Welcome to our first Women watching Women segment, where we take a look at inspiring woman who took a chance and went out and made their dreams a reality! They are women who lead, who set examples and who we can learn from. They are women just like you and me! So grab a coffee, then let me introduce you to our first woman to watch.
Meet Irish Smit, she is young, enthusiastic and is taking the beauty industry by storm with her time saving product, The Quick Flick!
The 23-year-old Perth woman’s life changed forever on 29th May 2018 when she appeared on the Australian version of Shark Tank (based on the UK format of Dragon’s Den), seeking investors to help launch her already budding business into the stratosphere.
And her product is a godsend to all us busy women out there! With little time on our hands and less time to spend in front of the mirror putting on make up, Smit has developed a revolutionary make up stamp that helps you perfect a winged eye look. It’s also waterproof, vegan, cruelty free, available in two colours and three sizes. Petite, Modest & Grand.
Smit was still studying Interior Architecture at university when the idea came to her she says,
“I designed it because I had this problem – it was taking me forever to do winged eyeliner in the morning,” she says.
“A lot of my friends had the same issue and it’s well-known in the makeup industry that it’s a really tricky look to master. I had also tried other beauty hacks and gimmicky products and nothing worked.”
So she took a problem, many of us encounter, and fixed it! Who doesn’t spend precious minutes in front of the mirror trying to perfect our makeup in the short space of time allocated to get the task done? I love a good flick but always end up looking like a………racoon.
Smit knows how we feel “ I had worn a winged eyeliner since about the age of 16. I was known for my winged eyeliner look – everyone knew me as the cat lady. Every single morning it was the same old story, battling it out in the bathroom trying to get my wings to at least look like sisters let alone twins.”
Take the risk!
After being encouraged by the producers of Shark Tank to come on the show, she says “I never though I’d get on, you see people get on with really established businesses and histories and at the time I only had about three months of decent sales behind me.”
Smit took her The Quick Flick product to the Sharks looking for an investment of $300,000 for 10% stake in her business which had only been making decent sales for 3 months. And what won the judges over (apart from the potential they could see in her product) was her intense knowledge of her business! She knows the figures like the back of her hand! The product costs $5 to make and has a retail sale price of $34.99. This is an amazing gross profit margin. Smit has invested approximately $10,000 of her own funds into the development of the product. Until her appearance on The Shark Tank, she had been heavily relying on social media and online reviews to get the product out there.
What she walked away from the Shark Tank with was, a $300,000 investment for 27% stake in her business, a new business partner in Andrew Banks, immeasurable exposure and publicity and a plethora of Australian woman supporting and cheering her on her journey to succeed.
Her future goal, after receiving patent approval for her product, is to launch a larger parent company, Quick Cosmetics and branch out into other cosmetics that fit her brand and concept of “quick, easy and user-friendly” while conquering the traditional bricks and mortar in-store market with a hope of her product being picked up by Priceline or Sephora internationally.
Formula for success!
The lesson we can all learn from Iris Smit’s success is:
- Find a niche (product or service) and capitalise on it
- Set goals and work to achieve them
- Know your business, know the figures, know it like the back of your hand
- If the product is good it will sell itself (all but 3% of sales are online through referrals from social media and online reviews)
- It doesn’t have to cost a fortune to get started
- Run your own race, don’t compare your business progression or success to others.
Smit is an entrepreneur we applaud! She saw a problem many of us suffer from, a lack of solutions available on the market, took that opportunity with both hands and has created a product which is likely to make her a multi million dollar businesswoman in the next year or two! She is one woman we need to watch!
Congratulations Iris Smit, we wish you the greatest success!
If you want to purchase The Quick Flick, head over to the page here.
Have you tried it? Share your thoughts below!
If you know a woman or are a woman slaying it in the business world please feel free to contact me with your story to share!
In celebration of our new segment Women Watching Women, we are giving away one of the hottest items on the market right now, check out our competition page for details here.