Band started in '08, released EP in '09. Played just about everywhere we could on a local level until we released our full length in 2012. This was an independent release, but through the help of our manager, we had secured distribution, a publicist and a booking agent. We also hired a radio tracker. We did a couple national tours, mostly as support, but slowly built our own fanbase. We're a blend of folk, pop and rock with a dash of country.
When considering options for our next release, we wanted to basically wanted to follow a similar path to the previous album, but were looking for a "home" for the release, that would assist in promotion and open up new networking opportunities. What remained extremely important to us was retaining all rights to music... We had flat out paid for the previous record and were in a position to do the same on the next, so accepting any portion of money in exchange for giving up any of those rights was a deal breaker, in our eyes. Because of what we had established on the first record, and the connections our manager has in the industry, we were able to approach labels with our intent for this next record. We spoke with a few who were interested, but most wanted a bigger piece of our pie than we were willing to give. We finally settled on a licensing deal with our current label - we've basically given them the right to sell our album for a term, for a percentage of those sales. They pitched in some money (recoupable) for some additional marketing and promotion, they cover the cost of manufacturing and we use their distribution - we retain all rights, while the recorded music is the only revenue stream they have their hand in. Shortly after the release, we were able to add a publisher to our team - they actively, (and have successfully), worked with their clients to have our music placed in a couple tv shows and radio ads - we work directly with them, the relationship is independent of the label, however the label does earn a percentage of the sync deals.
What's it like? Well, it's like we're running a store and we hired an outside salesperson who caters to their established client base, that makes commission.
My advice? Focus on building as much as you can on your own, until you hit a plateau where it makes sense to bring in extra help. When you're ready to approach a label, be as attractive of an investment as you can be... The less of a risk you are to a label, the better. Already have fans and a proven track record of sales? Amazing. Don't need much money to release an album - awesome.
This has been my experience, it varies greatly from others - happy to answer any specific questions.