In the book, Write Your Business Plan, the staff of Entrepreneur Media offer an in-depth understanding of what’s essential to any business plan, what’s appropriate for your venture and what it takes to ensure success. In this edited excerpt, the authors discuss angel investing as an option for funding your business.
If you're having trouble getting funding for your venture under the right terms, or under any terms at all, you’ll be glad to know about the existence of angels in the investment world. Angels are individuals who invest their own money, as opposed to institutions or professional money managers, who invest other people’s money. Many angels are well-off professionals, such as doctors and lawyers. Some are retired but have tremendous expertise to share in a specific field. Others are successful small-business owners who have made a bundle with their own entrepreneurial efforts and are now interested in letting their money work for them in someone else’s venture.
Angel investors used to be a difficult group to find – not so any longer. There are groups formed by angels and other organizations, such as Funding Post, that arrange for special angel and venture-capitalist showcases in various parts of the country. You can sign up and pay to attend an event at which up-and-coming entrepreneurs like yourself get to meet with many angel investors and VCs in one place. Have your short elevator pitch ready, and demonstrate the enthusiasm you have for your new business.
Because angels invest their own money, you might think they are the most discriminating, difficult-to-please investors. In fact, as a rule, they're much more willing to take a flier on a risky, unproven idea than are professional investors and lenders.
While angel investors used to be located primarily by word of mouth, they're easier to find in the electronic age. ACE-Net is an electronic network of angel investors developed by the SBA that helps angel investors and small businesses seeking capital meet online. There's an annual fee to enroll in ACE-Net, which varies by state. You can also find the ACE-Net branch in your state on the website. The Angel Capital Association is another place to learn about angels and seek out an angel network—a local group of angel investors in your area.
You may also fit angel guidelines if you don’t need a whole lot of money. Institutional venture capitalists can, by pooling the funds of several different groups, raise vast sums. It’s not unheard of for venture capitalists to invest nine-figure sums—more than $100 million—in relatively new, unproven ventures. But even rich, single investors like Bill Gates or Warren Buffett are unlikely to feel comfortable sinking that kind of money into anything uncertain.
Every entrepreneur finds themselves in a position where they are unable to continue doing business singlehandedly. The task of running a business daily becomes overwhelming, and the opportunity cost becomes too high. But what are the qualities of great employees? Find out how to find angel investors for your startup. Learn about the different types of angel investors and decide which type of business investor you need.
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Donald replied
270 weeks ago