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Help needed [starting a business]!

Prof.

Prof.

macrumors 603
Original poster
Aug 17, 2007
5,376
2,206
Chicagoland
I want to start my own business (a record company) but I do not know where to start. Can any of you give me some advice and how much it might cost to TM the name?

Thank you for your help.

Prof. :apple:
 
I hate to be "that guy" but you need a reality check.

1) You're probably barely 18 right? You don't have any credit, no assets, etc. This will make it difficult to "discover" the next great voice/artist and get the word out.

2) Networking takes experience. Successful producers/agents/record companies need to be well connected. If you're just breaking into the industry, you'll need to first make useful contacts.

3) You need practical knowledge about contracts, business management, etc. Unless you have some experience with this (your parents are attorneys/MBAs or own their own business, or you've interned at a successfully run business), this will be the greatest challenge before you.

There are probably other more salient reasons why you shouldn't rush into this, but this is the best I could come up with right now.

If this is really a dream of yours (and I'm never one to discourage dreams, because that's how progress happens), I suggest you first find a job within the industry. Get an internship, or a job, or get some practical business knowledge under your belt (take accounting classes, business management classes, etc) or anything else that can help you get prepared.

Also, save, save, save! You'll need money to last you a while if you don't have a steady flow of income. Thus you'll need savings to get you through the tough times.
 
Prof. said:
Thanks, CalBoy. I really appreciate your input.:)
Click to expand...

Another thought for you: finish your BA first. I assume you're in college, so it's probably wise to finish the degree no matter what. Having the BA can be a good "emergency" degree in case you need a job (say the record company goes bankrupt or you change your mind in five or six years).

Rather than majoring in the arts, I highly suggest you major in business or business administration. Since your job will be to search for talent, you'll need other skills to be successful.

Also, make friends in the law school. ;) Behind every great record company is an iron-clad contract. ;)
 
My brother is in the music industry, and I'm probably going to work my way there, too. You're going to have to work at another record label before you start your own. You can't start at the top in any business. Have you thought about college, or are you in college? That's something I'd suggest doing.

I'd recommend doing an internship first.
 
A friend and me started a record label four years ago. If you got a regular daytime job, you can do this as some sort of side project without problems. Just keep in mind that the label should carry itself, so don't put too much of your daytime job's wage into it (except for getting things started of course). And don't try to put out too many records at once - rather concentrate on quality rather than quantity. We are releasing around three or four records every year, for example. Not much, but you'd rather have one record that sells three times as often as three records that only sell less than moderate.

No advice for making the record label your daytime job, though. ;)
 
I'd recommend an internship or job at a label or something music related, too. You could always form the company now and start working on making contacts, perhaps a small client list, etc. while you are in school and make it a full time gig after you graduate with good connections, skills, and experience.

What kind of label will it be?

Good luck!!
 
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