Ham_authority95 said:
What would you need to know/do/think about/suck on if you were to start your own label? I have terrible business skills, so while I wouldn't actually want to start a label, I'd like to hear what you know.
I think the main thing would be to define a goal, what do you want your label to actually do. It helps if you're doing something unique. There are already a bunch of really big labels that deal with the ultra-commercial aspect of things plus a whole lot of less commercial stuff too (usually via imprints). You can either try to compete directly with that, or, you can try and do something that they are not doing. Many people who started labels including myself did it not primarily for financial reasons but because there was music out there that they liked which they realised was never going to get heard if they
didn't start a label.
All the 'business' stuff can be learned by doing, that's how I learned to do it. I have no formal business qualifications and I even failed accounting classes at school. Most of the business skills you need in the real world are just a combination of common sense, making sure you keep records of everything, and budgeting skills i.e not throwing money around stupidly. Anything that gets really horribly complicated in terms of bookwork you can always hire an accountant to sort out, but if you're good at keeping track of things and your operation is fairly small you may not ever need one.
Also, you're probably going to need some start-up funds. I worked in the straight world for a few years to build up the cash to get started, that's a good way. A label usually doesn't make decent money until you've got a fair few releases out (and even then it often still doesn't) so be aware that money you spend you may or may not see back... or you might see it back in spades if you get lucky, but that comes with its own set of problems. If one of your artists gets popular, how will you cope, logistically? You can't spend all day putting paper slips in jewel cases... or can you?
Small labels may also want to think about image and aesthetics, it's not vital and labels can function without it, but a well-maintained brand becomes something that consumers trust. I know I've purchased music that I'd never heard of before simply because it was on the same label as other music that I liked, so I considered it a safe bet. Also, think about how heavily you want to get involved in the artistic side of things, do you want to leave it to the bands, and if you do, what will you do if a band comes up with an idea that you think is completely abhorrent and unacceptable?
I could dribble on for ages about this, I haven't even scratched the surface really, there's so much stuff I've left out. Your question is extremely broad, to get more precise answers you'll need to be a bit more specific.