Becoming an entrepreneur in the digital age is simpler than ever. That doesn’t mean a lot of hard work doesn’t come after starting your company still, but creating a business is a fairly quick process these days. Building a record label is no different.
Record labels can no longer survive the way they did just a few decades ago, so being a newer, smaller label can work in your advantage. Investing any money in a small business is still a gamble, however. So proper planning is crucial to your success.
Pick A Genre
Start out with a main focus. Pick a type of music you want to represent and build your label around that. The music industry is extremely competitive. There are a lot of people out there who devote all of their time and energy into creating amazing music, you have to step up to their level if you want to compete. So focus in on one area that you believe in and establish a quality product.
Name It
Obviously, your brand needs a name. While you’re deciding on a name, check domain names online to make sure no one else has it. You want the name you choose for your label to be unique (and also available).
Structural Integrity
In the not too distant future, once you create your label, you will need money. If you aren’t independently wealthy, you will need investors and they will want to know what your plan for your business is. You will need to decide on strategies in advance such as how people enter in to a partnership with your business, how they absolve the partnership, and the hierarchy of how decisions will get made. It’s important to establish these things in advance not just for monetary purposes, but also so that an organized system is in place.
Artists
One of the most important pieces of the puzzle when building a new label is finding amazing artists to be on it. The artists and repertoire part of your label, or A & R, is responsible for talent scouting and artist development. Get out there and look for some new artists who need representation. Go to open mic nights, get referrals from friends, and go anywhere live music is played and start searching for musicians that you feel will fit nicely into the business you’re building.
Use Streaming Platforms
Streaming platforms are a great way to start getting your artists music out without breaking the bank. Sites like SoundCloud, Bandcamp and Spotify are all ways to help your artists begin to build a following and start getting heard. Your label and your artists won’t get anywhere if no one is listening to the music you’re making.
Promotion
Your label needs the right music promotion or no matter how talented everyone you work with is, no one will know you exist. Social media is a good place to start building a following. But your label needs for your artists to have as much well placed exposure as possible. Find a professional public relations service that can help your artists get interviews and build effective ads to help grow your brand.