Starting a record label. : startups

Me and my friend already have a rehearsal studio in an easily accessible area and all of our current equipment is better than almost all of the current studios. It was supposed to be a record label, but never finished, so the whole place is designed for it. In our country, there are only a few bad DIY and a few exteremly overpriced ”exquisite” labels. We want to make it cheap enough, so that musicians can afford to record themselves, but also make enough money to make profits.

What we currenly plan on doing is to buy recording and mixing hardware that isn’t the best, but somewhere in the middle. We can afford it right now and we think it’s better to build our income with simple hardware and eventually invest it in high-end hardware. Otherwise, it would take us months to get that type of money. Is this a good idea or should we just save for months?

We know that there would be some sort of interest in this, but we want to create financial freedom with this, therefore, we want to advertise it on Facebook and spread the word. It would attract people, as it would be a cheaper, yet high quality alternative. As I said, we only have cheap DIY and very expensive labels for bigger musicians.

We want to make the right moves, before we invest, so are there any precautions that we should take? I think that this is a great business model in our current country’s situation.