Is Your Record Label a Real Business?

I own and operate two businesses. Two real, legal, tax-paying corporations registered in the United States. I deal with several lawyers, an accountant, about four managers, and countless marketing personnel and A&Rs on a daily basis. I am a CEO and co-founder of both an independent record label, as well as an Internet based business dedicated to providing independent artists and labels with an outlet to sell their music. I have made connections and done business with Sony, Universal and EMI. I do not under any circumstances "hustle", "get papaz", or "make moves". I conduct business. My partner and I struggled for over 5 years to make our business profitable and successful. I know what it means to devote a life to business. Every waking moment I inhale possibility and exhale action. I am a businessman. I know business...and I also know how to spot a fugazi a mile away. So permit me to teach a few things to all you up and coming artists and labels.

Lesson 1: Understand your audience

Some might ask, "What's an audience?" Simple. At the basic business level an audience is nothing more than a group of people who will pay you for your music. This is the single most important question you should ask yourself before getting into the music industry. Why is it such an important question? Because you have to plan your entire business around where you anticipate your income will come from.

Think about it. Music is incredibly niche specific. You don't hear rap music in old age homes. You don't hear elevator music in clubs. You don't hear heavy metal in meditation classes. Every kind of music has its own home, and its own audience. Understanding your audience and its needs is the first step to setting up a proper business. A business where you can allocate resources and develop a product custom tailored to the people who will be your paying customers has a fighting chance in an ultra saturated market such as the music industry. Simply put, either understand your audience well enough to sell them your product, or continue playing music to that basement wall you see every day hoping money will start seeping out through the cracks.

Lesson 2: Develop your product

This might seem trivial, but in reality developing your product is one of the most neglected aspects of business among independent artists & labels. You must hone your craft, whatever it might be. You must have a solid foundation in music. You have to be a connoisseur and a historian of your selected craft. You have to fully immerse yourself in your particular field and constantly push yourself to provide a better product for your audience.

The list of things an artist or label can do to better their product is nearly endless. For example, spend time bettering your songs by improving such things as vocal timing, word density, vocal melody, song structure, pivots, mixing and many other such things. Understand that every little bit helps. The better your product, the more polished your presentation, the more likely your chances of attracting a paying audience. The moment you begin to slack off on product development, your competition will shit on you. Do whatever it takes to keep the quality high.

Lesson 3: There can only be one boss

Only in the most unsophisticated orgazination or company will you ever find more than one President or CEO. Nobody in such a company has ever seen money, or had to make a real decision involving money. Take it from Fortune 500 companies such as Wal-Mart, GM, Sony, or Disney; there is only one Boss. There can be many vice-presidents, managers and workers, but never two heads to the company. There can only be one President, one CEO, one CFO, one CTO, etc.

What it comes down to is this simple question: "Who makes the final decision?" (To be continued...)

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