Provide a general description of your target audience. Provide a brief overview of your marketing strategy. Decide who the important players on the team are. And provide a summary of your financial strategy. Check out our record label template to guide you on how to proceed with this section of your record label business plan. 2. In the 1990s, when record labels began to exist, they focused on distributing music in a physical sense with commercialized phonographs. Over time, the operating line has shifted to accommodate the introduction of digital music. While it has become easier to find talent, the market has become more competitive.