While startups are often associated with young entrepreneurs in the tech field, senior entrepreneurs over 50 are probably more common than you expect. For the senior entrepreneur turning a great idea into a bootstrapped business, an angel investor can mean the difference between success and failure.

It can be somewhat of a challenge to find the right angel investor, but if you leverage the different ways available and learn to sell your idea, you might be able to secure the capital injection that allows your business to leap forward.

Benefits of being a senior entrepreneur

Seniorpreneurs tend to have exceptional industry experience in a particular field along with the necessary risk-control skills to see an idea from launch through to completion. Their experience, networks, mortgage-free status and savings serve as an excellent foundation for the entrepreneurial life.

Research has shown that senior entrepreneurs are the fastest growing segment of entrepreneurship in Australia, and that seniorpreneurs – who lead 34% of all young firms in the country – enjoy the positive social and economic benefits of self-employment. Financial support, however, remains a challenge for seniorpreneurs. Along with other funding options, attracting angel investments could be a great way for senior entrepreneurs to finance their business.

Ways to find angel investors

Angel investors usually invest in the early stages in exchange for an ownership stake in your company. Individual angel investors typically invest smaller amounts ($10,000 to $25,000 or higher depending on the individual) while major angel investor groups will invest a lot more.

Connect with angel networks

One of the more straightforward ways to connect with potential angel investors is to contact an angel network. These networks will have hundreds if not thousands of angel investors who could be looking for exactly the type of business, or business idea, you’re seeking an investor for.

Join a startup launch platform

Companies and not-for-profit organisations sometimes have startup launch platforms or programs that are designed to nurture new businesses with access to information, research, and other types of help. These platforms are also designed to help you find and connect with potential investors. For example, startups.co has nearly 14 million members and offers the chance to attract both funding and mentoring opportunities.

Use crowdfunding sites

Crowdfunding sites like Indiegogo and Kickstarter will help you connect with all varieties of angel investors from around the world. You might be able to find angel investors from the general public or high-net-worth angels who are willing to invest in your idea.

Join incubator and accelerator programs

Incubator and accelerator programs can give you access to a wide range of resources to assist with the launch of your business. Often you’ll also be provided with access to workspaces, mentoring, and advice, in exchange for equity in your business. Joining a program can raise your profile and let you tap into a network of business people and investors, a few of whom might be the angel investors you’re seeking.

Explore online lending platforms

Online peer-to-peer lending platforms or non-traditional lending platforms are another excellent way to reach more potential angel investors. If you reach out to investors using these platforms, make sure they fulfil the regulatory requirements for operation in Australia.

Actively market your business

Put your name and business out there and invite investors to contact you. For example, you could have a dedicated page on your website that specifies how angel investors can contact you, mention you’re looking for investors on your social media channels, or blog about your capital-raising efforts. Actively use professional social networking sites like LinkedIn to connect with investors, and ask your contacts on these sites for introductions to potential investors.

Trade fairs

If your industry or market has trade fairs, it’s well worth the time to explore these for networking purposes. Trade fairs are still a great way to expand your network and find more like-minded business partners in your industry. You can participate in trade fairs whether or not your product has launched or whether your business has a stall. Use the opportunity to connect with other partners and potential investors even as you promote your business.

Other entrepreneurs

If you know of high profile entrepreneurs in your industry, you might consider approaching them to invest in your startup if they’re likely to be interested in your product or service. The added benefit of having another experienced entrepreneur invest in your enterprise is the fact that they can draw on their expertise and provide you with invaluable mentoring or guidance.

Selling your idea to angel investors

Finding potential angel investors is just the start. You’ll need to perfect your pitch and presentation to sell your idea to investors. Prospective angel investors will typically want to see a perfected pitch for your business, along with any prototypes or working models of the product or service. You should also be prepared to field questions about financial, marketing, customer acquisition, and other relevant areas about your business or business idea. They might also expect that certain documents have already been prepared to facilitate any investment process.

Finding the right angel investor can be a little challenging, so don’t feel discouraged if you don’t find the right investor right away. The right angel investor might not only be able to provide your business with the right capital injection to help you flourish; they could provide you with great advice and give you access to their networks of partners and investors. And for any financial assistance or advice along your startup journey, contact the financial experts at Pinn Deavin today.