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her own account, Toni Steedman has had a wild year.
She presented her business plan at Springboard last
year when the venture capital forum geared to women-owned
firms selected her to be among a handful of talented
entrepreneurs to represent the Southeastern region.
"Springboard
was a wonderful experience for us," Steedman says.
"It sharpened our skills and made us focus on our
business plan, but our company was not the traditional
fit for most Springboard investors. It would have
taken more time for those companies to research
our industry and establish a relationship. We had
several pressing opportunities and chose to go back
to the angel process for a short term fix."
Steedman
says her company is seeking $1.5 million in capital
for the next 12 months. The company has steady revenue
and is meeting its operational expenses, but is
still investing heavily in research and development.
She says she has built the company to the stage
where it is now positioned for acquisition or a
strong industry partner.
Her
company took a big step this year and opened a 1,000-seat
theater in Myrtle Beach, South Carolina, with Disney
as her landlord.
"Our
good friends at Paws, Inc. and Milestone Productions
worked with us to obtain the exclusive Garfield
license so we could add a 25th anniversary Garfield
Birthday Party segment to our show and broaden the
appeal," Steedman said.
A
recent trip to a trade show for the fair circuit
netted $250,000 worth of bookings for the RAGGs
Kids Club Band at state and county fairs around
the country.
"In
the next year, we'll continue to make decisions
that grow our brand and increase revenue. Our TV
pilot is ready to show and we're setting up meetings
with the networks and distribution partners for
the fall now. Touring has been a success for us,
and our products - CDs, T-shirts, videos,
plush toys - have sold well nationally
this year. Wal-mart sold out our Christmas CD last
year by November 1, but our manufacturer couldn't
supply more in time to meet the demand. We won't
allow that to happen this year," Steedman says.
Working
seven days a week, typically 100 hours a week, Steedman
says she is fortunate she was blessed with the "biggest
battery" - a high energy level. "As an
entrepreneur, given the obvious things are in place
like a great product and good business management,
I believe the formula for success is perseverance
and sheer determination.
"People
often mention the importance of dealing with rejection
and roadblocks, but until you encounter them everyday,
you can't possibly fathom the kind and number of
obstacles that are out there and the time, skill
and strength it requires to maneuver through them.
There are days that I just shake my head and wonder,
'how did we ever get everything accomplished today?'
You need a sense of humor and lots of vitamins to
do this!" Steedman adds.
Her
advice to entrepreneurs who are a few stages behind
her in the development of their companies? "Step
back and honestly assess your company. Ask yourself,
'Do I believe in this product so much that I'd commit
unreasonable time, energy and resources to making
it work? Do I have what it takes to handle the big
problems and crises? Do I have several back-up plans?
Am I in good enough physical and mental shape to
drive this company to success? Will people follow
me into battle?"
"We
believe we have the next break-out children's entertainment
property. Our goal is to be an evergreen, a classic
- not just a one-hit wonder," she says.
"If we hit, the potential is exponential."
(This
article is reprinted from the Fall 2003 edition
of Enterprising Women magazine. Copyright
2003, Enterprising Women Inc. Reproduction in whole
or part is prohibited, except by permission of the
publisher.)
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