Monday, February 25, 2008
If you love music, you maybe want to rap, produce or manage an artist. It is also possible for you to start your own hip hop label. If you love the music business more than anything. Starting a record label is the the perfect thing for you. Here below you can find the basic steps how to start your own independent hip hop label.
Step 1. First of all you need to put together a business plan. Then you can include dates, possible artist additions, venues and financing options. It is real important to write a business plan, because this will get the issues clear what you have to take care of. Click here to learn how to write a business plan.
Step 2. You need to create a setup for your area. For the artists you will have to plan schedule for your projects. If you do not own a studio. It is the best to find a studio and get the rates of the studios. You can achieve much from a home studio. Find out for your self what the best options are when it comes to recording.
Step 3. Once you got your artist project plan set up, business plan and your chose the right studio. Then the time has come to outline the financial projections. Your pages about the financial issues will be empty. There will be no history or anything. It will be totally blank. There is a good and a bad thing about the financial sheet. There will no bank willing to release a loan to you, when you have zero projections sheet. The good news is that there are lots of personal investors who are willing to invest in your record label. The investor will give you the money to start your record label. This will make the investor the C.E.O of your label. If it is no problem for your to give up the leadership, then this is the way to go.
Step 4. It is important to understand that music business is no "fast track" as the media may describe it. The music business is all about finding the right niche and bigging up your potential. Your label will make money from selling CD's, live shows and merchandise. To sell your music, there got to be a well developed marketing strategy. This will make your label stand out from the other labels.
Step 5. Now that you got your plans all together and you got your marketing strategy mapped out. Then comes the legal council. It is important for you to have someone who can draw up papers for you to have an LLC. This offers you all the taxation info for legalizing the transaction you might make. This service must not cost you more than $250.
Step 6. After following these steps you have become an independent record label. Putting your plans into motion will bring you closer to achieving your goals. Following these steps will help you to operate as an independent record label.