'Shark Tank' CEO who started with $500: This tip helped me top $4.9 million in revenue

Philomina Kane was 26 years old when the clothing business she started with $500 landed her a six-figure deal on ABC's "Shark Tank." 

Kane is the founder of Kin Apparel, which sells satin-lined, "inclusive clothing for hair protection," such as hoodies, headbands and bucket hats. She started her company as a side hustle during the start of the Covid-19 pandemic in 2020.

Today, she's made over $4.9 million in lifetime revenue — and a lesson from guest shark, Emma Grede, helped her do it.

"Take your time, feel people out and use the power of discernment before making drastic decisions in life and entrepreneurship," Kane tells CNBC Make It, recounting a piece of Grede's advice that changed her approach to business.

Grede's advice ended up proving immediately useful while Kane deliberated her "Shark Tank" deal. 

She accepted an offer with Grede and Lori Greiner during her episode: $200,000 in exchange for 30% equity of her brand. That deal, however, was actually a "handshake agreement," and Kane closed a different deal off camera.

"After due diligence [and] so much time had passed, literally nine months, I decided to only go with Emma," Kane says. She took that time to make a difficult decision — one that left her with less funding, but allowed her to keep a bigger stake in her own company.

"Emma Grede is currently my investor for half the price [and] half the percentage. It was a decision I made just thinking about where I want to see my company and what makes sense," she says.

Kane also relied on Grede's advice when expanding her business after her "Shark Tank" appearance caused an influx of new orders. She took some time to assess her own business goals and, after deciding that she needed to hire more people, Kane took a firm stance against hiring any family members or friends, she said.

Working with people you have prior close relationships with can be "a very slippery slope" that can result in unnecessary drama and distractions, Kane says, and some experts agree.

"I think it's just better to not deal with that," she says.

Kin Apparel has grown to employ 15 team members, allowing Kane to handle packaging, customer service, marketing and logistics more efficiently, and bring in more money — all while avoiding any potential drama of working with friends or family members, she says.

It's an achievement that she's extremely proud of, as the challenge of maintaining momentum after the pandemic caused her some anxiety and doubt, she says.

"I'm a solo founder, so a lot of the time I [was] sitting there like, 'This is a lot. This company is growing,'" she says. "During the pandemic, everyone was supporting black-owned businesses, so I was sure that I was killing it. But the thing is, killing it at $20,000 isn't the same as killing it at a million dollars. You need people to help you get there. So it's been a huge learning experience for me."

Now, as Kane looks forward to getting Kin Apparel in retail stores, she's grateful for her experience on "Shark Tank" and Grede's advice.

"Shark Tank was one of the best moments of my life," she says. "But there's still so much more to happen, and to do, if I want to see my company [reach new heights.]"

Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."

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