Later this week, I've got a podcast about structuring your personal business in a way that shield you from lawsuits and allows you to appropriately open up a part of your business to outside investors. Here's a cautionary tale of an artist who didn't set things up the right way -- now that he's enjoying some success, some old creditors are crawling out of the woodwork.
Remember that -- as much as your desire to work in the studio may pull you the other way -- the best way to pay for a record is from money you earn at gigs. This way, you're not in debt to anyone and you know you've got a built-in audience for that product. Otherwise, you never know who'll show up once you do hit the "big time" (or even the "small time.")