Why Every Start-up Business Should Have a Business Angel
Have you been thinking of starting your own business, or have already started one? Are you starting to feel overwhelmed at the prospect of starting, running, and maintaining your business, while trying to make a profit at the same time? Are you afraid you’re business won’t make it past the first 5 years?
These are legitimate concerns. The sad fact is, most businesses fail in the first year, and 95% of those don’t make it to the 5th year. Why? There are many reasons; most common ones being: Poor management, inexperience, ineffective planning, insufficient funds and lack of customers/clientele.
This is where a business angel can come in and save the day. Let’s take a closer look.
Poor Management: If you have never managed a business before, or are relatively inexperienced, a business angel can help teach you what is involved and what skills you need to learn. They take a very ‘hands on’ approach to your business, and have a say in daily business decisions.
Inexperience: If you have never owned a business before, but have a great desire and commitment to succeed, a business angel can provide the experience and skills needed to take your business to the next level. They will work very closely with you, so it’s important to pay attention and learn all you can from them. Their experience is priceless.
Ineffective Planning: A business angel will help you make sure you have at least a 5 year plan in place. Everything from marketing, income projections, expenses, goals, etc. must be made clear. You have to have a clear vision of where you want your business to go. (It’s important to have a solid plan in place even before speaking with a business angel, but they can help fine tune it.)
Insufficient Funds: This one may be the most important. If you have no funds, you cannot run your business. A business angel can provide you with the necessary start up capital you need; and with the experience and skills you will learn from them along they way, you will be able to manage your cash flow so that you do not run into any issues in the future.
Lack of Customers/Clientele: If you have no customers buying from you, you have no business. Customers are key. A business angel will give you liberal access to all of their contacts that they have built up over the years. This is an invaluable tool and one you must take advantage of. Network and get to know these people. Make them trust you and want to do business with you.
With a strong commitment, a solid business idea and a business angel, your business is sure to be the success you want it to be.
About the Author:One of the best websites in this regard is entrepreneurinvestornetwork.com.au, which aims at uniting angel investors looking for business investments in Australia with budding entrepreneurs in the country.Log on to the website today. You will not be disappointed.
Article Source: ArticlesBase.com - Why Every Start-up Business Should Have a Business Angel