When you need funding, angel investors can seem like a godsend. However, raising money from angels isn’t as easy, or as simple, as it might seem.

To learn more, I asked 12 successful founders from Young Entrepreneur Council (YEC) the following question:

I’m thinking of raising money from angels. What is one thing I should know?

Their best answers are below:

Travis Steffen 12 things you should know about raising money from angel investors1. You‘ll Face a Lot of Rejection

There are hundreds of reasons an angel will reject your pitch, and so many things need to happen simultaneously for somebody to say “yes.”

Don’t tie your happiness on that day to the positive or negative responses you get from potential investors, because even with the best idea in the world you’re going to be bummed after 95 percent of your meetings. All it takes is one “yes” to get the ball rolling. – Travis SteffenMentorMojo

Arjun Arora 12 things you should know about raising money from angel investors

2. You Should Understand What They Want

Angel investors are typically looking for two things: They are excited about the team and believe that they are the ones who can do it, and they believe in the space and the larger vision for the product. Make sure you find angels who follow accepted angel investing methods.

There are many stories of companies giving away way too much equity/control for very little cash. – Arjun AroraReTargeter

doreen bloch 12 things you should know about raising money from angel investors3. You Should Be Prepared for Due Diligence Early

Poshly’s investors include prominent angel syndicates. We found that after successfully pitching, angels like to do thorough due diligence.

Preparing financial statements, financial projections, referrals and competitive assessments early will help you to make the due diligence process as seamless as possible, helping you to close the deal quickly with investors. – Doreen BlochPoshly Inc.

Matt Mickiewicz 12 things you should know about raising money from angel investors4. You Can and Should Ask for Their References

You should be doing as much due diligence on your angels as they are on you. All cash is not equal, and it’s important to ask for references and talk to other entrepreneurs who took money from that particular individual.

In particular, focus on finding and speaking with people whose companies failed or did not meet expectations — and ask how supportive (or not) the angel was. – Matt MickiewiczHired

Aaron Schwartz 12 things you should know about raising money from angel investors5. Angel Networks Aren’t That Scary

Angel networks align dozens of prospective investors to hear pitches from entrepreneurs. These can be tough — you’re pitching an audience!

We had success in our two Angel group pitches. We simply assumed that 80 percent of the room wasn’t interested, and focused on the 20 percent that was diligently listening. Wow that subset, and you’ll have a bigger pool of potential investors. – Aaron SchwartzModify Watches

Logan Lenz 12 things you should know about raising money from angel investors6. You Need to Know Your Numbers

Know how much you‘re raising and at what valuation. Know why you need that specific amount and when you forecast the break-even point to occur.

Understand your revenue model inside and out and be able to poke holes in it yourself. It will make you more believable and trustworthy then if an investor did it during your pitch. – Logan LenzEndagon

Arian Radmand 12 things you should know about raising money from angel investors7. You Should Seek Counsel, Not Dollars

When you take money from angels, it’s more important to consider whom you are taking money from than how much money you are raising. Most angel investors are previous business owners or entrepreneurs, too.

Select angels based on whose feedback you value most. Having passionate angels that are willing to give you counsel and make connections for you are what helps to drive your business forward. – Arian RadmandCoachUp

Abby Ross 12 things you should know about raising money from angel investors8. Your Communication Is Key

Your investors are clients. Treat your fundraising efforts as a sales cycle. Each investor needs nurturing and follow-up, just like your sales leads. Diligent communication before, during and after are essential to build investor confidence.

We write monthly email updates to current and prospective investors about our progress, explaining where we’re getting traction and what we’ve got planned. – Abby RossThinkCERCA

Andrew Thomas 12 things you should know about raising money from angel investors9. You Should Share Your Mission

People don’t buy what you do, they buy why you do it. Share the “why” part of your mission as much as the facts and figures. It goes beyond the pain point your solving. Share with them why you want to solve that pain point and what success really means to you.

Of course, validate everything with a sound plan and the facts to back it up. – Andrew ThomasSkyBell Technologies, Inc.

Jason Grill 12 things you should know about raising money from angel investors10. You Should Focus on Their Industry Experience

Concentrate on connecting with angels that are very aware of the industry, sector or vertical your company or startup is focused in. They will be more likely invest in companies that fit the city or region you’re in or industry they have previously been successful in or have deep knowledge and experience in. – Jason GrillJGrill Media | Sock 101 

Matt Hunckler 12 things you should know about raising money from angel investors11. You Need to Be Able to Connect Personally

They have money and experience – great! But does that mean that angel will be a good business partner? A lot of business comes down to interpersonal relations, and many entrepreneurs forget that signing a terms sheet is just the beginning of a relationship.

If it’s the right angel, you’re going to spend lots of time together, so make sure they pass the beer test. Can you really talk biz over a beer? – Matt HuncklerVerge

Andrew Howlett 12 things you should know about raising money from angel investors12. Your Honesty Is Important

Be honest with the potential investor and honest with yourself. Don’t hide anything from those looking to give you money, thinking you’ll just improve or fix it later. This is grounds for at minimum a constant pit in your stomach and at maximum the loss of your business through litigation.

Also, be honest with what your company’s value is. Too many entrepreneurs over-value their companies. – Andrew HowlettRain