Since premiering in 2009, Shark Tank has been responsible for helping entrepreneurs of achieving their dream of success. This is a reality show where inventors and business owners pitch their ideas to a group of potential investors. If the “shark” likes what they hear, then they’ll fork over some of their cash and help you get the business up and running. Their most successful product is a sponge called, “Scrub Daddy” that so far has generated millions and millions in revenue. A sponge.
Have you created a business that deserves to be a success? You’ve probably invested a lot of equity and time into making that “thing.” Yes, Shark Tank can literally change your life overnight but before you take your business to the tank, you might want to consider these helpful tips:
Be Bold but Not Crazy
Although you might have toiled for years on your invention or business start-up, when you enter the Shark Tank you’re still going on a television show. That means the producers are going to be looking for strong personalities. Just because you have a strong idea doesn’t mean you’re guaranteed a spot. In fact, several thousand people audition every year but only a hundred or so make the cut. You need to have the kind of personality that will get people to sit up and take notice without being off the wall cuckoo.
Share Your Personal Story
Every business or invention starts with an “Ah ha!” moment. This is when the proverbial apple fell on your head and you became inspired to make your thing. Shark Tank wants to hear those stories. The more personal, the better. This is especially true if you’ve developed a product for kids because you found the need raising your own kids or you started your business with your family. Veterans, cops and firefighters do very well on the tank, too!
Do Your Homework
If you have a 100% totally unique product that isn’t anywhere on the market, then you can have a good shot at getting on the show. Of course, that means you really need to search out potential competitors because the Sharks will sniff that out in a heartbeat. Obviously, you would have to have done this long before you apply to the show. Even if there are competitors, then you need to explain why your thing is better. The answer, “It is” won’t cut it.
Generate Some Sales
The Sharks are fond of saying, “This is a hobby, it’s not a business.” That means you haven’t proven that your thing is worthy of an investment. You need to get it out in the world either through trade shows, online sales or even going door to door. Obviously, they don’t expect your business to be a success but it needs to show it has legs to grow.
Don’t Over Rehearse
You don’t want to “wing it” when you go on Shark Tank. You also don’t want to be so overly rehearsed that you come across as a phony. Just relax, be yourself and tell your story. It’s a very long journey from conception to execution to sales to a few minutes in the Shark Tank. However, it can be a life changing few minutes.