Do you want to start an independent record label from scratch? Or you need a sample independent record label business plan template? If YES, then i advice you read on.
Whether it is in the 30’s, 40’s, 50’s, or till present, music has been one great deal of venture when it comes to serenading people. All over the world, music can be seen as the opium of the people, which is why it can be said to be a unifying factor.
There are some folks whose love for music transcends just mere listening. Furthermore, it has been observed all over the years as one tool that influences various cultures of the world. This category of people may want to partake in the production of music, as well as see to how the record label promotes the music and by extension the career of the artiste in question.
For this reason, different record labels have continued to emerge over the years. In fact, the truth is that they seem almost endless. If you do not know how to sing a note ,nor know how to play any instrument but have a penchant for the management and promotion of the music business, then truth is that respite is here.
So, what really does setting up an independent label entail? Who is eligible to own an independent record label? Well, here are top tips on how you too can start a record label.
Starting an Independent Record Label With No Money – Sample Business Plan Template
1. Be Ready To Learn
There is no limit to what and when you can learn. In fact, it has been said that education in life is a continuous thing and so you must be willing to learn a great deal of things as you tinker with starting an independent record label. You can pull this off by undertaking a comprehensive and exhaustive research.
This is so that you know a lot about what has made other record labels tick. You can use the internet medium, read books as well as ask experts on the ways and how they have thrived over time.
Your record label business plan comes in really handy here as there are a whole lot that needs to first be documented, so as to chart the course of your independent music label business. You might want to do this on your own or you might want to decide to give to an expert who can help put things in place professionally.
Your business plan should contain the following; marketing and promotion strategies, how you would source for talents, how you intend to manage them, how to intend to pool the resources necessary for startup and what have you.
3. Run and Come Up With an Estimate
You mustn’t go into any business without first counting the cost of start up. Therefore you would need to first of all detail all the cost of start up. If you are a wealthy person and have the entire wherewithal to finance your business then that is fine.
However, if you would require investors then you would need to do a through financial detailing. The costs include rent, administrative costs, and licenses, the gadgets needed for the equipping of your record label, recording cost, marketing budget, and services, amongst others.
4. Get Trained-: It isn’t enough that you have a penchant for how music is cooked. It is very needful that you get trained in all aspects so that you do not come across as a novice. You may consider getting trained by experts in the following areas: how to choose good songs, styles and formats.
5. Determine the Type of Artiste to Manage
The next port of call would be that you determine the type of artistes you might want to manage. Whilst some record labels wouldn’t mind managing all kinds of artistes so far they churn out great lyrics and music, yet others deal exclusively with a select few with a select genre.
For instance, you may consider managing artistes like the rhythm and blues, rappers, and jazz musicians, or on the other hand you may decide to just do rap artistes. The choice lies with you to decide which you want to major in.
6. Know How to Locate Talents-: As a recording whiz whose intention is to promote the music culture much more than smile to the bank, you must know how to locate raw talents. This could be in your neighborhood, as well as outside. You could possibly consider having a talent hunt where you could then narrow down to the best raw talents.
7. Rent a Space-: Now that things are looking up then it would be very needful that you consider getting a good space for your record label. You should consider the following when looking for a space; a sound proof studio, an office where clients can converge and meet a reception and what have you. Be sure to have your realtor involved in all of these.
8. Get a Team-: You couldn’t possibly achieve running your record label just on your own. Therefore, it becomes needful that you get a reliable team together. This is because you might not be experienced in handle all the tasks like; marketing, producers, sound engineers, graphics designer and a host of others.
Your next port of call would be to market your label. The essence of being in business is so that you can make good profit. Therefore it is very important that you adhere to the advertising plans you have put in place. You may consider any of the following marketing medium. Mediums like; the internet, have a website/ blog, meet new talents and talk to them about your record label and what have you. Be sure to drive this medium effectively for maximum result.
Would these steps really help? You bet that they really would as these are very reliable steps that have been proven to be the right steps.
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