5 Ways of Juggling Time to Find Angel Investors
Enlist Support: Are you physically and mentally prepared for this intense level of activity? Enlist the support of your business team and family to help you through this challenge of finding an angel investor for your small business. You can't do it all alone, accept it, and use the resources around you.
Be Realistic: Don't expect an angel investor to appear out of thin air. It will take time. "You have to plan on a six month process, it can happen in 4 months but ideally six months. I think you have to realize it will take 25% of your time looking for people. You have to find the right source, people who invest in your type of business at your stage. And it's really important you are referred into the angel group," states Barry Moltz. Work with a manageable timetable. Focus more on finding the right angel for your company rather than any angel investor.
Make a List: Take the time to plan out the next 6 months of business. List all your plans, from marketing and operations to employee hiring. Determine the business building tasks you mustn't let go. Look for opportunities to take less urgent and non-revenue generating tasks to move them to another time frame. Perhaps when your angel investor searching is over.
Work Your Business Plan:An angel investors isn't in the business of advising you on your business plan. Spend the necessary time to make your business plan top notch before your make your rounds. This will save time reducing rewrites and losing a possible angel investor.
There are plenty of sources available on helping you build a great business plan. If you are totally limited, hire the help of a business plan writer or work with your local SCORE or SBA office.
Monitor Vital Functions: The health of your company is critical during the search for angel investor money. Keep a vigilant watch on key financial ratios, sales revenues, accounts receivables, and any other metric important to your business.
