Shark Tank is one of the most popular TV shows in history, continuing to gather millions of viewers for each new season as companies of any size continue to give their pitches to the world. There have been a number a majorly successful businesses that grew soon after their appearance on the show – enticing many up-and-coming entrepreneurs to try their hand in the game. Whether or not your effort is to leave with a deal or merely gain the publicity it could cause, it is vital to understand whether or not you are ready for challenge. Since there are many applicants the chances to officially pitch are small, however when accepted you need to be ready.
The first thing to do is find whether or not you are even eligible to apply. Having criminal charges or not being a US resident are some of the stipulations that would impede you from being able to participate on the show. To find all the requirements you can check here for application instructions: https://cdn1.edgedatg.com/aws/abc/SharkTank/pdf/ST-11-Initial-Application-Packet.pdf
Debatably the most important part in getting sharks interested is the initial pitch. This needs to be clear, concise, understandable, and enticing. This first couple minutes in the tank makes a huge impression on the sharks and their willingness to work with you. So, to be sure that you’re ready for the pitch, practice it a TON. Because these are professionals, don’t stop at learning just your pitch. Understanding your business analytics and what they mean can effectively leverage your dealmaking ability to get a deal that effectively works for you and your company. The worst thing to happen would be to spend all the time and effort to get a deal that ends up not being good for you in the long run.
Seek help. Using friends, family, colleagues, and even better -strangers to listen and critique your pitches can effectively help you understand what your message is and how best to package it. Finding others that have more business experience can also help you get the most reasonable price that still demands enough to accomplish your goals.
Although it may seem unlikely, getting a deal with a shark needs to be considered. If you are a business owner that likes control and consistency, then having an immediate partner being able to make big decisions for you can be daunting for some. It’s important to understand the relationship dynamic a deal will provide and the risks you will be taking as an owner to accommodate for those adjustments.
Lastly, be professional and be on time. Whether it’s for attending the interviews or making your application video it is important to present yourself as someone the staff wants to work with as well. By being efficient and responsive throughout the application process you already put yourself in a position that is more likely to be prioritized over alternative applicants.
By applying all these points, you will make yourself even more ready to attending the shark tank and getting a deal. Best of luck!