Flipping through TV channels last night, I paused on video of hardcover books sliding along rollers fresh from the binding machine. CNBC's The Big Idea with Donny Deutsch was profiling million dollar businesses begun with less than $500. In addition to the inventors of capsaicin pepper nasal spray and a high-speed beer tap, Deutsch profiled Vickie Stringer, CEO of the world's largest African American-owned publishing company. Triple Crown Publications spawned from a $300 self-published book and has grown its catalog to include titles from 25 authors.
I couldn't find a clip from the show online, but here's Stringer's story for those of you who have wondered about starting your own publishing company:
- Stringer served five years in jail for drug trafficking and money laundering.
- Wrote a novel called Let That Be the Reason
to warn other young women against the dangers of the drug game.
- Queried publishers and agents and received 26 rejections.
- Spent $300 on editing and typesetting in order to self-publish.
- Asked 15 friends and family members each for $100 in order to raise $1500 to print 1500 copies.
- Sold the novel out of the trunk of her car at beauty salons, barber shops, the bar where she worked, and any place she thought there might be a reader. Asked friends and family to also sell cases of books. In the first weekend, she sold 1200 copies.
- As word of Stringer's novel spread, publishers and agents began to take notice. They wanted to get into business with her, and Triple Crown Publications was born.
Obviously, Stringer had the right kind of tenacity and gumption in order to turn her self-published novel into a success. According to Deutsch, there are two lessons to be learned from her story:
- Never take no for an answer.
- If the bookstores won't carry your book, create your own distribution channels.
