Have some sales and know your figures. Any investor is going to be interested in knowing how much you’ve made on your own before they put their money into your business. The producers are going to want to see if you know you can talk the talk before they even let you in front of the Sharks.
Be able to defend the valuation of your company. You’re asking for an investment percentage that should be calculated against the “value” of your company. There are different and debated methods to arriving at the value of your company. Do your research to find out what’s best for you and keep in mind that if you ask for $100,000 for 10% of your company, it means you’re saying your company is worth $1 million and the Sharks will expect you to back that figure up and prove the value.
Rehearse and Be Ready. You have no idea what the Sharks are going to say to you when you walk in front of them. There is no script and no rehearsal with the Sharks, so it helps to rehearse on your own. You could present to a panel of advisors, team members or even friends, and have them role play as the Sharks and ask you questions the Sharks would likely ask. The more prepared you are, the less nervous you will be when you’re actually pitching.
Be willing to work hard. The Sharks aren’t looking to partner with you and take all your worries away. They want to make money and you need to prove to them that you are willing to do what it takes to make the coins roll in.
Don’t let the Sharks eat you alive! If you make it on the show, you didn’t get all that way to get ripped to pieces and sent home empty handed. Stand up for yourself. Be proud of your company and your journey and shine!
RELATED: Shark Tank Open Casting Call at 2014 Entrepreneurs Conference