Some products are just so simple yet so effective. Fish Fixe is one of these products and brands. As the name suggests, the product is related to household fish delivery. Entrepreneur duo Emily Castro and Melissa Harrington came up with the idea when they met as soccer teammates at Texas A&M, and they continue to remain friends.
The factor differentiating Fish Fixe from other services is convenience. It follows the model of a subscription box but for fish, which means you won’t have to keep ordering new fish for yourself constantly. Instead, you could subscribe to the fish fixe once and be done with it.
Melissa Harrington is the person who came up with the idea. She felt like she needed to eat fish at least twice a week when pregnant with a second child, so she started freezing the fresh fish she would get. She would vacuum seal it and prepare it in a way that didn’t require her to go out and procure it herself. Soon after, she also started to do this for other neighboring families, which prompted her to go into business.
Now that we know a little more about the business, we can also look into how the Shark Tank pitch went. Emily and Melissa came into the tank seeking $200K for 15% of their business. Melissa had contacted Emily because Melissa, though she knew about fish sales, didn’t have any idea about management. Emily, however, was someone who worked for a national liquor distributor as a division manager. The two of them brought their forces together to bring about the brand Fish Fixe and proceed with it as they went forward.
The two also talked about wanting to make waves in the seafood industry. They spoke of the many advantages of eating seafood. It also seemed like a strategic market move since many people seek alternatives to farm-grazed protein. They also came out with statistics and talked about how only 2 out of 10 Americans ate seafood twice a week. They believe that they think more people are not okay or well-versed in buying their fish. They then show off the samples to the sharks. They distribute pieces of shrimp and salmon, amongst other seafood, to the sharks to get an idea of the kind of seafood they would be in for. They also introduced a sauce that the Sharks went mad for.
They then talked about their background and the kind of service they wanted to offer. The breakdown for their work was that the customers had a choice between ordering once or getting a subscription box by the standard package. They also priced the standard box at $149 and picked all their fish according to what was available.
They then talked about their most popular box and their sales in any given year. They then explained the reason behind their trip to Shark Tank. They stated they were there because they needed help with shipping and were hoping a Shark could help them. The COVID-19 pandemic severely affected all supply chains and shipping channels which severely affected business. They stated how the shipping costs were about 11% of their business.
Mark is the first one to be out. He cites that the direct costs are variable and didn’t want to invest. Nirav wanted to know about customer retention, to which the duo responded with a 50%, and they also stated that 75% of the revenue was due to subscription boxes. Robert is the second one to bow out. He said he didn’t think he could help the company with its specific needs.
Kevin is the first one to make an offer. He said he could offer $200K for 33.3% of the business. Nirav drops out. Lori said she could be their customer, but she also thought they could get more money without giving up equity. Kevin is still stuck on 33.3%. The duo countered with 25%. Kevin stays stubborn, and Lori jumps in to offer $200K for 20%, and they make a deal.
Our Review of Fish Fixe
Many products come into Shark Tank every day, and they have their ups and downs. Let’s look at some of them.
Pros of Fish Fixe
- They are convenient. You would only have to subscribe to the box, and your season fish would get delivered to the door. You won’t have to work to get the best fish out there.
- They are of good quality. These fish are ethically sourced, which means you can get good quality fish and ensure that you aren’t harming the environment.
Cons of Fish Fixe
- The delivery might be late. Many people want fresh fish. Due to the coronavirus pandemic, the supply chains have been interrupted, and this can cause delays in the subscription box getting to the consumers in time.
- It can be expensive. The subscription box is $149, which may not be affordable to all. However, as far as fish goes. The amount is quite feasible.
Who Is Fish Fixe For?
Fish Fixe is for all those who want to get their hands on ethically sourced fish without doing any work. The fish fixe subscription boxes are as simple as paying for the boxes, so you feel at ease. Some people want to eat fish regularly but do not go through any of the hassles to get it. It’s all for those who want to resort to a more pescetarian diet.
Are There Any Alternatives to Fish Fixe?
Our Final Thoughts
Fish Fixe is a great product. However, the most important thing is that the entrepreneurs currently have to find a way around their shipping problems. If these continue to persist, then it may be the reason behind the product failing. For now, the product is one of the best food subscription businesses seen on Shark Tank, and the entrepreneurs have the expertise to pursue it.