From $3,000 Scholarship to $150K Passive Income: Shaan Patel’s Prep Expert Success Story

Entrepreneur Turns $3,000 Scholarship into $150,000 Annual Passive Income

Shaan Patel, a young entrepreneur and Shark Tank success story, has transformed a modest $3,000 scholarship investment into a thriving business generating $150,000 in annual passive income. Patel’s company, Prep Expert, specializes in helping students boost their SAT and ACT scores to secure valuable scholarships.

In 2018, Patel’s innovative approach caught the attention of billionaire investor Mark Cuban on the hit TV show Shark Tank, resulting in a $250,000 investment. This partnership has since propelled Prep Expert to new heights, with the company now valued in the millions and having assisted over 100,000 students in their college preparation journey.

Patel’s own academic success story laid the foundation for his business venture. After improving his SAT score from average to perfect, he secured $500,000 in scholarships, allowing him to graduate debt-free. Recognizing the potential in his experience, Patel invested his extra scholarship funds to launch Prep Expert.

The young entrepreneur’s success can be attributed to several key strategies. First, he started with what he knew best, investing $900 in a website, $1,000 in classroom rental, and $1,000 in marketing. His initial class of 18 students saw significant score improvements, leading to the expansion of services.

Patel also emphasizes the importance of learning from experienced mentors. His partnership with Mark Cuban has been instrumental in scaling the business, with Cuban providing valuable guidance and support.

Adapting to customer needs has been crucial for Prep Expert’s growth. The COVID-19 pandemic prompted a shift from in-person classes to self-paced digital courses, a move that has proven successful as online learning gained wider acceptance.

As Prep Expert continues to evolve, Patel encourages aspiring entrepreneurs to consider scaling online courses in the current digital-first climate. For those seeking financial guidance, consulting with a fiduciary financial advisor may provide valuable insights for business growth and personal wealth management.