If there’s one thing the Sharks are concerned about, it’s making sure they’ll get a solid return on their investment. As smart businessmen and businesswomen, the Sharks know a few business tips for budding companies. They know that a sales track record is not the only indicator of whether or not a business will be successful in the future. The Shark Tank is looking for entrepreneurs who have not only started the process of building a successful business, but who also know what they need to do next in order to make the business even better.
Take a business tip from Mark Cuban: Have a solid plan
During Season 4 of Shark Tank, we saw a number of entrepreneurs (or “Wantrepreneurs,” as Mark Cuban sometimes calls them), who had solid business ideas, but lacked solid business plans. During the season premiere we met Derek Pacque, a young entrepreneur hoping to seal a deal with Mark Cuban, based on his Hoosier roots and high-tech business concept. Mark seemed interested in Derek’s tagless coat-checking system, Coat Chex, but he was less than impressed with the lack of sales and undefined business strategy. While he did receive an offer, Derek still left the Shark Tank without a deal.
The Sharks Want to Know: What are your business priorities?
Take a business tip from the Sharks by figuring out what your business priorities are. Here are some questions to get you started:
- What is the next step to help expand your business?
- Is it national distribution? A website? A sales team? A celebrity endorsement? A commercial?
- Realistically, how can you make that next step happen? What do you need, besides money?
- Assuming you accomplish that step, what will you need to do next?
Having a game plan for answering these questions will help to show the Sharks exactly what their money is going toward—a solid way to prove your worthiness as an investment!
What business tips do you have for planning to succeed?