Attracting a business angel
Attracting a business angel can be vital in the development of your business but attracting then and getting them on board won't be easy so here are some tips.
- Business Angels
- Prepare a good business plan
- Provide evidence and backing
- Why them?
- Look the part
- Be realistic
- All in all...
Attracting a business angel can be vital in the development of your business but attracting then and getting them on board won't be easy so here are some tips for you.
Prepare a good business plan
A vital part of attracting an angel is having a great business plan. You need to research everything you need to include from costs, profits projections, equipment you will need and staff you will need to employ.
Really work on your business plan and include all the information you can to prove that your business is worth backing.
Provide evidence and backing
Along with your business plan, you should have evidence of previous trial sales you have done, letters of intent from retailers and/ or reviews of your proposed service from influential members of your industry.
Anything you can show your potential investor to prove there is a market and demand out there for your offering.
You should also think about why you want this person to be part of your business and not going for a service like factoring from your bank. Is it their experience in your field, is it their contacts or is it their technical experience?
Be honest with them, you may be an inventor but not got any business training or you may just need help speaking to the right person. Your investor needs to know what kind of an involvement he will need to have.
Look the part
You definitely need to consider what you look like. You need to look professional and serious whilst also being comfortable and confident in it. Ladies make sure you can walk confidently in your heels and guys steady on with the cologne!
Check out our Polyvore to give you a guide on what you could wear.
This is possibly the most important part. Don't walk in there and make promises your cannot keep. Just believe in your business and what it can achieve and that will shine through.
All in all...
So in conclusion, be confident, look the part, do your homework and have evidence to back yourself up and that is all you can do. Business Angels or Investors can be hugely beneficial, check out these success stories from The Apprentice and Dragons Den as inspiration.