He Started a Business on the Side of the Road. Then He Did 'the Scariest Thing Ever' — and Got $200,000 From Barbara Corcoran. Jeremy Carlson, founder and CEO of Crispy Cones, was inspired to recreate a sweet treat after visiting the Czech Republic.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- Crispy Cones scaled from a side-of-the-road startup to a booming franchise.
- The business is relying on a simplified franchising strategy as it plans for 100 new locations next year.
When Jeremy Carlson, the 27-year-old founder and CEO of Crispy Cones, served on a mission trip for his church in the Czech Republic, he tried a unique treat for the first time: Trdelník, a street pastry typically filled with ice cream, spreads and fruits that dates back to the 19th century. "I decided to bring this treat back to the United States," Carlson tells Entrepreneur.
Image Credit: Courtesy of Crispy Cones. Kaitlyn Carlson, left; Barbara Corcoran, center; Jeremy Carlson, right.
A student at Brigham Young University at the time, Carlson attended classes during the day and attempted to recreate the dessert in his aunt's kitchen at night. It took Carlson about six months experimenting with recipes "through the night all the way to 3 or 4 a.m." until he got it right and was ready to sell. At that point, in 2018, he opened up shop out of a canopy tent on the side of the road, selling grilled dough cones stuffed with spread and fresh fruits.
As the business continued to grow, Carlson needed to expand his operation — so he designed a trailer and had it built in China. That was "the turning point" for Crispy Cones, Carlson says, as he began adding gourmet soft serve ice cream inside the dough cone.
"We were figuring out how to build this business without getting into lots of debt."
When Crispy Cones outgrew that trailer, Carlson and his wife, Kaitlyn, who serves as the company's chief marketing officer, went on to open two small storefronts, one in Logan, Utah and another in Carlson's hometown of Rexburg, Idaho, during their first year of marriage. It was a very stressful period, Carlson admits, as the couple bootstrapped the venture entirely "on a college budget."
"We had other jobs, other businesses," Carlson says. "We were filming weddings, taking wedding pictures for other couples. We were figuring out how to build this business without getting into lots of debt or having to raise money."
"We just believe in manifesting our future. You say it, you believe [it], [and] you can do it."
Another significant chapter began for Crispy Cones one night when the Carlsons watched an episode of Shark Tank, looked at each other and wondered, Why can't that be us? "We believe in manifesting our future," Carlson says. "You say it, you believe [it], [and] you can do it."
So the couple submitted their application, and three months later, they received a call from the casting crew with an offer to appear on the show. Then, after six months of preparation with producers, the Carlsons were ready to face the judges in September 2022; the episode aired on March 17, 2023.
Image Credit: Courtesy of Shark Tank/Crispy Cones
Despite the thorough rehearsal, Carlson says that standing before the judges, "some of the most influential business people of our era," was "the scariest thing I've ever done." They knew their pitch inside and out, but they had to answer the judges' questions on the fly. By the end of the session, the "only Shark that really believed" in the business was Barbara Corcoran. She offered to invest $200,000 for 20% equity.
"That taught me to stretch the dollar and value the dollar as an entrepreneur."
Following a six-month period of due diligence, the deal closed in January 2023. Crispy Cones had raised money for the first time, but the business's scrappy history stuck with Carlson — and what had once been its greatest challenge became its greatest strength.
"That taught me to stretch the dollar and value the dollar as an entrepreneur," Carlson says. "So when I see these other companies raising millions of dollars, I don't think the founders really appreciate or value the dollar."
After the Shark Tank appearance, "publicity was huge" and "the money was great," but Carlson says the partnership with Corcoran was the best part of the deal. "Her expertise, mentorship [and] connections, just having her part of our team as an asset and as an owner, has changed the whole face of our company," Carlson says.
Image Credit: Courtesy of Crispy Cones
"I've always thought that responsible franchising was genius for both parties involved."
With Corcoran's help, Crispy Cones has continued to grow. The company opened four more stores alongside its original two in Provo, Utah; Chandler, Arizona; Tempe, Arizona; and Orlando, Florida, with additional locations coming soon. What's more, franchising is the company's next big frontier: It sold 54 new franchise locations nationwide this year and plans to open 100 locations in 2025.
"I've always thought that responsible franchising was genius for both parties involved," Carlson says. "The concept should only be [franchised] if it's a simplified process where it's easily replicated within the brand. So, for example, big restaurants with like 30 different things on their menu — that would be very hard to franchise. For our concept, it's such a simple product, and we have dummied down the whole process [so much] that we have franchisees willing to do five to 10 units In the next three to four years."
Additionally, Carlson says that one of the best parts of responsible franchising is giving other people the opportunity to become entrepreneurs and start their own businesses.
Related: 8 Steps to Start a Small Business From Scratch
Starting a business can be tough, especially in the food and beverage industry. Carlson admits that loneliness often goes hand in hand with entrepreneurship. His advice is to keep pushing forward anyway — because you never know when that next big break might be around the corner.
"Being able to overcome hardships alone is one of the most valuable characteristics you can learn as an entrepreneur," Carlson says. "Entrepreneurs are a totally separate breed than the average American who's going to a 9-5. There's no security. It's all risk, and you're risking your time, money and life. So understand that it's okay to be on a lonely path for a time, and it's normal to feel that way — but it's worth it every single time."
This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.
