To obtain funds for your bookie business from an angel investor, you must be persistent and follow up on the people that told you ‘no’ at first. Once you have obtained the necessary cash, you must focus on your bookie start-up and forget about other ventures.
If you are a bookie entrepreneur that is looking for funds to either start your business or growing it, it is crucial that you follow up on those angel investors that you have previously contacted.
This is because maybe the angel investors that you requested funds from weren’t ready to provide you with the cash that you needed at the moment, but they may have those funds available in the future.
If you master the art of following up, your chances of being successful at raising funds are higher than those who do not follow up at all. With that said, there are many bookie entrepreneurs that overlook and underestimate this factor, and here are the top reasons why:
Fear of Rejection
Although this might be difficult for you to digest, in order to obtain the funds that you need from an angel investor for your bookmaking operation, you need to overcome the fear of rejection.
Instead of thinking of a ‘no’ as an absolute answer, you can interpret this answer from a possible investor as a ‘not right now.’ It may be the case that the angel investors that you have contacted and whom have rejected your business proposal are not willing to invest in your sports betting operation right now, but they may be willing to do so in the future.
When you think of a ‘no’ as a final answer, you are already saying no to the possibility of getting any kind of funds from a particular investor. On the other hand, when you follow up on investors that told you ‘no’, you will realize that you can get cash for you bookie operation from someone that you would have otherwise discarded.
Lacking the Energy and Dedication
When you contact a possible angel investor and that person says no, you need to be persistent and continue to follow up on that individual in order to increase the chances of obtaining the funds that you are looking for.
Following up on an angel investor takes time, planning and effort. Sometimes you will need to get in touch with that individual a few times until you get a desired response.
Now, it is important to mention that you really don’t want to harass investors. Instead, you must work with a follow up calendar in order to get in touch with these individuals at dates with a reasonable period of time in between. Also, try to follow up on those angel investors that have provided you with a response that is not of a hostile nature.
Focus on a Single Venture at a Time
When you try to be all things to all people, it is likely that your bookie business is not going to work out the way you wanted to. If you are an entrepreneur that is trying to hit many different markets at the same time, the phrase “jack of all trades, master of none” certainly applies to you.
This is because you are doing a lot of things at the same time, but you are failing to master any of your ventures. When you finally decide to put your cash on a bookie operation, make sure that you’ll fully focus on this start-up only.
Now, if you don’t have money of your own to invest and are trying to obtain it from angel investors, if you are not focused on the venture that you are pitching, chances are that such individuals are not going to be fond of the idea of investing in you because of your lack of commitment to a single start-up is seeing as risky.
Even if you have good ideas for other ventures while focusing on your bookie business, it is recommended to just write those ideas down and get your mind off them immediately.
Then, once you have attained success as a bookie entrepreneur, you can use the funds that you have got from your sports betting operation in order to invest in those other new ideas.