Whether you’re pitching your business in a boardroom, elevator, or the “Shark Tank,” there are a few key tips that can help make your appeal shine—and increase the odds for an investment.
In a recent behind-the-scenes post on ABC’s “Shark Tank,” three investors gave their do’s and don’ts for getting a deal.
First, venture capitalist Kevin O’Leary said it is important that you can articulate your business and the opportunity for investors “in 90 seconds or less.” And dont even think of approaching O’Leary without “knowing your numbers,” or he will “send you to hell,” he says.
New full-time cast member, Kind Snacks founder Daniel Lubetzky, said it is important to “be authentic” and not try to hide important information or news, even if it’s unflattering for your business.
Real estate pioneer Barbara Corcoran, meanwhile, recommends that you keep your pitch succinct (“Don’t talk too much,” she said) and make sure you dress the part, or else she is “out right away.”
“Sell me on you, sell me on your dream, let me fall for it, taste it, feel it, and want to come along for it,” Corcoran said.
Lubetzky outlined the responses on Instagram and added more context.
1. Know your numbers.
“If you can’t clearly share your numbers, you’ll likely walk out without a deal,” he wrote.
2. Be authentic.
“Share both the good and the bad,” Lubetzky writes. “Don’t hold back on your struggles just because you’re worried they won’t sit well with us. We’d rather hear the honest truth about where you need to improve.”
3. Dress the part.
“First impressions matter, so make it count,” he wrote.
Related: ‘It’s Not About You’: How to Fire Someone Effectively, According to Kevin O’Leary
4. Sell us on your vision—quickly.
“Get to the heart of your pitch so we can dive into questions right away,” he continues.
5. Sell us on you and your dream.
“Paint a vivid picture of what it would be like to join you on this journey. Inspire us to come along for the ride,” he concludes.
Related: This Is the Worst Time of Day to Make a Deal, According to Barbara Corcoran