If you want to build a business that will generate great cashflow and profits you can live off for a long time, angel investment is generally not going to be for you. Angel investors like to see cashflow and profit or a plan to get to these things, but they earn their returns by companies they invest in having liquidity events which means their companies go public (IPO) or get acquired for a multiple over what they invested. A multiple means that the valuation that the companies they invested in have seen their valuations increase significantly typically by 5 to 7x or 10 to 12x depending on the angel investor.
If you want to build a profitable business you can live off for some time, you may hear from angel investors that you are building a lifestyle business. A lifestyle business does not mean you will work any less hard than an angel-backed startup. It may just mean that:
Unlike venture capitalists where lifestyle businesses are to be avoided at all costs, you may find angel investors willing to invest in a lifestyle business for a cut of ongoing profits, revenues or cashflow. Because they are not investing on behalf of a fund, they have some additional latitude in terms of what a return could look like.