Do you have a growing business or unique product? Have you ever considered applying to be on Shark Tank? If you think you have a diamond in the rough, getting face time on the show certainly would be beneficial. While the show could make or break a business, even the worst products could benefit to some extent from the exposure.
Let’s say you have a good product/idea/business and are selected to go on the show. How do you make a good impression in front of some of the world’s biggest and best entrepreneurs?
There is no secret formula to what will get you a deal or not. It’s hard to say what might catch a shark’s attention or not. When viewing previously aired episodes, though, trends begin to emerge.
So, what an you do to solidify your chance at getting a deal in the Shark Tank? Here are some suggestions:
- Be honest, confident, articulate and do not circumvent answering questions
- Do the math in advance and valuate your business properly as it currently stands, not at some point in the future
- Make sure that your idea/product is patentable and obtain a patent
- Know your competition and where you stand in the marketplace
- Never, ever, ever withhold other product lines from the sharks because they will make you pay big time
- Be open an amenable to the sharks’ advice
- Have a solid businessplan
- Your backstory will not impact the sharks’ decision but your vision may
- Remember that you are dealing with incredibly successful businesspeople and that giving up a majority stake in your company or licensing out your product might be the best decision if that is what the sharks suggest
- At the same time, remember that they are sharks and are more interested in the return on investment than personally helping you out
- What you have done in the past year is more important than what you have done prior to that and shrinking profits are a major red flag
- Do not go on the show too early, before your product is far enough along or before you have done the proper legwork in advance
- Know the answer to this question: How will the sharks make their money back?
- Bring samples of your product and/or offer a live/video demonstration
- Never leave the room because you’ll get screwed
At some point, we will work on getting together some interviews with Shark Tank blogs and participants.