Brainstorm ideas based off the name and principles of the record label. For example, if your record label is called Sunny Day Records, you might consider incorporating an image of the sun in your logo. If your record label releases serious classical music, you might consider a more crisp and professional look.
Open a graphic design program, like Adobe Illustrator or Corel Draw. If you don't have one of these programs, use a simple paint program or sketch on a piece of paper.
Choose a font for the lettering. Make sure that the font both carries the vibe of the record label and is easy to see. Be creative and true to the label without cluttering the design or using an over-the-top font.
Incorporate other design elements with your font, unless the font design stands out on its own. For example, you could place an image above or below your lettering or place your lettering inside of a box. Be sure that the other design elements reflect the nature of the record label.
Choose colors for the lettering and design elements that reflect the vibe of the record label. For example, choosing a hot pink font for a blues record label might not be the best bet.