You've done everything that your coaches have told you. You've written a convincing business plan. Your financial projections outline a reasonable investment opportunity for someone. You have piles upon piles of legal documentation making you compliant with securities laws. You have letters of intent, letters of endorsement and some high-powered personal references. Your PowerPoint presentation is professional. You have your presentation down pat. You're getting in front of people with money, but no one is writing checks.

If this sounds like your frustrating situation, you're definitely not alone! Raising capital is not an easy task. In the majority of cases, the first investors are by far the hardest to win. You may have all of the tangible requirements in place, and they may be in a first class presentation. But when you're approaching friends, family and others to be angel investors, it often takes more than just numbers and a slick sales pitch to win them over.

Here are some less obvious observations that may be causing you to have a challenge:

1. You're not passionate about your business. People can tell when you're just going through the motions. It doesn't matter if the numbers show a huge financial windfall for potential investors. Many people want to see the fire in your eyes before they open their checkbooks.

2. You're passionate about your business, but it is not being conveyed strongly enough. This could happen for several reasons. Maybe you've rehearsed your pitch so much that it sounds canned. Maybe you are so anxious to get the money that you come across as desperate. It may be as simple as trying so hard to be professional that you hide your excitement about what you're doing. Let loose, have fun, and let your excitement become contagious!

3. Your team is not as strong as it needs to be. Do you or someone else on your team have extensive experience in your industry? Do you have a Chief Financial Officer that knows how to protect your investor's money? Are your legal documents drawn up by experts in their respective fields of law? Be sure that you have covered all of your bases and left nothing to chance.

4. Are you presenting your opportunity to the right people? For example, people in your industry are not always the best people to approach. This may be because they know the real risk involved in what you're planning, or perhaps because they are constantly presented with safer, more secure investments. If there is a "mission" driving your company, such as saving the environment, it might be best to look for people who buy into that mission, regardless of whatever industry they are in. On the other hand, depending on your industry, people in it might be your most willing investors. This is especially true if they have contacts or resources that can help you be successful, or if your success will somehow improve their bottom line.

5. Friends and family are often hard to sell. This might be because they know all of the 'dirt' on you from years past. They might be familiar with other risks you've taken that failed for one reason or another. They may have trouble seeing you as the CEO of a multi-million-dollar company. Don't take it personally. It is just human nature. Seek out people who will respect you for what you are doing now!

6. You're not convincing. This may be your lack of confidence in your ability to take the company to great heights, or just your nervousness in making the presentation. You not only have to convince prospective investors that the company and the plan are solid, but that you are also the right person to lead it. If you are not the right person to fill the CEO position, find someone else who is. Just remember that no one is going to have the same kind of ownership mentality that you do.

7. You're not focused. Maybe you have too many things going on in your life, or you are trying to be everything to everybody. Perhaps you are ultra-creative and have trouble getting down to business without going off in tangents. Maybe it is obvious that you have 'B.A.D.D.', or 'Business Attention Deficit Disorder', and can't stay on one task long enough to see it to fruition. No matter the reason, remember that investors want you working full time to grow their investments. That means being single-minded in your purpose and in your actions. They expect you to put yourself on a reasonable salary from their capital, and don't want you spending the time they have paid for to work on non-related interests.

8. Something you are doing or have done is out of sequence. Building or growing a business requires adhering to a proven formula. Experienced businesspeople and investors know this. They know the formula as well. Changing some things in that formula is like frosting a cake before you bake it. The result can be a mess that is either difficult or impossible to clean up. Be sure that you are doing everything in the right order so that you maximize your chances for success.

9. You haven't taken enough of the risk out of the venture, or at least shown how you plan to do that. The primary job of an investor is to assess risk. If an investor sees that you've put safeguards in place to protect their investment, such as protecting your intellectual property or building a strong executive team, they will be more inclined to invest. At the very least, show how you plan on using their money to minimize risks and protect their investments as much as possible.

10. Your timing is off. You may be trying to enter an industry that is about to undergo radical changes that will leave you in the dust. You may be approaching real estate investors just as that market is hitting rock bottom. You may come across as a fo0llower rather than an innovator because your plan is not revolutionary enough for the investor prospects you're reaching. Do everything in your power to be sure that you are approaching the right people at the right time.

11. You're relying too much on your own knowledge, skills and talents, and not enough on those of your team. Your inexperience shows. Be sure to emphasize how teachable you are. Tout your desire and ability to surround yourself with people who are wiser, smarter or more experienced than you are.

12. Your original ideas are either not protected, or not protectable. Many investors won't put large amounts of money into an invention that is not already patented, though you can often get seed capital to pay for the patent application. There may be doubt as to whether or not that your idea is unique enough to be protected. Be sure to consult with an intellectual property attorney and get their opinion about protecting your idea in writing.

13. You have not done enough market research. There may be questions about whether enough people will want your product or service, whether your price point will be too high to be accepted by consumers, whether your competition has the market locked up etc. Be sure that you have done a thorough market study, you have documented results, and you have developed a strong and feasible marketing plan.

The bottom line is that there are many intangibles that play vital roles in attracting capital. Be sure to do some practice presentations in front of people who can give you a true assessment of it. Remember that people have to buy into YOU before they will buy into your company. Master the delicate balance between confident businessperson, passionate owner, capable leader and masterful presenter, and you will greatly increase your odds of attracting capital.

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