Music Business

Independent Record Labels: The Essential Steps to Successful Entrepreneurialism (5)

The Music Telegraph | Text 2020/03/06 [10:18]
Music Business

Independent Record Labels: The Essential Steps to Successful Entrepreneurialism (5)

The Music Telegraph| 입력 : 2020/03/06 [10:18]

 

© Giphy

 


Independent Record Labels: The Essential Steps to Successful Entrepreneurialism (5)

 

© 2001 Music Business Journal (by JoJo Gould)

 

 

The Following then is a summary overview of some of the key elements to be considered by those who wish to pursue the setting up of their own independent record label:

 

(Continued from previous article) 

It is advisable to seek out the most cost effective manufacturing sources. Seeking advice from other labels who have already had experience of dealing with manufacturers can be advantageous. Along with recording studio time, manufacturing will be one of the new label's largest overheads; so looking far and wide for a reputable supplier can be essential to avoiding the pitfalls  of costing and releasing product. Manufacturers will expect products which are submitted from labels to meet their exact specifications. As a result, file formats - such as TIF files should be closely scrutinised. Failure to submit precise information can result in a surcharge from the manufacturer. The manufacturer may also suggest that the product be mastered properly. Again, this will also incur costs.

 

 

Market research is an important element for any business. Small labels can undertake good practice then by including database business reply cards in their record sleeves. In this way, a mailing list of the fan base of particular artists (and for the label itself) can be developed and maintained. Legally, labels should be aware that they may require a data protection licence (from the government) to store individuals' contact details.

 

 

As the music industry is people based, it is important to network with contemporaries. Encouragement can be derived from mixing with other creative people who have shared the inevitable problems of small business development in the music industry. Industry organisations such as NARIP (National Association of Recording Industry Professionals) exist in the US. In the UK, the BPI (British Phonographic Institute) and AIM (Association of Independent Music) represent UK record labels and provide scope for networking opportunities such as seminars. Both of these organisations are membership based, and provide a range of services. Regionally, a range of useful networks are also available in the UK - such as Generator in the North East of England, the Merseyside Music Development Agency, SRIA (Scottish Record Industry Association) and MIDAS (Music Industry Development And Support) in Scotland, and FMC (Federation of Music Collectives) in Ireland.

 

 

Similarly, some practical experience can be very advatageous. Work experience with an established record label can provide an invaluable insight into the dynamics of the day-to-day tasks involved in operating a record label. Some record companies are amenable to internships for a limited time, and opportunities should therefore be sought out to this end.

 

 

Location is a concern for most small businesses. Premises may seem more professional. They are however a drain on scarce resources as they incur infrastructure costs to set up and operate. Labels are advised then to seek out premises only when such a move is financially astute. Those who do take out business premises should try to locate their office close to other associated enterprises. Having a related infrastructure to network with can be useful for contacts as well as being inspirational. Those without premises may choose to set up a PO Box account with their postal service. These facilities are usually available for 6 or 12 month periods, and are sometimes cheaper to operate if you choose to pick up the mail in person, instead of auto-diverting to another address.

 

 

 

 

 

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