Do you have a growing business or unique product? Have you ever considered applying to be on Shark Tank? If you think you have a diamond in the rough, getting face time on the show certainly would be beneficial. While the show could make or break a business, even the worst products could benefit to some extent from the exposure.

Let’s say you have a good product/idea/business and are selected to go on the show. How do you make a good impression in front of some of the world’s biggest and best entrepreneurs?

There is no secret formula to what will get you a deal or not. It’s hard to say what might catch a shark’s attention or not. When viewing previously aired episodes, though, trends begin to emerge.

So, what an you do to solidify your chance at getting a deal in the Shark Tank? Here are some suggestions:

  1. Be honest, confident, articulate and do not circumvent answering questions
  2. Do the math in advance and valuate your business properly as it currently stands, not at some point in the future
  3. Make sure that your idea/product is patentable and obtain a patent
  4. Know your competition and where you stand in the marketplace
  5. Never, ever, ever withhold other product lines from the sharks because they will make you pay big time
  6. Be open an amenable to the sharks’ advice
  7. Have a solid businessplan
  8. Your backstory will not impact the sharks’ decision but your vision may
  9. Remember that you are dealing with incredibly successful businesspeople and that giving up a majority stake in your company or licensing out your product might be the best decision if that is what the sharks suggest
  10. At the same time, remember that they are sharks and are more interested in the return on investment than personally helping you out
  11. What you have done in the past year is more important than what you have done prior to that and shrinking profits are a major red flag
  12. Do not go on the show too early, before your product is far enough along or before you have done the proper legwork in advance
  13. Know the answer to this question: How will the sharks make their money back?
  14. Bring samples of your product and/or offer a live/video demonstration
  15. Never leave the room because you’ll get screwed

At some point, we will work on getting together some interviews with Shark Tank blogs and participants.