Before creating a new business, how many of us thoroughly think about the financial side and break down the actual cost of our business? Maintaining your business idea’s initial zest is important. However, the financial aspects can sometimes hurt your spirit.
Martin, our creator of the week, shared with us his business experiences. In this week’s post, Martin describes how he started a record label without financial support and how crucial it is to make the right decisions that will eventually advance your business.
Who are you and what do you do?
I am Martin D.K.T. Nguyen, also known as musician MDKTN and co-owner of Record Babies, an artist-run record label based in Sydney, Australia. My collaborator Warssie is the other half of the partnership and the label’s visual artist and photographer. Together, we create evergreen audio-visual content for online streaming, digital sales and licensing. We also sell merchandise and create original designs for our online store: makeeverydayinspiring.com, named after our record label’s mission to “Make Everyday Inspiring”.
What sets you apart?
Our record label is structured so that current and future content creators keep 100% of their copyright and publishing, meaning they do not work for hire. Ultimately, the artist decides what direction their career takes, who they want to work with, where their works get published and complete control over their creative output. Owning 100 percent of your sound recording masters, copyrights and royalties is something that we deeply value on a business and spiritual level. Personally, being the music artist as well as the record label owner makes you more knowledgeable and insightful about the music industry. Although it can be stressful and mundane, establishing my own record label is one of the most rewarding business breakthroughs I’ve achieved.
What obstacles did you have to overcome?
Having limited to no funds and support from those closest to me. I tackled some of the financial issues by removing the excesses in my lifestyle and reducing all expenditures where possible. In learning and doing things myself such as website design, taxation and legal, I saved heaps of money that was eventually used to fund more content creation. I also had to face socio-cultural stereotypes and preconditioned expectations that people had around me. By trusting God and filtering out other people’s opinions, I was able to overcome their ignorance and redirect my energy to where it was needed most.
Do you have any tips for other creators?
Take advantage of lower cost alternatives for similar resources where possible without sacrificing quality. For example, I applied for a free artist website on IM Creator to build a beautiful website and host mdktn.com, which meant I could afford the monthly instalments for my business website recordbabies.com. With some creative problem solving skills and a bit of research, your business can adapt to your financial situation and survive through fluctuating market conditions. Work with what you have and level up as you go by seeking out the tools, people and businesses that can effectively communicate your brand’s vision.
We want to remind you that we have a free license for artists and students, so click here and start building your site for free!