Every record label owner wants to be successful. However, if you’ve never done this before, it can be daunting. The problem is that your plan might not be complete, which is why you can’t get over that hump in your way. Every record label owner should know how to plan accordingly to achieve success and keep both artists and teams satisfied.
Revenue Goals
Define clear revenue goals to give your business direction. Use the following format to set your goals:
"We will accomplish ____ by ____ to get ________ because of _______."
Why You Matter in the Marketplace for Artists
Why do artists need your services? What is your competitive advantage that makes your record label better than others in more than three areas? Here are some potential strengths:
Great A&R: Ability to find the best records.
Great Promotional Strategy: Ability to take over target markets.
Great Marketing Strategy: Ability to reach target markets properly.
Great Administration: Ability to source and pay money efficiently and properly.
What’s Going to Help You Accomplish These Goals
Staff: Hire team members who excel in key areas.
Tools: Use technology and tools that enhance efficiency.
Knowledge: Stay ahead of the curve with industry insights and expertise.
Bonus: Why You Matter in the Marketplace for Listeners
Why do listeners need your artists? What is your competitive advantage that makes your artists better than everyone else in more than three areas?
Great Records: Ability to create better records for mass consumption and multi-use.
Great Usability: Adapt records for usage in every place a consumer would want it to be.
Great Visibility: Ensure listeners feel supported in their choice of becoming a fan.
Great Experience: Provide a top-notch listening experience through standard mixing, specialty mixing, and remixing.
What is Competitive Advantage?
Competitive advantage is a unique skill set that allows a person or company to stand out among all other companies in a specific area.
Can Mom & Pop Record Labels Compete?
Yes, they can. They just need to niche down their focus to take full advantage of their connections and promotion lanes.
How Do We Create a Winning Strategy?
Book a Call: Start by booking a call with an expert.
Develop a Plan: Build a detailed plan.
Focus on Targets: Winning strategies are built on focused targets that help achieve the goals of the plan.
Check This Out!
If you're a music creative or executive looking to build your label or publishing company in 60 days or less, with a step-by-step foolproof process, grab the 60 Day Record Label Course and get it done today! You’ll gain the ability to get real funding, avoid contractual pitfalls, and keep the middleman out of your pockets. Click the link below to get started now! If you’re skeptical, grab the free guide, "10 Ways to Increase Your Record Label Profits," which comes with a free split sheet download.
Building the Business Plan Right
A well-built business plan leads to wins. By executing your plan, you will achieve success.
Just Wingin’ It
Though many of us might start by winging it due to a lack of industry knowledge, this approach usually leads to quick failure. Don’t make excuses—get a plan and strategy together.
Conclusion
If you never had a plan, you now have the steps to build one and become a better label. With a clear plan and focused strategy, you can transform your label into a multi-million dollar business.
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