Angel networks were formed to benefit both the entrepreneur seeking capital and the wealthy individuals interested in making investments in early stage companies The networks can be easily found by entrepreneurs; they usually have a mailing address, a telephone number and contact name, and a website describing the group’s activities These groups in effect allow an entrepreneur to meet dozens of angel investors at once Membership in some of the groups can top 100 individuals

The angel members certify that they are accredited, which means they must meet certain income and asset levels However, there is no vetting or checking that the investor actually has those assets

Many networks operate this way: the entrepreneur sends an executive summary in through the mail or by online submission The network has a committee that screens the submissions and invites the most promising ones to either submit a complete business plan for review or make an in-person presentation to the group at a luncheon or dinner meeting, followed by a question and answer session A committee may be formed to perform the in-depth due diligence on the company and make a yes or no recommendation to the membership as a whole, who then vote on making the investment

The process can work efficiently for the entrepreneur The angel network often tutors the entrepreneurs on how to make an effective presentation, and prepares them for the tough questions they will be asked Instead of trying to meet angels on an individual basis, and get each one to agree to invest, the entrepreneur may be able to obtain all the start-up capital he or she needs from one source, the Angel Network

The major drawback to angel networks is simply one of numbers: because the Network is visible in the local community, it is contacted by hundreds of entrepreneurs annually Your deal is competing with all these others And sometimes, the network is not as open as it appears, or says it is Some do not review any companies that were not sponsored into the group by one of the angel members

Some angel networks charge a fee to present Their logic is that the fee shows the entrepreneur is serious about their company The networks explain that the fee covers the cost of processing the application, making copies, and other office expenses

Angel networks can be sent from heaven for those entrepreneurs looking for private investors

Download your FREE business plan format. Dee Power is the author of several nonfiction books. She writes on the subjects of how to repair bad credit and How to Write a Business Plan.

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Most businessmen will profess the advantages of possessing a business account The reason for this is mainly because a business account makes a brilliant financial tool, perfect for those wishing to run a small business There are so many banks out there offering differing types of business account that the choice can be laborious

It is important to get the choice right although with so much market competition many of the account on offer are similar, if not the same For the sake of your business however it is important to find one that suits your needs and allows you relax a little about your financial situation

A business account will usually come in the form of a transaction account, these are generally akin to the personal accounts many of us already have Although the levels of transactions may be increased they are fundamentally the same as personal finances

Such transactions include ATM, online, phone and cheque and are vital in the smooth running of your business An online business account can possess generous interest schemes, some as much as five percent and over In comparison to personal accounts this level of interest is rarely apparent, making a business account even more appealing

The reason banks have taken this route is due to the fact that business customers need wholly different services than personal banking clients The response has been the creation of a situation where business account options now saturate the market

Most businesses use their business transaction account as a means of handling receipts and understanding the extent of expenses When companies are producing a good turnover it can often be hard to keep a note of where the money is going, a business finances package can help you co-ordinate where your funds are going and at what rate

Opening an account with a bank is slightly more complicated than when starting personal finances, firstly it is only a business owner who can open the account There is also a great deal of documentation that must be produced, for instance if opening as a limited company you will need a certificate to prove this

Also the bank will want to see some form of business plan to ensure that their faith in you is not unfounded Making sure the bank sees your business as a money earner is vital as there willingness to help and even loan you money can be extremely useful; this all depends on what your business intends to do and what plans you have in placer to achieve growth

There are of course downsides to having a business account There are usually fees imposed by the bank that pay for the services you receive These however are usually wavered during the interim period so it is important to read the small print when signing up to see how much these fees will cost once the grace period is over Fees are usually worthwhile though, the services banks provide their business account customers are usually extensive Many banks will provide either an in-branch advice team or a telephone helpline you can ring for assistance; both are an asset that your business will need during its start up period

Put simply your business will need a business account It may seem wise to try and avoid the fees and carry out your transactions through your personal finances but this is rarely advisable The reason mixing your finances is so ill advised is down to a couple of reasons; firstly transparency is key, especially when it comes to the tax man, secondly for the sake of your business not getting confused over spending and transactions is vital to smooth running Ultimately for success, a business account is one asset you cannot live without

Financial expert Thomas Pretty looks into the importance of having a business account for the success of your business.

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There may be many strategies for financial freedom, but the most important is probably your focus

Whenever you are walking or driving, you have to keep your eyes ahead of you, otherwise you would swerve away from your path An archer has to take aim in order to hit his target When a football player goes to score a goal, he has to see the ball hitting the back of the net before he kicks it

It is the same with creating wealth If you want to be rich you need to focus on what you want and keep focusing

You start by deciding exactly what your financial goals are and, most importantly, what you want the money for Visualize what you will do with the money Think about how it will help others: your family, your friends, charities or others Think about the lifestyle you can have When you have all this in place, you will know how much you need, either on a monthly or yearly basis Write this figure down Visualise having the things or the lifestyle that this money will bring, and do this daily

When you set clear financial goals you are doing something constructive for your future and ensuring your success Relying on luck, or just drifting, is destructive because you are denying yourself the power that you have to create your dreams

Setting goals can appear scary to some people because they are unsure how they are going to achieve them Often we prefer to only commit ourselves to something once we understand how we can achieve it

In fact, this way of thinking does not work Without commitment, your mind will not apply itself to discovering how to get there When you commit yourself to achieving something by setting a goal, without knowing how you are going to get there, your mind will begin to work on ways to fulfil your goal You will see opportunities that you may never have seen otherwise, and you will find ways of getting round the obstacles that are in your path

Deepak Chopra, the world famous guru of wellbeing, said you would not have a desire if you did not have the means to fulfil it Each of us has the power to create whatever we want

When you do not have clear financial goals you will simply drift along, moving into the future without any decision or definite purpose You may become a victim of circumstance, subject to the whims of dominating personalities and without the strength to set your own course

A vague idea of some day being rich is simply not enough If you really want to achieve wealth and financial freedom you must have a specific figure in mind AND a clear idea of why you want it If it feels easier for you, you can start out with a relatively small figure and then expand it when you reach it An easily achievable goal will provide you with the confidence to set a higher goal next time

Your goals may not happen overnight, but by thinking, visualizing and affirming them every day, the ways and the means to achieve them will gradually become clear and you can then take the action that you need to take

In all strategies for financial freedom you must always start with a very specific goal and focus Ask yourself “how much?” before you start thinking about “how?”

Ros runs her own online business and is also a successful writer and life coach.

Ros’s coaching site is at Career and Home Business Coaching

Find opportunities at her website at Financial Freedom Online

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