How will I know when my company is ready to receive an investment?

I am starting a company and have bootstrapped it so far. I have produced four versions of the demo. The first fully-working version is underway. Getting this to a beta phase product will require capital, which requires an investment, which requires an investor, which requires I stop working on the product and go out and talk to people about it.

The last time I raised money from investors, it took a while but I was successful. I don't want it to take a while. I want it to be brain dead simple for an investor to understand the value so that I can optimize the time I spend with the product.

Is my logic flawed?

What is the best way to approach raising money, while limiting both my time and risk?

Thanks.