.
The business is still operating and has made progress by selling through their website and Etsy store. However, sales haven’t been as strong as expected, as the wedding industry has been slow to recover.
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