Business of Music: How to start a record label more affordble
Building your own record label is one of those businesses that musicians love to have. But everyone knows that you cannot start a record label without cash in your pocket. The trick here to be successful is realistic expectations, and most importantly, being willing to roll up your sleeves and get your hands dirty. In other words, if you don’t have a big amount of money for your business, you can still make it up by focusing on the label.
For you to be more focused on the label here are some basic expenses to consider:
- Manufacturing. If you want to have a physical product, you need to pay for pressing of CD’s or vinyl. Skipping physical product for your first releases translates into a significant savings, but make sure that you consider your audience. Try to add artwork costs in here as well even for just a small amount. But remember that you don’t need to invest in cool but unnecessary things like colored vinyl. There will be plenty of time for that sort of things down the line.
- Promotion. Think of how you can let people know about your label and releases. You need to target media- online, press, and any relevant radio. You can also do a lot of promotion in-house, believe it or not. It’s really a hard work but it can definitely save you thousands.
- Label Identity. Of course, you want a label logo or a website right? But you need to think wisely if you still need a web designer to handle it for you or you’ll just do it by yourself.
If you decide to deal with a web designer, pick those who are talented but looking for experience to establish their careers. I can guarantee you that they will work for just a small amount or even for free because it’s their chance to build their own professional portfolio.
By taking a look at the above expenses, you will need some money behind you to really get going. But don’t write off your ability to do a lot of work in-house to save money. You can also consider first the cost vs. the benefit before you decide to spend some cash for your label.
Realistic expectations, musicians who are interested in growing with you and tons of hard works can all make up for your lack of substantial cash- and they could even help you build your goldmine.