Calculate your initial budget before hiring anyone to help you record your music CD. Ask other independent recording artists to help you estimate the cost based on similar recordings they've made.
Get record producer recommendations from other recording artists, and call the producers to discuss their services and fees. The producer acts as your musical director who ensures that your music will sound as good as possible. This person can also help you negotiate fees with session musicians, recording engineers and recording studios. If one of the producers also turns out to be a recording engineer, you will likely save a great deal of money. Hire the person with whom you connect with best, who shares your vision and who fits in your budget.
If you still need a recording engineer, then that's your next step. The recording engineer operates the equipment at the recording studio. Ask your newly hired record producer for engineer recommendations.
Interview potential recording engineers or have your record producer do this for you. Inquire whether the candidates have relationships with recording studios that might offer you a discount due to their connections. Hire the recording engineer that you and your record producer like the best and who fits your budget.
Discuss your recording studio options with your producer and engineer. Either one may have a home studio, in which case they may charge much less money than another studio would. Determine the best studio for you based on your recording needs and your budget.
Hire your musicians. If you have talented musician friends who will play at a lower rate, discuss their qualifications with your record producer first. Choosing your players won't just depend on your budget. You want the best musicians your money can buy.
Record your music CD. Your record producer will run the show. Your recording engineer will run the equipment. Your musicians will play your music and complement your role as the feature recording artist.