1. Take Financial Chances

Use Money to Try Weird Things

Some inspiring labels have put their money where their mouth is by experimenting with how they invest in their artists. For example, in 2019, Canadian label Royal Mountain Records committed $1500 to each artist to assist with any mental health services they may require. Think outside the box, not just in caring for your artists, but in how you promote your releases. 

Spend an Amount of Money That Makes You Uncomfortable

The magic often happens when you push your financial boundaries. Merge Records, for instance, took a gamble by reissuing their favorite band's old record, Neutral Milk Hotel's "In the Aeroplane Over the Sea." Despite initial reservations, this move paid off handsomely. Investing in your records and artists helps keep you accountable to ensuring the release is as successful as it can be. 

2. Take A&R Chances

Work with Artists Outside of Your Comfort Zone

Venturing into uncharted musical territories can lead to astonishing discoveries. Domino Recording Co. signed Arctic Monkeys, a band with a unique sound that didn't fit the label's typical style, proving that experimentation can be rewarding. Move outside of your network and friend circles… explore artists and genres that you’re less familiar with.

Work with Artists Who Don't Have Obvious Signs of Success

Consider XL Recordings, the label responsible for Adele's rise to stardom. Adele wasn't your typical pop star, but XL Recordings astutely identified her immense talent and potential, a calculated risk that ultimately yielded spectacular results. In fact, attempting to sign artists who already exhibit signs of success potential often proves to be less fruitful. Emulating another label's success model as a blueprint for your own achievements may not be a prudent business strategy. Instead, venture into uncharted territory by taking chances on fresh and captivating artists, forging innovative paths toward success.

3. Take Creative Chances

Take Branding Chances

Consider the case of Warp Records, which consistently pushes the envelope with its unique and edgy brand identity. They embrace experimentation not only in music but also in their visual aesthetics, like floating a blimp over England promoting their latest release… 

Help and Encourage Your Artists to Take Creative Chances

Inspire artists to embrace risk-taking in their musical endeavours. As an example, I recently embarked on an unexpected journey, composing and recording an entire album in a mere 10 days. This creative experiment stands as one of the most thrilling experiences in my career to date. Remarkably, within the following three months, we successfully pressed the album onto vinyl, released it, and distributed it to eager audiences. Artists are driven by their passion to create, and it is the responsibility of record labels to wholeheartedly support and facilitate this artistic pursuit. Provide them with the necessary time, creative freedom, and financial resources to take bold and imaginative creative leaps.

4. Take Marketing Chances

Take Chances by NOT Doing the Normal Things

During our podcast discussions, we've had the privilege of conversing with numerous labels that achieved remarkable success precisely because they deviated from the conventional label approach. Consider labels that had their origins as YouTube channels, such as Hydration Records, or those that sprang from humble beginnings as record stores, exemplified by Kiam Records. Notably, there are labels like Last Night From Glasgow, which generously take no percentage from their artists, and those like Citrus City, who specialize predominantly in cassette releases.

These labels started off doing their own thing with no regard for how it “should be done” and they attracted a tribe of like-minded music fans in the process. 

Try to Bend Your Paradigm

Think differently. Innovative labels like Brainfeeder have challenged conventional marketing methods, using social media and creative collaborations to reach a broader audience.

Don’t just bend your mental paradigm of how a record operates, smash it and start anew! 

When it comes to promoting your latest releases, dare to be bold and unconventional as a record label. Forge your own unique path and resist the pressure to emulate the traditional models of promotion, including pre-release singles, blog premieres, or Facebook ads, which may not align with your label's distinct identity and vision.

5. Take Chances with Your Label's Identity

Be Bold in How You Define Your Record Label and Your Community

I've previously emphasized the significance of establishing a well-defined, specialized niche for your record label. This concept inherently involves a degree of risk-taking since it means deliberately excluding fans whose tastes differ from your unique focus. While it may seem counterintuitive, taking the leap and firmly positioning yourself within your distinct niche can be an excellent strategy for cultivating a dedicated fan base that shares the same musical preferences, aesthetic sensibilities, and values as your label. Initially, it may appear risky to narrow your potential audience, but in the long run, it will yield dividends by fostering a more committed and closely-knit community.

Focus on Your Community and Your Movement

When it comes to community, it's essential to transition from a mindset focused solely on "selling records" to one centered on "building a community." Channel your efforts into crafting a movement with your record label, something that permeates every aspect of the artists you sign, the records you release, and the events you organize. Encourage your fans to become an integral part of this movement. Whether your commitment lies in ensuring the independence of underground hip-hop artists, enlightening younger generations about the nuances of blues music, blending urban and country influences in your music, or preserving your country's native language, as exemplified by my friends at Kadasig Records in the Philippines, a strong sense of community can be the driving force behind your label's success.