Making the most of what you have, especially your time, is crucial. Here are a few pointers to get you going along the way. First of all, have a plan. Know exactly what you're going to record, when you're going to do it, and in what order things need to be accomplished. The more complex your band and recording situation, the more work you need to put into these preliminary steps. It might seem like overkill, but constructing a solid battle plan will make things go much smoother for all involved. You'll most likely have more fun and have a better final product, too!

Keeping to a Schedule

Try your best to set a realistic schedule for how long you think it will take to record each element of your demo. Just because multitrack audio allows you to go back as many times as you want doesn't necessarily mean that you should. Set time limits for various parts of your sessions to help the recording move forward. For example, set aside an afternoon for the guitar solos and promise yourself that whatever sounds the best that day is what gets to be on the demo. Period. Remember, it's a demo.

Budgeting

What will this cost you? Maybe nothing. If you have a home studio capable of doing what you want and you have the space and time, this might be a no-brainer. But for many people, extra costs might be involved — additional microphones, renting out ample space for recording, and so on. Budgeting is something that everyone in the project should share equally. You might have invested in the recording machine alone, but everyone involved can help split some of the additional costs such as studio time, additional microphones, and any other accessories that are needed.

Studio Log Sheets

Keep a log of each session you do and document details such as what microphones were used on what instruments, approximate microphone placements, microphone preamp settings, effect settings, and any other pertinent information you might need later. If you need to go back to fix or change something, you can get the sound the same by using the exact same variables for each instrument listed on your log. Log sheets like this are standard in pro studios. It's just a good idea to keep track of what's going on from song to song.

Keep Everything

There's no such thing as a bad take. A mistake here and there is no reason to delete anything. If you track to a computer system, most systems save all of your old work anyway. Even so, it's a good idea to save everything that you record because you never know what you're going to need later on. Especially in the case of multitrack recording, you might be able to assemble a “super” take, combining performances into one perfect take from past performances. And, if you ever make it big, you'll have your first “bonus” materials on your first greatest hits album: alternate takes!