Money is essential for getting a business off the ground; finding someone to believe in the company’s vision can be the best bet when it comes to looking for an investor. While angel investors are frequently attracted to entrepreneurs or smaller startups, convincing a potential investor at the right time with the right pitch can be difficult, says MSNBC Your Business’ JJ Ramberg.
Investors get bombarded with pitches, so it may be helpful to find someone you know to provide an introduction. This is where traditional networking or utilizing LinkedIn tools can be helpful. Once you begin, one introduction can lead to another, widening your realm of possibilities.
Next, recognize that every investor and their interests are different. Before you send a pitch for funding, research the person you’re reaching out to. Focus on what kind of companies they’re involved in, or what founder they might support. You’ll be able to tailor your presentation even better with the extra information you have on hand.
It’s also important to remember that investors put their money with people and personalities, not just ideas. If you’re able to convey what you bring to the table as both a person and a business owner, they might be able to envision working more closely with you.
Finally, be patient. Raising money can take longer than you expect! Start building relationships early to ensure you’ll have enough money to support your company when you need it.
For more tips like these, check out MSNBC’s Your Business Facebook page, or tune in to MSNBC at 7:30 a.m. ET on Saturdays and Sundays.