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Last time we looked at the advantages of dealing with angels and adventurists – non-professional investors who might be known to you already. The more angels you can get onside, for small amounts, the better. Here's how to seek them out.
Financing 101
Lesson 12 Four little-known ways to find an angel
Before you go looking for angels, you should know what they're looking for from you. Here are three elements you should have in a place or be prepared to seek.
• They want to feel confident in your ability to make the business run.
• They want you to be accessible, so they can check with you and have you keep them up to date on developments.
• And in a perfect world, they'd like to see a 20 percent return on their investment.
To find investors like these, you should look to people who fit the profile. By talking to potential angels and adventurists, you can get a sense of their expectations. But where to look?
Friends and relatives
Think first about those closest to you. You might already have some sense of whether they fit the profile, and you've likely shared some details of your business with them in the past, or they're at least aware of what you do, and might be interested in getting involved.
Professional acquaintances
Dentists, doctors, lawyers and accountants often make prime prospects. They have good incomes, and they might be looking for an investment opportunity beyond the usual, "boring" alternatives. Turn the small talk to your business, and feel them out.
Business acquaintances
Suppliers, customers and other business people you deal with on a regular basis will be more familiar with your business, and may have an actual stake in seeing it grow.
Outside your circle
Beyond your immediate contacts and acquaintances, look to other professionals, middle managers and entrepreneurs. Since you don't already have an opportunity to introduce the subject during the course of a conversation, you'll need to look to more active prospecting techniques.
• Telemarketing – Learn some techniques of telephone sales, if you're not already familiar with them, and begin going through the phonebook or a directory of professionals. The first few rejections you receive will help you fine-tune your approach.
• Middlemen -- Look to financial consultants, venture capital clubs and matching services which can put you in touch with adventurists. Or talk to a business broker. Only in this case, ask him to sell part of your business.
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