First determine which songs you intend to produce. Often, the artist has a desire to create a full record or at very least an EP. For many artists the opportunity to fulfill such a dream can only be manifested with what is familiar. We all want to emulate our heroes, but the reality is that they were funded by major labels. This isn't entirely practical if you're an indie artist, unless of course, you are independently wealthy.
Try to narrow it down to just the very best song. This way you can focus on quality over quantity and get the most bang for your buck.
Plan for budget-minded productions. If you are working with a producer who believes in your abilities he may choose to accept the production on "spec." Essentially expecting a partial cash payment in advance and the later to be recouped upon your success.
Under these circumstances you can expect to sacrifice some of your writing, publishing or artist advance to the producer. This is common and completely fair.
In terms of the studio you will likely be offered the indie rate, which is significantly reduced to accommodate your budget. Though you will be expected to comply with the studio's schedule, which may hold up your production. On the other hand, if you are paying top dollar you will be offered carte blanche and the production sped up to meet your criteria.
These compromises will continue down the line through the editing, mixing and mastering processes. So be patient with everyone involved and understand that business has to operate as usual. It is nothing personal and you should never feel victimized.
In terms of budget versus time, expect to spend an average of 50 hours per song at an average "indie" rate of $2,500. This typically doesn't include the the mixing and mastering of the song, so expect to pay $500 for the mixing and $100 to $200 for the mastering.
With these numbers you can see how 50 hours per song can take weeks to complete--so plan accordingly.