Shark Tank

Tipsy Elves co-founders successfully turned their side hustle into full-time gigs

For many people starting a business, quitting their full-time job to pursue their side hustle is a commitment some aren't willing to take. But for the co-founders behind Tipsy Elves, the leap of faith was a risk well worth taking.

After dazzling the Sharks with their fun holiday sweaters on Season 5 of "Shark Tank," Evan Mendelsohn and Nicklaus Morton walked away with a dream deal from Robert Herjavec.

Since then, a lot has happened.

On Wednesday's episode of "Beyond the Tank," Herjavec checks in on the Tipsy Elves team, critiquing new designs and strategizing ways to expand the brand. And, of course, offering his million-dollar advice: Stay focused, pick your lane and stay in it.

"Beyond the Tank goes much deeper into the challenges and major decisions faced by the companies it features," Mendelsohn said in an email to CNBC. "In our case, [the show] captured some pivotal decisions for our company — like whether or not Nick should quit his endodontist career to focus on Tipsy Elves full time, and whether or not we should start expanding into other holiday collections."

Now, the former lawyer and endodontist are well on their way to growing a one-stop shop for outrageous clothing.

"Business is great today," said Mendelsohn. "We now sell products for every event or occasion and our mission is to outfit you for life's greatest moments. We have over 15 unique collections and our sales have been growing each year."

Watch Mendelsohn give an exclusive interview and update about Tipsy Elves with CNBC, then tune in to "Beyond the Tank" Wednesday at 10 p.m. ET/PT.