THINK, PLAN, EXECUTEStarting & Running Your Record CompanyBy JaWar During the

How to Run Your Own Record Company

panel at the SMES MusicConference in Myrtle Beach, speakers were sharing their experiences and information onhow to run an independent record label. As the moderator, I was asked to facilitate asystematic way of starting and running a record label. Throughout the panel I stressed theimportance of three basic stages for increasing your chances for business success:1.

THINK –consider what, when, why, where and how you’ll do what you2.

PLAN –write down what you’ve thought about in outline form3.

EXECUTE –do what you’ve written downWe also discussed the importance and how to get your paperwork in order. These stepsincluded:1.

Applying for a business license2.

Setting up either an LLC or Corporation3.

Getting a U.S. Post Office Box4.

Getting an E.I.N. or federal tax i.d.5.

Opening a business checking account6.

Hiring a C.P.A. (certified public accountant) or buying accounting software7.

Hiring an competent entertainment attorney8.

Creating a business plan9.

Setting up your own website likehttp://gojawar.com(myspace is not your space)After reviewing this vital information one of the panelists chimed in and suggesting thatyou didn’t really need this paperwork initially. He continued by saying that what youhave to do is “get it hot,” implying that you must create awareness and grow a buzz aboutyour music as your first objective.While I agree that you have to get hot by creating a buzz and awareness, I think that onemust also address the two phases of this concept. The first part is the test-market phase.During test-marketing your goal is to see if you actually have a single that people willlike. For example if you have a club record, you’ll want to service it to DJ’s and get their feedback about how well your single is received by their listeners. The second phase is towork the single. This phase should only be pursued after you’ve tested your music toconfirm that it is indeed hot with your core listeners and buying audience. I speak aboutthis in-depth in both the

Atlanta Music Industry Connection

and

Los Angeles Music Industry Connection Books

http://gomusicconnection.com Unfortunately many independent music labels often skip the thinking and planning stagesand go right to the execution part, getting it hot, often setting themselves up for failure.There’s no shortage of musical talent, but what often lacks is creative business talent andmusic industry consultants that will help set up and run a successful independent music