I'm not a television guy at all but shark tank has made me one. Shark tank is a hands on business show for all ages. The concept of the show is pretty simple, entrepreneurs come to the sharks (investors) with an idea or product and ask for help expanding the company from the business experts. The entrepreneurs also need capital to build e commerce websites, increase production, and help with advertising. The sharks themselves bring incredible value to the table by doing things such as calling stores such as Walmart, Lowes, Home Depot, etc to give your product a whole shelf in view to the general public. Overtime, that can result in a lot of sales. But the shark tank obviously isn't a charity tank which gives away money just for the fun of
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If your business is currently in debt no shark would want to invest because they wouldn't be profiting any money. When you answer this golden question it better be more than just a number. The sharks would like to know what platform are you selling on and how you are currently giving them out. This gives clearer information of how the business will continue to grow and it tells the sharks what they can help out in. For example, there was a product on shark tank that had over 2 million dollars in sales just online, so the sharks knew all they had to do was get it into retail and sales would massively increase. The number of your sales better be good, too. You can't charm the sharks into liking a company that isn't likely to make any money. Most importantly the sharks want to know if your sales are growing every day or not and how you plan to keep it that way. You should have a story of how expanding can potentially boost sales. The sharks are profit focused, and the more the business can scale, the better.
An important factor when selling something is the margins. The margins are cost to make and how much you sell. The sharks ask this so they know how much profit is made on one unit. An example of a good margin is make it for $2 and sell it for $20. That's an $18 dollar profit. The entrepreneurs need to keep demand high or use the sharks help to keep demand high because that's what raises prices and keeps margins going up. If you keep the margins going up you will continue to profit more on each unit sold and the sharks are definitely going to look at you with more
If your business is currently in debt no shark would want to invest because they wouldn't be profiting any money. When you answer this golden question it better be more than just a number. The sharks would like to know what platform are you selling on and how you are currently giving them out. This gives clearer information of how the business will continue to grow and it tells the sharks what they can help out in. For example, there was a product on shark tank that had over 2 million dollars in sales just online, so the sharks knew all they had to do was get it into retail and sales would massively increase. The number of your sales better be good, too. You can't charm the sharks into liking a company that isn't likely to make any money. Most importantly the sharks want to know if your sales are growing every day or not and how you plan to keep it that way. You should have a story of how expanding can potentially boost sales. The sharks are profit focused, and the more the business can scale, the better.
An important factor when selling something is the margins. The margins are cost to make and how much you sell. The sharks ask this so they know how much profit is made on one unit. An example of a good margin is make it for $2 and sell it for $20. That's an $18 dollar profit. The entrepreneurs need to keep demand high or use the sharks help to keep demand high because that's what raises prices and keeps margins going up. If you keep the margins going up you will continue to profit more on each unit sold and the sharks are definitely going to look at you with more