Nikki Hesford is owner of Hesford Media, a Facebook Ads agency in Lancashire and appeared on the show in 2010 with her niche clothing brand. She discusses her experience of the process and what advice she would give to entrepreneurs who may want to apply.
While the show has a serious premise, investments are legitimately made, and sometimes household names are born out of it – its primary function is to entertain viewers. Just like the X Factor and other reality shows, entrants are sometimes selected because they are poor performers. This may be because your product is fundamentally flawed, or because your management of the business thus far will attract heated divisions in the den.
If you are going to apply for the show it is really important that you seek a frank appraisal of your business model from an experienced advisor who will highlight any areas of your business that could expose you to ridicule.
I went on the show because of the exposure on primetime television to millions of viewers and potential customers was worth tens of thousands in brand advertising, regardless of the outcome. While I went into the Den asking for £50,000 for 20 per cent of the business (which I knew would likely result in giving away at least 35 per cent), my appearance on the show opened doors to private investors where I was ultimately able to seek £250,000 of investment for a 45% stake – a far better deal.
It also opened doors with high street buyers, as the intrigue of a product that was featured on Dragons’ Den piqued their curiosity and secured meetings that would otherwise have been difficult to land.
The process of applying is long (around six months) and due diligence checks need to be made – they will check your accounts, enquire about other business interests you have and any other directors who are involved in the business. If you do make it to the show – what may be three minutes of TV footage shown, may be a couple of hours of actual filming.
Content is edited and only part of a discussion may be aired, which does not accurately represent the context of the point being made and you don’t get to choose what parts make it on TV. You will only know what parts they selected when you watch it with everyone else on the telly!
Dragons’ Den can be an incredible opportunity, one that is equivalent to tens of thousands of pounds in paid advertising but it is important to mitigate your risks – Nikki’s best advice is to be humble, be charming, give them a reason to want to see you succeed and not fail.
If you enter with a waft of arrogance, they will be inclined to want to find reasons why you don’t deserve investment. Don’t be tempted to embellish the truth as you will be found out and don’t make claims you cannot substantiate!
If you think you've got what it takes to be on Dragons’ Den, find out more about how to apply.
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