How to create a label (music)?

As a musician & songwriter (indie) myself, after reading a lot of articles & news about many artists/musicians nowadays seem to prefer creating their own music labels, I am now also curious to know on how to create a label (specifically, an indie label, not a major one)? and what important things, & steps needed to form one?
are there any “formal” procedures I have to follow?
or basically any artist/musician can just start creating one, if they wish?

thanks.