Back in the day, when I was an artist, getting a quality recording, contacting a decent manager or attorney was not an easy task.
Now a day with the advent of computers, computer software and the internet you can get a great sounding record and contact a reputable manager and/or attorney.
You can also promote yourself and your music all over the world.
This is why I believe that there is no need for an artist to chase a record deal.
Now, I can hear you saying "WHAT, Is he crazy? So read that statement again.
Notice I said there is no need to CHASE a record deal.
I didn't say you don't NEED a record deal.
Whether or not you need a record deal is up to you.
Question: What is your ultimate goal as an artist? Answer: To make money selling your brand (ie, music, t-shirts, key chains, hats and whatever else you can).
You know, most of the time I ask artists that question they get it wrong.
They say their ultimate goal is to get a record deal.
You don't need a record deal to make money selling your brand.
Do some research on your favorite artist and you will find that a lot them generated their own buzz and sold CDs on their own before the record deal.
Don't chase the record deal let the record deal come to you.
Here are a few things to keep in mind.
These are in no particular order.

1. There is an artistic side and a business side.
   I know you've heard that a lot and it's true, so don't forget it.
   
2. Make sure your songs are great and production is tight.
   In order to compete with the big boys you have to sound just as good as the big boys.
   
3. Get your CD pressed and bar coded.
   If you give someone a CD that you wrote on with a sharpie, you are screaming "AMATEUR".
   
4. Please record a PG version of your song.
   Unless you are going to play underground clubs your whole artistic life.
   Plus, a PG version will give you a chance to be really creative.
   
5. Get out, do shows and make sure to sell your CDs at your shows.
   I can't tell you how many times I've seen artist not sell their CDs at shows.
   If you are doing shows and not selling your CDs then why are you doing shows? If you are confused go back and read the question and answer at the beginning of paragraph 2.
   
6. Focus on growth, you are not going to be the best rapper/singer or get the best manager and/or attorney with your first project.
   As your skill level grows so will the people you will attract.
   If you are a beginning rapper/singer then your cousin Ray Ray will be your manager.
   When you start rapping and conducting business like Jay-z then you will attract top level managers and attorneys.
   

Always remember you are not only an artist, you are also a business entity.