Shark Tank is a reality TV show about entrepreneurs pitching their ideas to a group of investors. If successful, they will receive funding for their business and a percentage of ownership. This show has been airing since 2009 and has changed people’s lives with the help of the Sharks. In this article, we’ll give you some tips on how to get on Shark Tank and succeed in your pitch.
Here are the steps to take and some helpful hints from past entrepreneurs who have been lucky enough to step in the show on how to get on Shark Tank.
Preparation
The most important thing to do is prepare. You need to talk about your business or idea in five minutes or less, so you must practice your pitch beforehand. If you want the Sharks to invest in your business, they must understand what you are proposing and why it is valuable. This step is one of the essential steps in knowing how to get on Shark Tank.
It would help if you also researched the Sharks. Learn everything you can about the Sharks so you can adapt your pitch. For example, if a shark seems more interested in technology than other types of businesses, then you should focus more on those aspects of your business during the pitch.
Additionally, it’s a good idea to plan how much equity you should ask for from the Sharks. Some entrepreneurs have found that asking for too little equity can result in a lack of interest from the investor. It can lead to an unfair deal where they receive less funding than needed because the other investors don’t want any equity! Evaluate who is participating and what type of business they are typically interested in before giving away any equity.
The Pitch
Before pitching your idea to the Sharks, you’ll need to prepare a solid pitch. This should be succinct and will vary depending on what your business is. For example, if you’re pitching a product, you’ll want to tell the Sharks why they should buy it. If you’re pitching an idea for a new business, then you’ll want to say to them about the benefits of your vision.
An important thing to remember is that the investors are looking for more than just a good idea; they want to know that you will use their money wisely. They also want to know how long it will take before seeing any return.
Importance of a good pitch
The second important step to know in how to get on Shark Tank is presenting a good pitch. The Sharks are looking for people who have a great idea and can execute it, so you need to show them that you’re the right person for the job. They want to see your passion and dedication to the product. Your first goal should grab their attention with an attractive, engaging story.
When pitching, don’t give too much information up front. Keep them interested by talking about your business in pieces. Ask questions about what they think of your idea before giving them more information. This will help you get feedback from the investor before revealing your company’s details prematurely.
Phone a Friend
The third step on how to get on Shark Tank is that if you know someone on the show, ask them for their advice. They will likely give you some insider tips about what to do and what not to do while pitching. They may also recommend other people to talk to or warn you about the potential pitfalls of appearing on the show.
After the show
It’s important to note that Shark Tank will only allow you to pitch your idea after the show airs. This means that they aren’t in the process of filming new episodes when they are in production. If you want to get on Shark Tank, it is best to submit your idea to increase your selection chances when the show is airing.
Some famous Shark Tank pitches
Bombas
Product – comfort socks and T-shirts
Idea – For every item sold, they donate to help the homeless people.
Shark who invested – Daymond John
Co-founders – David Heath and Randy Goldberg
Sales – $225 million
Scrub Daddy
Product – a super reusable sponge with a smiley face shape; the feature of that sponge is that it became firm in cold water and soft in warm water. It was even lab tested.
Shark who invested – Lori Griener
Founder – Aaron Krause
Sales – $209 million
Simply Fit Board
Product – an exercise board on which you sit and twist
Shark who invested – Lori Griener
Co-founders – Gloria Hoffman and Linda Clark
Sales – $160 million
The Original Comfy
Product – Blanket hoodies
Shark who invested – Barbara Corcoran
Founders – Brian and Michael Speciale
Sales – $ 150 million
Tipsy Elves
Product – Holiday-themed apparel in the form of ugly Christmas sweaters
Shark who invested – Robert Herjavec
Founders – Evan Mendelsohn and Nick Morton
Sales – $ 125 million
Conclusion
Whether you’re a seasoned entrepreneur or someone with a great idea and the drive to see it through, you need to know how to get on Shark Tank.
The show has helped countless entrepreneurs of all ages and industries achieve success. But for every success story, then others don’t make it through the audition process. If you want to be one of the few who makes it on the show and get the funding (and fame) it provides, you need to know how to get on Shark Tank.
It’s not easy. It takes a lot of work and research, and it might take a few tries before you’re successful. But with this ultimate guide to getting on Shark Tank, you’ll be one step closer to your goal.
