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Angel Investors - How To find them
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Your best bet for initial business investments is angel investors; these can be your friends and family, they can be prospective suppliers or funny enough your competition.
When I say competition, I mean, sometimes (and this requires some research and a lot of caution), a company or person that is in the similar line of business and who is looking for new investments, may be willing to help out since they already know the market, the audience, etc. They would abe able to quickly gauge the marketability of your idea.
But beware as many would also unscrupulously steal your idea. Do your homework before approaching. Doing your homework means: talk to business groups, banks managers (not for money but for angels), talk to accounting firms, lawyers (go see a small business lawyer for one hour of advice).
• Before approaching anybody with your idea, make a list of angel investors.
• Next short list the best ones by doing your homework, background checks within the business community. Prospective suppliers are also great angels.
• Like the previous suggestion, suppliers, distributors, wholesalers; they all know their market. They are also business people and if they are like most entrepreneurs; they are always looking for new opportunities or they may someone who is.
• Apart from these groups, you can seek out incubators; these are groups who help out fledging entrepreneurs with a new business venture.
• Co-ops are also available. They share resources and advice, and they can be an invaluable source of information including knowing you is looking for opportunities and who has honest business dealings.
• I would start by making a list of all companies; competition, distributors, wholesalers, independent sales representatives, business professionals, family, friends, etc. Next I would put them into groups as you would be your primary source, then secondary source and so on.
Afterwards I would start talking to different people, doing some background checks, read the local newspapers: who is in the news that may help you. Talk to business groups, Chamber of Commerce, local associations: do your homework. You will be amazed at how much or many people are out there willing to lend a hand and offer some investment support.
• Investment can also be in the form of supplies;
• It can be in the form of sharing some production facilities or production capacity.
• Investment can also be bartering, an exchange of services.
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