The 48-year-old arrives at Home Park looking to revive the fortunes of a side that have won just one of their last 16 games and sit second from bottom in League Two.
Sheridan, who was appointed as the successor to Carl Fletcher on Sunday, was quick to point out how much of challenge awaits him during the second half of the season but, despite their poor run of form, the former Republic of Ireland international is confident he can help maintain Argyle's Football League status.
"If we stay in the league it will be like getting a promotion," he said. "It will be very difficult but I don't think it is something we can't achieve.
"It is a massive challenge but people who know me know I love football, I have been in it a long time and have been very fortunate to get a job like this.
"I don't want to let people down and I want to be successful. I don't want to manage in this division and don't want my players playing in this division, I want to look up and better ourselves. That is what I'll try to instil into the players."
Sheridan is keen to make use of the loan window during January and has targeted three new arrivals before Argyle's home game with Morecambe this weekend.
And he believes his knowledge of the lower leagues from his spells in charge of Oldham and Chesterfield will hold him in good stead when it comes to recruiting players to Home Park.
"It is about getting the results but I do know the players and what is required to do well in this division," he said.
"It has worked in the past so hopefully it'll help me to attract one or two players here and if we can attract them then it will make us better."