Would you want to know how to get on Shark Tank? Everyone else, even their mother, feels the same way. As a matter of fact, over 45,000 individuals apply to be on the program every year, with just 0.5 percent of those firms being chosen to appear.
So, yes, it is everything but simple…
It is, nevertheless, well worth the effort.
If you close a transaction, you will not only get the financing, expertise, and network that you will need to develop your company, but you will also see a significant increase in real-world sales. Even if you wind up being branded a scam by Mark Cuban or being thrown out of the room by Mr. Wonderful, you will almost certainly experience an increase in sales as a result of the publicity.
Of course, you shouldn’t go into the situation assuming you’ll be able to get away with anything. You’re going to be in a heap of trouble.
If you do manage to make it, nothing is assured.
For those who are actual entrepreneurs with real products that address real problems, particularly in a market such as cosmetics or luxury goods, they are a good match for the program’s requirements. Having stated this, let’s speak about how to get on America’s most popular reality-based business program, The Apprentice….
1. Determine the method via which you will submit your application.
There are two options for submitting an application to Shark Tank.
The first option is to submit an online application. Simply answering a few questions about yourself and your company is all that is required of you in this application. A few minutes should be plenty to finish what is a reasonably straightforward application process. This is the less complicated of the two options.
Attending an open call is the second option available. In most cases, this will need you to travel to the location where the open call is being conducted, unless you currently reside in the same region as the open call is being held. These sites vary from year to year, so be sure to double-check where they’ll be held before you submit your application.
Opt for the open call if you want to increase your chances of being selected.
To be considered by the producers, regardless matter whatever path is used by the applicant, he or she must complete a 17-page handwritten application.
This application covers everything from the operation of your company to the ownership of the video of your audition. So take advantage of this unique chance to truly stand out. Make your tale as explicit as possible, include as much information as possible, and build a story that was destined to be presented on television.
2. The Untold Secret to Getting Selected Without Having to Apply
You have two options when it comes to business: you can reach out and grab what you want, or you can sit back and draw your chances to you.
While applying to participate on Shark Tank is the most reliable method to be on the program, you may also be invited directly by the show’s producers without having to submit an application. Of course, only a few of firms are selected in this manner each season, but it does happen.
So, how does it function?
It is true that the casting producers for Shark Tank are always on the lookout for new firms that are being established on crowdfunding websites such as Kickstarter and Indiegogo. They are also on the lookout for trade exhibitions. Some of them are even Etsy vendors that make an appearance on the program. For this reason, it is possible to get an offer from a producer to appear on the program if you are fortunate.
Of course, this is hardly a straightforward “skip the line” arrangement.
This simply implies that you will be able to bypass the first application procedure.
Now comes the difficult part.
3. Make a big impression with your audition video.
Once you’ve completed your application, you’ll have to wait to hear back. You must not pass go until you have been asked to do so. However, once that occurs, you will be able to proceed to the following stage. And at this phase, you’ll do a variety of tasks, such as phone interviews with the producer.
The most crucial thing to remember is that you’ll need to submit an audition video.
This video will be the most important factor in determining whether or not you will be invited to appear on the program.
It’s important to understand that the producer’s main responsibility isn’t to assist you in landing a contract with a shark. Its purpose is to provide high-quality television programming.
This implies that the concert will be intriguing, inspirational, surprising, emotional, and maybe even a touch heartbreaking at times. Basically, it’s everything but monotonous. You must also have a strong enough “presence” in front of the camera in order to be successful. Naturally, no one expects you to be a skilled actor, but you should strive to present yourself in the most professional manner possible, in order to give yourself the greatest chance of succeeding.
As a result, the best course of action is to go all in with your video.
Even spending a little amount of money to ensure that your film is as high-quality as feasible comes highly recommended. For example, you might get a DSLR camera, pick up a microphone, make a dynamite pitch, incorporate props, and even engage a professional videographer who can edit your movie for you.
In other words, if you’re starting a really geeky supplement company, make it entertaining.
