ABC’s hit show “Shark Tank” puts budding entrepreneurs from all industries in front of some of the world’s most famous, influential, and innovative investors. The entrepreneurs are given the chance – sometimes the desperate chance – to convince these investors to put money and resources into their small business so it can launch into the stratosphere.
The very first episode of Shark Tank actually featured the cofounders of College HUNKS Hauling Junk, Omar Soliman and Nick Friedman. After pitching their business to the “Sharks,” they ultimately declined making a deal because it would mean losing ownership of their junk removal franchise idea. However, the experience was a fruitful one all the same, as it gave Omar and Nick a clear picture of just how valuable and promising their franchise business model was.
In a recent Midnight Oil article from the U.S. Chamber of Commerce, Nick and Omar had a chance to use their firsthand experience to share smart tips for any other entrepreneurs who will be going before the Sharks. Omar shared the importance of standing firmly and being confident in your business. “Remember, you are the expert and your brand holds they keys,” he said. Nick gave a friendly reminder to have fun since it is a television program, but he also underlined the importance of knowing the hard facts about a business’s growth, revenue, costs, and so forth. “Also, know your numbers and talking points ahead of time […]. If the sharks smell blood, they will pounce,” he warned.
Other tips shared in the article from former Shark Tank entrepreneurs include:
- Make it clear what problem your business solves and how.
- Never exaggerate or inflate your business’s numbers.
- Show your passion but don’t take things personally.
- Be who you are – don’t put on a show or a mask.
- Know that compromising is often the key to a good deal.
- Keep your chin up if you get rejected.
You can view the full article featuring College HUNKScofounders Nick and Omar by clicking here. If you’ve been looking to join a franchise company as a budding entrepreneur yourself, we invite you to see if joining our family would be right for you. Our franchise brand was innovative and efficient enough to capture the attention of the Sharks! Browse our investment info, see what to expect as a franchise owner with College HUNKS Hauling Junk, and check available territories near you to begin!