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    4 Replies Latest reply on Sep 19, 2008 4:47 PM by fritzmaster

    Is there any hope for me???

    dorkmcki Newbie
      My name is Dorian McKinney and I have started my own company, Black Phoenix Publications. Black Phoenix Publications, LLC is an independent publisher of multicultural books representing a full spectrum of genres. This unique company, which is based out of Memphis, TN, seeks to publish talented and innovative authors of diverse ethnic, social, and economic backgrounds who possess an authentic literary voice.

      But, we need start-up capital. With the economy being in such a crisis, I am not confident that I will be able to get a traditional loan. I have a complete business plan, business checking account, logo, P.O. Box, and an EIN number. My credit is not spectacular. I don't have a huge network of family and friends. I have already bootstrapped to get this far. I don't make a lot of money. The only collateral that I have is a car (which I still make monthly payments on) and half of a mortgage (which I still make monthly payments on).

      I have tried Prosper, GoBigNetwork, and Zopa. They have all been unsuccessful.

      My business plan is asking for $50,000 which includes a montly payment to an investor of atleast $900 a month. Am I asking for too much?

      Is there anyone that can help me see the light at the end of the tunnel to get this company off the ground?

      Can anyone help me or provide me with some alternatives?

      Please help.
        • Re: Is there any hope for me???
          josh_B2B Wayfarer
          Hi Dorian,

          I'd need to know a little more information before writing off the possibilities of obtaining an SBA loan or a line of credit, but from what you have said and from what I infer from your post...that is unfortunately most likely going to be the case. However like I said, I don't want to rule ANYTHING out before I have more info. So I think the most likely scenario will be to try to help find a private investor which is certainly something I can help assist you with if we can not obtain a loan. Fortunately, I think the nature of the business might have a unique appeal to some investors who not only view it as a good investment but might also share your passion for publishing. Feel free to call me at 704.900.7003 or send me an email at jbernstone@b2businessfinance.com if you'd like to discuss things further.

          Good luck with the project!

          Josh
          • Re: Is there any hope for me???
            Lighthouse24 Ranger
            Dorian, it's not impossible that you'd find third-party funding for this, but it's unlikely.

            You describe your firm as "an independent publisher of multicultural books representing a full spectrum of genres" -- in other words, every kind of publication for every kind of reader. Huge publishing houses already have that role. The most successful independent niche publishers begin by targeting a specific audience and publishing a specific type of product in a specific genre to suit that audience. You may expand later, but my thought is that you need a distinctive and clearly-defined starting point.

            So what authors do you currently represent and/or what intellectual properties do you own the rights to? Visiting your website store, I see you have a nice selection of tee-shirts for sale, but I don't see a single publication of any kind. To attract an investor's interest and funding, you'll probably need more than a logo -- you'll need an author and message that other publishers are ignoring, and that someone (who has money to invest) will agree needs to be heard.

            I would suggest building your business plan around an initial project like that (launching one author and/or publication). With today's tools and technologies, you can do that for a lot less than $50K, use that project to gradually build a customer base, and then use that established customer base to attract more authors -- and take on more projects. As a small start-up publisher, you WANT to expand gradually -- and your business plan and the contracts you have in place (with printers, distributors, authors, etc.) should reflect that.

            The key to your business is what your website calls the "Marketing Department." Who are those people and what kinds of industry experience and contacts do they have. To attract investors and legitimate authors, you may want to name names here and put their bios on the website and in certainly in the business plan. You're asking both investors and authors to bet on your Marketing Department being very, very good at what it does - so you might want to provide some evidence of that up front.

            As I was writing this, I had a feeling of deja vu -- and sure enough, I said a lot of this in my response to a post that you made last December -- you didn't mark that it was helpful then, so this may not be either (but since I've already written it, seems like a waste to delete and cancel . . .).

            Anyway, good luck with your business and best wishes.
              • Re: Is there any hope for me???
                dorkmcki Newbie
                Lighthouse,

                I appreciate and candid and constructive criticism. My target market is the African American consumer and my business plan outlines this audience with its market research.

                I currently have three authors that I would like to publish. I currently have no contractual agreements with these authors, because of capital. My business plan is focused on these and the acquiring of others.

                As far as the Marketing Department, I will definitely make those changes that you suggest.

                Lastly, any information that I receive is helpful and gives better insight from someone who is on the outside looking in. Although I did not "mark" that your response to my question in last December was helpful, please know that I did not specifically "mark" anyone a certain way. Again, I believe all information received from various sources can be helpful. And I apologize if I didn't specifically "mark" or acknowledge your response as helpful.
              • Re: Is there any hope for me???
                fritzmaster Newbie

                Hi, I think we can help you!

                 

                Please call Fritz or Bob... or request an application via e-mail from fritz@bobnewinc.com

                 


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