You have made up your mind. Come hell or high water you will
start an Indie record label. That's the spirit. Well, you are
going to have to take some of that spirit and channel it into
many directions, in order to develop a lucrative, Indie record
label company. Not to worry it can be done and is easier than you
think. A good attitude is half the battle. So, I want to give you
some tips on making your Indie record label a success.
First, you must have perseverance. Starting an Indie record label
or any business for that matter, requires self-perseverance.
Persistence to achieve your long-term goals, are the keys that
will unlock your future rewards. Just remember when you come
across labels that are "suddenly news" that they have been
working on growing their business for a while without any kudos.
They have received hundreds of rejections, before they hit the
top. However, the common denominators for the companies that are
"suddenly news" are persistence and vision. Remember, after you
receive that first rejection, that your success hinges on your
persistence and resolve towards your vision, a highly successful
Indie record label.
To put your mind at ease, remember the story of Brian Epstein.
Every record company in Britain, except one, turned him down. He
persevered after every rejection and finally, landed a deal with
an EMI subsidiary. The Beatles were born and the rest is history.
Next, in order to have a successful, profitable Indie record
label, you must have great music. The music may be your own or
come from bands and songwriters that you know. However, you may
feel that it is great music, but the public doesn't. Therefore,
when you believe you have something special, then perform a type
of litmus test. Get input from a number of people you respect.
Ask them what makes you or your budding artist friend unique.
Then go back and review your notes. Try to think of ways that
you can accentuate the original qualities your friends spoke
of. Originality is one of the primary keys to success in this
business. Once, you have a hold of something original, work hard
to enhance it.
There is no way around the fact that money will be the most
important ingredient in launching an Indie record label. The
typical amount of money required to start an Indie record company
is anywhere from $2,000 to $15,000. It is rare that a successful
label can be started with less capital. It is important to
remember, that investors and banks will be reluctant to invest
in what is known as a risky venture. That is why a good business
plan is essential. Another avenue is to apply for grant money.
Then there is always the option of asking a friend or family
member to invest in your business. It is still a good idea to
present them with a good business plan, because it will put them
at ease and demonstrate how serious you are.
Finally, you must become business savvy. Starting your own record
label is probably the ultimate entrepreneurial venture and, as
such, demands a good amount of business know-how. Acquiring
knowledge in areas, such as, project planning, bookkeeping,
marketing, product development, writing, contract negotiation and
office management will help your label grow into a success. As
you can tell, you will be required to wear many different hats,
at least in the beginning. Staring your company will be the easy
part. Keeping your company going and growing will require long
days. It will mean learning how to be a self-starter; how to take
risks; being creative; being calm during chaos and most
importantly, learning how to be responsible for your actions and
decisions.
Do not be discouraged if this does not come easily to you. The
very qualities that make one an excellent musician and/or
producer are not the same as running an effective business. You
the artist need to find a balance between the two. A good way to
compensate for your weaknesses is to find a partner who excels in
the areas you do not. That way your business will have be in
balance and you will be able to spend more time doing what you do
best – being creative.
Also, it is important to stay current in the industry. That means
read books about how to promote your music, start a record label,
how to release your own record, and learn about the legal aspects
concerning musicians. Talk with other entrepreneurs. Learn new
approaches... Learn from other people's mistakes. Basically,
learn as much as you can about your industry.
Just remember, in order to start and run a successful Indie
record label company you will need perseverance, capital,
excellent music and business smarts. Once you have attained all
ingredients, then there is no reason why you can't become a
successful, powerful Indie record label.
Good luck and happy listening!
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