Securing angel investors? Want to give back while building your business? Here are my top answers!

I dive deep into each topic. Whether you’re running a startup or navigating the ups and downs of entrepreneurship, here's what you need to know.

Keep popping your questions in the comments below.

1. Victoria: Besides Shark Tank, where would you recommend looking for angel investors?

Victoria, I’d recommend you start with a quick Google search for angel groups in your city. Many angel investors form larger groups and host pitch days, competitions, and networking events.

You should also check out AngelList as it’s a great source for finding investors.

And if you do decide to apply for Shark Tank, include a catchy video with your application that not only shows off your product, but your personality too. After all, the casting team is looking for great businesses run by great entrepreneurs who will also make great TV!

2. Nick: I own a truck insurance agency. We donate 1% of our gross income to local teachers in need of school supplies, the food insecure, and protecting the environment. We are trying to be like Patagonia in terms of giving and giving our employees the best pay we can, some freedoms and flexibility in schedule etc. Do you think this is a good idea? We also try to use environmentally friendly paper and other products even if its costs more money.

Did you know Patagonia didn’t start donating until they’d been in business 12 years? My philosophy is simple: you need to make a profit before you start overspending or giving your money away. Now, it’s no secret that customers today like to buy into a mission, too, and I applaud your big heart. You can build “giving back” into your identity in other ways to start, like hosting volunteer days or events that give back to your local community. Once your business can pay the bills and turn a profit, then you can confidently earmark that 1% (or more eventually!) as donation.

3. Mackenzie: I own a stationery business called The Corporate Girl planner. I’ve been able to grow little by little but as new divorcee and single mom I need to increase sales. How can I do that?

Being a single mom is the toughest job in the world, so major kudos to you Mackenzie. You might consider taking up a dependable day job that covers your overhead so you can rest easy. Now I don’t for a minute mean that you should give up on your planner business! Take some of the pressure off and make it a side business while you prove your sales. Many of my most successful Shark Tank businesses started as a side hustle until they had the momentum to build their businesses bigger than they’d ever dreamed.

Are you set on catering to just the “corporate girl?” While I wish we all still sent handwritten notes and kept planners by hand, when I think of stationary and planners, I think of these groups who might need it: brides-to-be, new moms, teachers, students and college grads, even kids going away to camp. Can you broaden your SKUs to cater to these groups and increase your sales? You’ve got a great looking product and fun social media too, I think you’ll do big things Mackenzie!

4. Ranjna: Hi Barbara, my name is Ranjna Goyal and I am working on an AI powered health tech startup AllayAI that helps eliminate day to day administration work and reduce burnout for doctors. We are almost ready with the pilot and have few doctors lined up to try it. The main challenge is raising money. I’ve tried to talk to investors through LinkedIn and at meetups, but no results yet. Can you please suggest something for me to try?

First of all, there’s so much administrative work doctors get bogged down with that often gets overlooked. Good for you for tackling an important problem that needs fixing.

Ranjna, you’ve got a long, hard road ahead of you with lots of meetings. You’re on the right track with LinkedIn and meetups, but make sure you’re targeting the right people. Investors often club together and hold events, so continue seeking out those meetups with a discerning eye. I’d advise you in particular to pitch to investors who already invest in healthcare as they’re your most likely candidates.

When you pitch, are you clear about how your investors will make money? It’s the top question on any investor’s mind, so make sure to present that answer as clearly and directly as you do your business.

Best of luck to you!

5. David: What is your opinion on the ethics of using someone's physical attractiveness as a "card?"

You may have heard me talk about how my mother taught me a lot of lessons that helped me tremendously in business. One of those lessons is to “use what you’ve got.” It’s what prompted me to tie cute ribbons on my pigtails when I was a waitress at the Fort Lee Diner and all the customers were flocking to my Dolly Parton-looking competitor’s counter!

Then when I was the only woman competing against the Old Boy Network of New York real estate, I used that to my advantage and dressed in a bright red suit amongst the sea of black, navy and grey. It’s not about ethics – it’s about sales, and you’re the product! Now of course, you must be mindful of lines that can’t and shouldn’t be crossed, but do as my mother said and “use what you’ve got!”

