Phase 1 of  record your own CD:
Your marketing music plan.
This comes first. Before throwing money at a studio and having a blast recording your own CD, you should develop your marketing plan to  sell  your music. It's going to change the way you budget, the way you approach the recording, and most importantly, it will dramatically raise the standard of what you are producing.
In other words, ask questions first, and know what you're shooting at later.
 
1.Action: Ask yourself the Power Questions.
Ingredients: A quiet place, an hour, an open and relaxed mind.
This is the most important step to take.   Answer these questions carefully, after really digging in your soul.   Everything else you do will be defined by what you find out here. The more specific you are, the more effective you will be.   In other words, instead of saying " I want to be famous," say, " I want to be interviewed on David Letterman." " I want my song on every top 40 radio station at least twice a day." " I just want something to sell when I do a live gig."  
When I recorded my album, I envisioned the album in its wrapping.   And that's what I've got.   Lots of them.   Hardly anybody buying them.   I pretty much made an album for myself.   Had I asked these power questions before I made an album, I would have been much happier.   I will never make that mistake again.
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Why do I want to record a CD?
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What is my specific vision of a successful project? (You may want to meditate on this, actually visualize the experience, the moment, when you know you have succeeded in achieving your specific goals.)
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Who is it for, who will buy it? (Again, choose a specific person, define their age, gender, where they live, any detail.)
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Who else is it for? (Another specific person.)
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How will I get the best product I can within budget?
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Having said all this, how can I refine my vision to make it even better?
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Who will I work with that will help me surpass my best expectations? (Collaborating is usually a fantastic way to push yourself up a few levels.   Who will challenge you to do better, and contribute great insight?)
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Is there anything else I should clarify before I begin?
 
2.Action: Define your goals and write a mission statement.
Ingredients: The answers to the above.
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Put in writing the description of your project that emerged from the power questions.   It should be a very specific description, and it should be a description that excites you. This will jump start your marketing music plan.
 
3.Action: List the resources you have currently for this project.
Ingredients: Your material, paper and pen.
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Write down your current music situation.   Include the amount of songs you have, any recordings you have, and whatever materials are at your disposal.   Who knows and appreciates your music now?   Who do you know and work with on music?   Who do you know in the industry? How much time you have to work on it?   What human and material resources will you need that you do not currently have?
 
4.Action: Do your style evaluation.
Ingredients: Paper & pen, knowledge of musical styles, samples to compare to.
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Write down a specific description of your musical style.   Include significant adjectives that will fit in with your marketing concept.   Also include comparisons to similar artists, as well as what sets you apart.
 
5.Action: Begin  your marketing music plan.
Ingredients: Two hours, creative input from people who know.
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Let's get more information about your primary customer.   If it's a person you know, you can ask them directly.   Find out the following:   What do they like about your music?
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What other musicians to they listen to?
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What were the last three recordings they purchased, and what prompted them to buy them?
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Find out how those other artists succeeded in selling their albums.   How they reached their customers, how they achieved radio success, what was their marketing message and how they got it across.
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Based on all this, write down the practical steps regarding the material and the presentation you will use in the project. Notice any changes you have made from your original ideas, and make sure they are for the betterment of the recording. In other words, don't sacrifice art for the sake of money, rather channel it in a way that will breed success. It may mean redefining your targets, or simply describing yourself in other words.
 
6.Action: Do your budget.
Ingredients: Time and money, and a realistic appraisal of what things cost in terms of both.
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The biggest mistake people make in this industry is to calculate the budget for making their recording.   Certainly that is important, but something else is much more important.   How much money you can spend on marketing. Spending all of your money on making the recording with nothing left over for marketing is like flooring the gas when your car is in neutral.   Don't plan on taking out full page ads in the New York times, but do plan on printing posters, flyers, postcards, and some advertising in local papers.   Very often, the best way to get a good review is to buy an ad.
 
7.Action: Write your music marketing plan.
Ingredients: Paper, or a software planning program, your new information.
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Do a step by step recipe for achieving your specific goals.   Include dates if possible.   Plan things like sending out press releases, demo tapes, arranging live appearances, and whatever else you can do to get your message out to the right people.   Do it in sequence, just like following a recipe to prepare some special dish.
 
NEXT PHASE: Music production before you go to the studio