Create an environment in which producers can see you as a successful and entertaining participant on the program as quickly as feasible. As a result, make your video reflect this.
4. Get Yourself Ready for the Main Event
You have just received word from the producers. They were impressed with your audition and have decided to cast you on the program. Congratz! It’s time to start preparing for the big event ahead.
There are three key things you should be concerned about in this situation…
Your company’s financial statements
Every Shark has his or her own tastes.
Your proposal for the Shark Tank
Shark Tank is well-known for the probing questions that each Shark asks each entrepreneur, such as inquiries about your company strategy and how you plan to make money. If you make a mistake in this section, you will have little to no chance of getting a transaction. Not to mention the possible negative publicity it may generate since it will almost certainly be brought to light once the show airs. So, in order to ensure that you do this portion correctly, employ a CPA and remember the living daylights out of your financial figures.
You must be intimately familiar with all of your numbers on a fundamental level.
Remember that you’ll be asked for more numbers than you see on the program, so be prepared. As a result, you can’t simply go with what you observe when individuals are often asked questions while they’re on. What you see is merely a fraction of the questions that are really asked.
Following that, you must thoroughly research the people to whom you will be pitching. Knowing precisely what it is that causes Lori Greiner, Daymond John, and the other Sharks fall in love with particular entrepreneurs is critical to your success as an entrepreneur. You must also be aware of precisely what they dislike in order to prevent making any costly blunders.
For example, Daymond John is quite knowledgable about streetwear companies, but Lori Greiner, with her QVC connections, may find jewelry businesses to be more fascinating than streetwear labels.
Watching several Shark Tank programs and closely observing each Shark’s bargaining style will be necessary to overcome this obstacle……………………………………………………………….. For purposes of illustration, consider how athletes will examine video of their opponents to analyze every motion and pattern they make. By the conclusion of the process, they have the information they need to not only devise a strategy for defeating the opposing side, but also devise particular strategies for defeating certain important players. This is the identical procedure that you wish to duplicate.
You should also do whatever further research that you can outside of the show’s confines.
You will be able to devise a strategy to win over every Shark in this manner.
Finally, but certainly not least, your pitch.
This will, without a doubt, be the most significant element of your preparation because of the obvious reasons. As a result, regard it as such. This includes preparing for a 60-minute pitch, which is the exact length of time you’ll be presenting and answering questions throughout your presentation and question period. You want to be interesting, informative, and compelling, just as you did in your first video audition. When it comes to objections, it is also critical to be proactive rather than reactive. You must be prepared to provide excellent responses to every possible question, while also including some of the most important objections in your pitch in order to stay one step ahead of their concerns.
Finding A Way To Make a Deal With a Shark
You’ve made it to the major leagues!
This is the point at which all of your efforts will bear fruit. The Sharks may really make you an offer if your stats and business concept please them. If your presentation skills and overall pitch are good, you may even receive a few offers. However, there are no assurances in this situation, and whatever occurs, happens. However, there are a few concepts to grasp that may be beneficial.
The first thing to keep in mind is that the whole presentation, from the pitch to the closing, will run around 60 minutes. The majority of what does place, on the other hand, will not be broadcast. So, if you want to not only land a deal, but also garner positive publicity that could potentially double the size of your company overnight, you must make everything entertaining.
This entails displaying your individuality.
This necessitates the use of an effective hook to capture their attention.
The Sharks themselves will have to react positively in order to achieve this.
In other words, if your product or service makes for good television, you’ll increase your chances of receiving favorable press simply by appearing on the show in the first place, regardless of how large or small the deal is. So your storytelling matters.
However, there’s one thing to remember…it’s still a business meeting.
So don’t be ridiculous with your asks, nothing is really guaranteed even if you accept a deal on air, and if you give up part of your company to a Shark, don’t play it off as a joke because it’s as real as it gets.
Besides that, best of luck!
After the show, you’ll be notified 2 weeks before your episode goes live on air. So use this time to take advantage of being on America’s favorite business reality show.