If you’ve always dreamed of running a music label, with today’s technology it’s not actually that difficult. You’ll need to keep the following in mind:

• You should be familiar with all aspects of the music business and how it functions. You’ll need to use financial resources, industry contacts and knowledge of both music trends and business to sell recorded music products.

• You won’t need recording studios or a manufacturing plant, you can always outsource these services and technology means artists can, and have, recorded music in their bedrooms on a smartphone.

• Create a business plan detailing all aspects of what you plan to do and how you intend to finance it.

• Find an attorney that specializes in the music business to draft the contracts that you intend to use with the artists on your label. Each contract will often need to be tailored to the demands of the artist you are signing and will include copyright and royalty payment terms.