Katy Perry knows a thing or two, or four million, about success. The ‘Wide Awake’ singer, one of the best-selling artists of the modern era, is taking her experience, her wisdom and know how and distilling it into a new business endeavor: She is launching her own record label.

While starting a label in 2012 might not seem like the smartest thing to do, since CD sales are in the toilet and labels merge and shutter with some regularity, Perry is rolling up her sleeves and diving right in.

“I’m preparing for it now,” Perry revealed in her Hollywood Reporter cover feature. “And when this record label does come to fruition, I’m going to try and avoid the things that take away any fighting chance for an artist to have financial success.”

It takes an artist to know an artist! Perry is approaching this business endeavor with an artist-friendly stance. That’s going to bode well for whichever acts she inks to deals.

It’s nothing new for an artist to launch his or her own record label imprint – Madonna has done it, so has Prince. It is often seen as a “vanity’ project for a pop star to generate some publicity and income with, but from the sounds of it, Perry is doing it for all the right reasons.

Watch the Katy Perry ‘Wide Awake’ Video