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Wendys Gnome Shop is a business that specializes in crafting designs of Gnomes. Gnomes are creatures that have been mentioned in folklore for centuries. It is believed that Gnomes serve as guardians of treasures within the Earth.
The presence of Gnomes can be traced back to 1840 in the Garden of England. Their popularity has endured since. Many people consider gnomes to be a symbol of luck.
Established by Wendy Hoffmeister in November 2019, Wendys Gnome Shop is based in North Carolina. Wendy turned her hobby and passion into a business venture, with her daughter Amber following in her footsteps.
Wendy Hoffmeister appeared on Season 13, Episode 8 of Shark Tank to introduce her company, Wendy Gnome Shop. During her pitch to the sharks, she sought a $200,000 investment for a 20% equity stake at a $1 Million valuation.
What Is Wendy’s Gnome Shop?
Wendys Gnome Shop is a company that specializes in crafting gnomes with designs. They utilize Styrofoam cones to create gnomes that sport boots, while gnomes, without boots are crafted using a base and sturdy cardboard.
These gnomes are specifically designed for home decor and are not intended as toys making them unsuitable for children. Each gnome weighs 0.5 pounds adding to their feel.
The pricing of these creations ranges from $25 to $60, ensuring there is an option for every budget. It’s worth noting that all Wendys Gnome Shop products are proudly made in Charlotte, North Carolina, within the United States of America.
|Full Name/Real Name||Wendy Hoffmeister|
|Birth Place||North Carolina|
|Age (How Old)||—|
|Currently Live In||North Carolina|
|Social Media Accounts||Facebook: Wendy’s Gnome Shop
The Owner Of Wendy’s Gnome Shop
Wendy Hoffmeister is the individual who founded and currently serves as the CEO of Wendy’s Gnome Shop. Even her own daughter, Amber, is also a member of this unique business venture.
While Wendy’s professional background lies in the field of Labor and Delivery Nursing, her entrepreneurial journey began by pursuing her hobby and passion for gnomes.
Prior to venturing into the world of gnome retail, Wendy gained experience as a registered nurse at Tampa General Hospital for a span of two years. Following that, she dedicated four years to serving patients at Kaiser Permanente.
Additionally, she held the position of nurse manager at Kaiser Permanente for two years. Amber is also a nurse herself and helps out her mother in making gnomes.
Wendy’s Gnome Shop Before Shark Tank
The Wendys Gnome business was established in 2019 by the Hoffmeister family driven by their hobby and passion. Once the business took off, they began shipping their gnomes to customers in the United States and internationally.
Mrs. Hoffmeister used her ideas to design gnome models, which she then sold on her website in different countries, including the United States.
In 2019, after a romantic relationship ended, Mrs. Hoffmeister sought solace and happiness through a hobby. She started creating gnomes and listed them for sale on Etsy, only to find that they were quickly purchased. This marked the beginning of her gnome business.
She successfully marketed her products both through Etsy and her own website. In May 2021, she sold 20,000 units of gnome products on Etsy. Her early days in business were met with great success thanks to Etsy’s platform.
What Happened At The Shark Tank?
Wendy and Amber made their appearance on the show seeking a $200,000 investment in exchange for a 20% stake in their business. They began by introducing their company and sharing their journey, highlighting the profits they had accumulated over the years. It was impressive to learn that they were the sellers generating $138,000 in profit in the year.
Kevin O’Leary showed interest in the idea of selling gnomes. Ultimately decided not to invest, becoming the Shark to opt out of the deal.
Following Kevin’s decision, Lori Greiner also chose not to participate despite finding the gnomes adorable. She believed it wasn’t the fit for her business portfolio. Mark Cuban shared a perspective due to gnomes being a niche category and decided not to proceed with an investment.
However, Daymond John had a vision for this business. He pondered on how he could enhance its value and asked Wendy about her expectations from the Sharks.
Wendy shared her need for help with marketing, business strategy and SEO. In response, Daymond proposed investing $200,000 in exchange for a 35% ownership stake in the company.
However, Barbara Corcoran decided to make a competing offer of $200,000 for a 30% equity share, with a royalty fee of $1 per unit. She also advised them to consider moving their businesses from Etsy to avoid fees.
This created a rivalry between Daymond and Barbara over the deal. As a result, Daymond revised his offer to $200,000 for a 30% equity share with a reduced royalty fee of $0.5 per unit. Despite Barbara dropping the royalty fee from her offer, Wendy ultimately chose to accept Daymond’s proposal of $200,000 for a 30% equity stake in the company.
Wendy’s Gnome Shop After Shark Tank
Since securing a deal with Daymond John on Shark Tank, Wendy’s Gnome Shop has remained successful. It’s evident that the business is now thriving. In fact, following their appearance on the show, Wendy created Shark Tank-themed gnomes and even introduced a discount code.
Additionally, she launched a subscription called the “Gnome of the Month” club through her website. After the episode aired, Wendy began selling over 1,000 gnomes every day.
This represents a leap from when she started her shop and was only selling around 40 to 50 gnomes. Despite Barbara Corcoran’s advice, Wendy has chosen to continue selling her gnomes on Etsy; however, most of her sales are now coming from her website.
Thanks to Daymond’s investment, Wendy has plans in motion for an expanded and upgraded production facility. She also hopes to open a physical store location in the future.
While specific details about her sales figures in 2023 have not been disclosed, it is safe to say that Wendy’s Gnome Shop has achieved success and will undoubtedly continue to thrive.
Wendy’s Gnome Shop Net Worth In 2023
The Wendy’s Gnome Shop had already made $668,000 in revenue before being featured on the show. Half of their income comes from Etsy through the Wendy’s Gnome Shop, while the other half comes from their website.
Therefore their cost to acquire customers is $5 and considering the production cost of $3.50, the company is profitable.
Not only that they achieved a profit of $138,000, but based on reports and Daymond’s investment of $200,000, it is estimated that the company’s value stands at around $666,666.66.