Starting a Music Publishing Company? DON'T Make These Mistakes
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Written by Jaron Lewis
Are You Ready?
Decided to start your own music publishing company? Well and good, but are you really ready and equipped to do so? As can be expected in any venture, even this one comes with its own fair share of hurdles and hiccups.
Questions running around in your mind can range from how much does it cost to start a music publishing company, to what it takes to sustain it, and more importantly how to avoid mistakes to ensure success. Do not just jump in for the love of music and the lure of money. This certainly requires persistence, hard work and an understanding of the music industry and the artists’ mindsets, not to mention the legal aspects as well.
The Common Mistakes
What are the common mistakes that one can make while setting out on this venture? Listed below are a few.
Not Having A Music Business Plan
This can be suicidal, so better get one up with proper timeframes mentioned for what you want to achieve.
No Marketing Research And Feasibility Study Done
No business can succeed when there is no understanding about whom the customers are and what they need or even whether there is a need. Not everyone can sell ice to the Eskimos after all!
Going For Anything And Everything
This is a very common mistake. In the enthusiasm to succeed you may choose to publish anything and everything which is not really the right way to succeed. It is better to choose a niche for yourself and make your name in that. It is not easy and may take time, but make sure that people know what to expect when they see your record label. This helps in the long run.
Going It Alone - How To Start A Record Label?
Better get some legal help as music publishing industry is all about high levels of competition, changing scenes and loyalties, new celebrities joining the club every single day and more importantly about protecting the rights of self and the artists that you choose to represent. It involves drawing up a whole host of contracts with IP rights, trademarks and copyrights etc. So you cannot afford to slip up as one silly mistake can cost you in fortunes.
Don’t Let Success Get To Your Head
You may work hard initially to ensure that you make a name. And once you are done, you may just forget to network and tie yourself up in a silo. Remember networking is everything is this industry. You cannot afford to lose a lead, however small it may be. You never know who’s going to be the next big thing out there.
Be Insured, Be Safe
Do not think of insurance as something that you can afford to have only when you succeed. It is something that you need to plan for in your budget right at the start when you think about how to start a music production company?
Apart from the above, make sure that you are well prepared in terms of identifying a location, a marketing plan, financing options, manpower and other necessary equipment details etc. The more you think and list out, the better it is for you and will ensure that your chances of success are better.
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© 2024 Omari MC, LLC. All Rights Reserved.