Hard work is the major ingredient to starting a record label. You won't get much rest, but your efforts will be greatly rewarded if you stay determined and follow through with it. Don't let anyone hold you back. This is not legal advice. It is not financial advice. It is not business advice. It's not even food advice.
The secrets to starting a record label are:
For copyright purposes, your primary step should be registering the name when starting your own record label. A good method is to create ten names, and even though only one is needed you will have plenty to sift through when finding one that is either available offline or online. You also won't have to stop and be bothered by starting all over later
Choose a name that is catchy; people will remember it better. This is a major step in starting a record company.
You don't need a name that represents on the genre of music. Pick something universal so that you can produce any genre of music. Now that you've got a list of names, you need to check out their availability by searching through a domain registry and seeing if your names are already taken or not. Make sure you don't pick a name that resembles someone else's record label. You don't want people to Google your record label and end up looking at someone else's label by mistake.
Initially, a record label will require a lot of money to get going. What serious people do is find an investor or get a loan. Cause you will need thousands and thousands of dollars to get started. This includes funds for promotion and making the records.
The next thing you want to do when starting a record company is to look for bands to sign a record deal with. Find a band that you believe will be successful. A band with attractive members both male and female will be the most successful. Once you have found a band, you need to make the contract as clear as possible, so things stay easy and worry free.
Now that you have the music, you need to get it distributed. This is the next big step to starting your record label. Before approaching a distributor, you need a game plan. Big time distributors general won't give a new label the time of day. Draw up a plan of how you are going to convince them to distribute your music. Find special points that would peak their interest in you. Go over this plan with a business analyst and have him help you with the layout.
If you have enough money you can start a record label but to have a record label that makes money will take some work and planning. Concern yourself with the fastest ways to make your record company a money maker. In the end, if money isn't being made there is no point in starting a record label.