Go for it!!! In reality though total pain in the butt these days, would be great if people still bought cd's. A mate and I have just been relesed from our distribution contract and have about 4 albums worth of hiphop to release on itunes over the next week or so. I decided I'm not selling my gear and we are going to record as many records as possible over the next few years and release everything on itunes, every single track, lucky he has plenty to say heh.
So I dunno I've given up on the idea of a label as such, though we'll still release it under our label we will be the only artists on it. Here's a taste of things to come.
http://www.triplejunearthed.com/Artists ... stid=18211 have a listen to "Bounce", needs a remix before release though.
So yeah mate just do it. All you really need is a tax file number a logo, artists and bank accounts to start. I know there's about 100 other things everyone will fill in.