6. Abike: Hey Barbara. I set my business goals for the 1st quarter and I set up my website, social media accounts, and everything else I needed to get my consulting business up and running. My goal for the 2nd quarter is to promote my business and start booking clients. But how do you actually secure bookings? Should I offer some services for free, or charge everyone from the start?

In a client-based business, finding a client is the only thing that counts! What kind of consulting do you do? Decide who your likely clients are and start thinking about where they hang out. Then make your sales calls. Do careful research and clearly communicate to them how paying you will ultimately increase their business.

If you find that potential clients are hesitant to sign on without testimonies, then you can consider offering a month free to clients you feel you’ll do your best work with. Ask them if they’d be willing to share a written or video testimonial about your work together and serve as a reference for your good work in exchange for free services.

Client-facing businesses are also businesses of rejection, so keep a scorecard. Who are your customers who keep your services month after month? Who turns you down from the get-go, who moves on after a few sessions? You’ll learn a lot from your retention data, so keep careful notes and reference them often.

7. Samir: I’m planning to invest in a business that is building a community for college youth to help them get internships and jobs. This will be my first investment in a private company. My goal is to get insights into how private investing works and get access to the network of investors. Do you have any advice for me as a first time investor in a private business?

I’m hearing lots of investing/investor questions today! Perhaps we’ll do a deep dive on this soon.

Congrats to you Samir, that’s an exciting step. In the meantime, my advice to you is similar to some earlier questions. Seek out local investor groups in your area. A quick Google or LinkedIn search should turn up the type. Look for events, meetups, competitions and networking nights to start building your community. Show interest in everybody and ask all your questions. You’ll be surprised at how willing people are to share advice and experience!

8. MGB Architects: I started a fun chocolate company: CHEETS - chocolate sheets based on a childhood favorite in Denmark: we eat chocolate on bread! So I’m bringing that here to the US. I currently run a successful architecture firm, but I would like to also make Cheets huge. It is hard to justify spending a lot of time and money on a side fun project but I really believe in it, it makes me excited, and my 1st production was a hit. I know very little about the CPG world and need help! Do you think Shark Tank would be a possibility at this early stage given I can prove my success via other means or do I need to invest more and sell more until then? Wait or go for it? I usually jump in.

I’m worried about you “spending a lot of money” on your side hustle. How are your sales? Can your architecture business meet your overhead and also justify the amount you’re putting into your chocolates? It’s smart to always have eyes on your books and keep careful count of your balances so you don’t get carried away.

That said, it sounds like a great treat! One of my Shark Tank businesses Crispy Cones has been wildly successful with their franchise of ice cream shops with special dough cones that popular in that part of the world, so I know that people are keen on those European desserts!

So long as it’s not sucking too much money, keep up the hustle and build your sales. Your tendency to jump in is a good one. The moment to move on an idea is the moment you think of it, so keep throwing things out there and see what sticks. I can envision great social media showing off your chocolate sheets, and I’m sure they’d be a big hit melted on a piece of bread in a grocery store demo.

Shark Tank is a possibility at any stage – when I invested in The Comfy, they had $0 in sales and only 2 prototypes that they brought on set. You can apply at abc.com/shows/shark-tank/apply. Us Sharks have no say in the casting, but I wish you luck if you go that route! Like I mentioned earlier, make sure you include a video showing off your product AND yourself.

9. Charlene: Hi Barbara. I tend to be impatient, and you need a lot of patience as an entrepreneur as you know. What do you do when you get impatient?

Here’s the easy answer Charlene: When I start feeling the slightest pang of impatience, I know I’ve overstayed my welcome at my desk! If my calendar allows, I’ll start planning my next vacation. Sometimes all I have time for is a late afternoon of gardening, but I know it will always help clear my head and give me a fresh start the next day.

Now if you find that feeling is regular visitor, you’ve got a bigger task at hand. My advice to you is this: grab a yellow pad and a pen and go sit somewhere quiet. On one side, write down all the things you’re good at that you like doing. On the other, list anything you wish you could get rid of. All those tasks that make you impatient, frustrate you, and have you throwing up your hands. What you’ve done with that list is create a list of things to delegate, a job description for a partner or a new hire who excels at all the things you dislike doing!