Urban Float, a pioneer in flotation therapy, made waves with its unique approach to relaxation and stress relief. Founded by Scott Swerland and Joe Beaudry, this company specializes in offering therapeutic sessions in sensory deprivation tanks. Their journey, from inception to their memorable pitch on “Shark Tank,” captures the interest of both entrepreneurs and clients seeking tranquility. In this article, we’ll explore Urban Float’s experience on “Shark Tank,” examine their business growth, and understand how flotation therapy continues to thrive as a compelling wellness trend.
Urban Float Pitch and Deal at Shark Tank
When Scott and Joe entered “Shark Tank” in Season 10, Episode 16, they came prepared with an intriguing proposition. They sought a $500,000 investment in exchange for a 5% equity stake, placing their company valuation at $10 million. The co-founders explained their business model and mentioned their four corporate locations generating $2.5 million in sales. Impressively, they had a cash flow of $600,000, illustrating strong financial health at the time.
However, the path to securing a deal wasn’t straightforward. The sharks raised concerns about the company’s $1 million debt and the sustainability of the flotation therapy trend. Mark Cuban, Daymond John, and Lori Greiner chose to step back, fearing market volatility and questioning the uniqueness of Urban Float’s offerings. Kevin O’Leary extended a proposal: $400,000 as a loan at 9.5% interest for 36 months and $100,000 in equity for 15% of the company. In a turn of events, the founders opted for guest Shark Matt Higgins’s offer — $500,000 for a 12.5% equity stake, bringing the company’s valuation to $4 million.
Is Urban Float Still in Business?
Yes, Urban Float continues to operate and expand its reach across the United States. Since their “Shark Tank” appearance, they have not only sustained their business but have also broadened their geographic footprint. Continued interest in their services, alongside strategic growth through franchising, has kept Urban Float buoyant in the wellness domain. Their dedication to providing a calming spa-like environment through state-of-the-art flotation therapy remains a central aspect of their business philosophy.
Urban Float Net Worth
Urban Float has seen substantial financial growth since its presentation on “Shark Tank.” Initially seeking to position their company’s worth at $10 million, the revised valuation with Matt Higgins scaled it down to $4 million. Regardless, Urban Float has shown financial resilience. Currently, their estimated net worth stands at about $6.44 million, factoring in a projected annual growth rate of 10%. This increase reflects both successful business strategies and the positive reception of flotation therapy as a therapeutic offering.
What’s Happened Since Shark Tank?
Although the deal with Matt Higgins did not finalize, Urban Float has not lost momentum. Their “Shark Tank” episode produced a notable surge in website traffic, sales, and social media visibility, bringing them closer to more potential franchisees and clients. Before appearing on the show, Urban Float had plans for thirty additional locations. Post-episode, they’ve leveraged this attention to solidify deals and expand the number of franchised outlets further across different states. Washington, Ohio, Texas, and Delaware now host Urban Float centers, showing a vibrant growth trajectory.
Urban Float also prioritized ensuring the cleanliness and safety of their service. By utilizing advanced filtration methods, including UV radiation, they maintain a standard that reassures customers about their safety. Such measures have bolstered client trust and satisfaction, sustaining the influx of new and returning clients to their franchise locations.
Urban Float Business Overview
Urban Float centers provide a blissful retreat from the everyday hustle and bustle. Their service includes float pods filled with Epsom salt water that creates a buoyant environment for users to experience relaxation and stress relief. Priced at $45 per single session or $150 for an unlimited monthly membership, these sessions are designed to offer value and convenience.
Each session is tailored to offer maximum comfort with adjustable sensory options for lighting and music. Their operations focus on offering a serene escape, akin to a spa experience, capturing the essence of tranquility in each float. The company’s business model, primarily centered around franchise expansion, has contributed to its standing as a leader in flotation therapy.
How Shark Tank Helped Shape Urban Float’s Future
“Shark Tank” served as a critical platform for Urban Float, significantly boosting their visibility and brand recognition. The publicity generated from their appearance helped ignite a new level of interest and engagement from potential clients and franchise partners alike. Even without a finalized deal from the show, the company’s brand story and business model reached a broader audience, providing an invaluable marketing boost.
By embracing the challenges and opportunities from their “Shark Tank” experience, Urban Float has strategically focused on franchising, ensuring a robust presence in the market. Aspiring entrepreneurs are continually drawn to own and operate franchises due to the company’s established brand name and popularity. This development reflects how well Urban Float has capitalized on their “Shark Tank” exposure to propel their business ambitions.
Conclusion
Urban Float exemplifies how an innovative business idea, backed by determination and strategic growth, can find its niche in a competitive market. Although the deal with Matt Higgins from “Shark Tank” was not concluded, Urban Float leveraged the show’s exposure to accelerate their growth trajectory. With a focus on franchising and maintaining high standards for customer service, they’ve carved out a significant presence in the wellness industry.
Their flotation therapy offering continues to attract consumers seeking stress relief and relaxation, underlining the enduring appeal of this wellness trend. Urban Float’s journey from “Shark Tank” to its current status demonstrates resilience and adaptability, critical qualities for any business aspiring to long-term success. For more insights on businesses and entrepreneurial journeys like Urban Float, check and explore Start Business Times. Here, you can find detailed articles and updates, keeping you informed on the latest business trends and successes.
