Five-Minute Furniture is an invention sourced to an architect, Jared Joyce. He was first inspired by a prefabricated bookshelf while working in a retail store giving him the idea for Five-minute Furniture.
The basic premise of the Five-minute Furniture is that it reduces the effort and time you dedicate to putting together your favorite piece of Furniture. Putting together 30 products of the five-minute Furniture will take you not more than 5 minutes.
The Five-minute Furniture does not require any screws, nails, or even tools to be put together. It is so easy to put together that one does not need an instruction manual. The patented Five-Minute Furniture system is available in numerous sizes and allows customers to construct the Furniture that best suits their living space. When it is not being used, it packs down flat simply as effortlessly as assembled.
Jared Joyce first came to the shark tank asking for $250k for a 25% share in his company, and upon hearing about his inventions, Lori Greiner & Kevin O’Leary offered him a 100% sale, but only for the company, not the inventor. With so many products up his sleeve, Jared Joyce would not be an easy sale, and that too for only $250k.
Following the first appearance on the Shark Tank, the five-minute Furniture has been licensed as a line, and it continues to grow. Now, Joyce has more than 200 products!
Our review of Five-Minute Furniture
Even though five-minute Furniture is only one of Joyce’s many inventions, it is still one of a kind. Jared Joyce’s website proudly represents the product and gives the viewers a quick how-to about the products.
People also love the idea of the products, which is genuinely depicted by the rating. The products are reviewed as good quality, easy to put together, and a dream for working people. In such a fast-paced world, all the products under the umbrella of Five-Minute Furniture are every person’s go-to.
However, since Joyce could not close the deal with Lori Greiner, she proposed that if Kevin O’Leary invested in the agreement, she would take over the development and marketing of Jared’s product.
The concept of the product was excellent and one of a kind in Shark Tank; however, it was the communication and dealing which was not appropriately handled, costing Joyce the whole deal altogether.
The Sharks rejected Jared, but Edison Nation could still give him the $250k he wanted—only after trading his share of the 5-minute furniture company. Manufacturers and innovators are linked through Edison Nation.
Jared Joyce grows increasingly optimistic that he will be a Great Success as he introduces additional products.
Pros of Five-Minute Furniture
Even though the product has not been introduced in the market, it has many benefits in its coffin. Five-Minute Furniture could be a raging success due to the efficiency it provides its users, among many other things.
Let’s explore some of the pros of the product
- The Furniture is user-friendly, as it does not require any screws, nails, or even tools.
- The Furniture concept is so simple that it does not require any instruction manual and can be set up within a few minutes.
- Customers can obtain all their house furnishings while staying in the comfort of their home, saving time and money.
Cons of Five-Minute Furniture
As sad as it is, the company did not sore as Joyce predicted it would. While all the company’s products seem like a dream come true, there were setbacks limiting its success.
To list down a few cons of the products by the Five-Minute Furniture:
- The material used for the Furniture was plastic which, as good quality as it claims to be, cannot be replaced for the same durability as wood or other furniture materials.
- The products were quick and easy to assemble, allowing them to be easily disassembled. When not in use, the product would collapse as it would fold.
- The availability of the products was difficult for the customers. He was unsuccessful in his attempt to enter his Furniture in Walmart’s get on the Shelf. And even though it was available in IKEA and Target but not for long.
- The Five-Minute furniture cost range was between $30 – $140 depending on the size, which proved expensive. And with the high production cost, it was difficult for the company to stand in the same race as its competitors.
Who is Five-Minute Furniture for?
Five-minute Furniture caters to a diverse range of potential customers. The concept’s convenience and lack of effort made it appealing to those in the working world looking to furnish their houses more.
The simple construction appealed to parents who stayed at home, enabling them to include their children in the process. As the name indicates, anyone with an extra five minutes to spare may try their hand at the five-minute Furniture.
Are There Any Alternatives?
There are many alternatives to the five-minute furniture product, including the famous furniture companies like Pottery Barn, IKEA, and even Party City sell similar products to five-minute Furniture.
Our Final Thoughts
Everyone loves a quick and easy fix for their day-to-day chores. Putting together a piece of furniture is quite a hassle since you don’t only require a reasonable amount of time on your hand but also some previous knowledge or someone with some experience to guide you through the process.
Five-Minute Furniture fixes all those problems and gives you a piece of furniture of your liking within a couple of minutes. Overall, five-minute Furniture is for everyone, everywhere.
It is disappointing that the company is no longer operating since January 2022. However, the products still pique the interest of any customer with their high claims and good value for money.