1. Make sure you create rap/hip-hop, there are almost NO small record labels doing this type of music. Its a very unexploited niche.
2. Make a "mixtape", which is your rapper's lyrics over someone else's music. Sell them on street corners, at malls, at the post office, you know, in court, wherever you can find other people. Be sure to tell them that you are "the next artist to blow up", "I will be on MTV soon", "this hit single is blowing up the airwaves", even if the only radio play it got was on you and your cousins little Sprint PCS radio hookup.
3. Rap about Lexuses, (or Lexi, if you prefer) platinum jewelry, platinum grilles, spending 3 thousand in one night at the strip club, doing 38 years in the pen, just basically all about the life.
4. Find a catchy name for your record label based on a stereotype about black people (Rob You In A Dark Alley Records, Pussy For Sale Ent, Niggaz N Jail Inc, GTA:Oakland).
5. Name immediate family members, ESPECIALLY first cousins, CEO, VP, VP of Marketing, Manager, etc.
6. Quit your money makin job. When you become the next Jay Z, you wont need no 9 to 5 no more. The more time/effort you put into your label, the sooner you will become the next Jay Z. Sell everything you got and buy a studio to put in your garage.
7. Feature every wack rapper you know who is a close personal friend or relative, no matter how good/bad they are in rapping. Promote them as if they are the next Tupac, even when their lines sound like this "Bitches on my dick / Nigga you a trick / Get in the whip / Bitch time to strip / I got the heat / Them boys retreat / I got the chrome / Now I go home / See me on the block / All them niggas jock"
8. Stay in local black communities to sell your product. Never venture outside the hood. Black and minority communities do not have an abundance of record labels and rappers. There is almost no one today in Black communities who raps and / or produces, and has a record label. All you have to do is set up shop, and watch the money come in.
9. Do not innovate or do your own style of music. If Hyphy is hot, you better be the hyphiest yellow bus ryder you can be. Make all your songs about goin dumb, get stupid, stunner shades, and thizz face. If a new trend comes up, follow it as fast as you can. People who make their own styles, do their own thing, and are creative are never appreciated in the music industry. Ten years from now Tupac will be forgotten, but Yung Joc will live on in our hearts and minds. Bonus points for naming your label Hyphy Ent.
Follow this advice, and you will soon be a millionaire.