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Do you have a track record of discovering and breaking new bands, or a string of successful previous releases?
Make sure you’re realistic what you and your team can acheieve.
Also, do you have access to a studio or any other facilities to help your label thrive?
It’s also important to demonstrate how you’ll measure your achievements by identifying your Key Performance Indicators (KPIs).
KPIs could include your expected profits margins, streaming and download targets, or expected media coverage.
What useful equipment do you currently own or have access to?
Your marketing strategy and analysis You’ll want to set out a solid strategy for making your label a success.
But what should you include in a record label business plan?
For starters, it should include: - An overview of your business idea -Your aims and goals - How you’ll earn/spend money - Any potential problems - How you’ll measure progress We’ve created a free-to-use Record Label Business Plan Template, to help budding entrepreneurs get started writing their plan.
Your strengths could include the following and reputation of your artists or access to studios and influential contacts, while weaknesses could include a current lack of funding.
Your opportunities could be any events or deals you’ve already secured, while threats could be strong competition from other labels, or a limited music scene in your local area.