Your simple idea might turn into a multi-million dollar business, don’t be tempted to overcomplicate things or be something you’re not. You’re applying to Shark Tank because you need help – detail your weaknesses and how the sharks can assist. You can find out more about patents here. While an active or pending patent will undoubtedly boost your application, don’t worry unnecessarily if you don’t have one – it’s about being better, not necessarily different. However, in reality, patents are difficult and expensive to obtain. Many guides will tell you the importance of having a patent for your product. Prompt customers to leave feedback on your product listings or website, and avoid unnecessary negative reviews by ensuring your listing description is accurate, customer service is tip-top, and shipping speeds are fast. Of course, sales are only great if they’re accompanied by outstanding reviews. They don’t have to be in their millions, but having a solid sales history on Amazon, Walmart, or your own website illustrates a growing market for your product and gives you much-needed evidence.
Sales are fundamental for demonstrating business traction. Read: 10-step guide to launching your own eCommerce website Sales
SHARK TANK APPROACH PROFESSIONAL
A professional-looking website that is engaging, well-optimized, and easy to buy from.The sharks want to see an enterprise business in the making, so it’s useful to show that you’ve done some of the groundwork first. Remember that you’re asking for a lot of money – put yourself in the sharks’ shoes and think what you’d want to know before parting with your own hard-earned cash. Find out as much data as possible to prove market opportunity, demand, price points, competition, and future sales projection. ResearchĮxtensive market and product research are essential.
Ensure that you have a sold business and marketing plan for taking your idea to the next level, including sales forecasts, costs, a route to market, customers, and long-term goals. Plans are essential for turning an idea into a business. This requires traction, evidenced by the following: Plans Build a business, not an ideaĮveryone has a great business idea, but what the sharks want to see is a lucrative idea that has the potential to become a multi-million-dollar business. With more applicants than Harvard, getting in front of the sharks is difficult, but not impossible with these top tips. The show has been running since 2009 and has helped successful businesses, including Scrub Daddy, Squatty Potty, and Ring.
SHARK TANK APPROACH TV
What is Shark Tank?įor those not in the know, Shark Tank is an American business reality TV show, where entrepreneurs pitch their business idea to a panel of five “sharks” for business investment. Thankfully, these eight tips will help increase your chances of appearing on Shark Tank. Want to get your business or product in front of 3.82 million people? ABC’s Shark Tank is an unbeatable opportunity for getting your company or product broadcast to millions, even if you don’t strike a deal.īut, with more than 45,000 entrepreneurs applying each year to appear on the show, you’ve got competition.
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