I initially did this only as a hobby, and I had no real intentions of making any money. (Of course I'll never quit my day job), but it is nice to make a little money off of a session every now and then. It helps to justify buying new gear if nothing else. But yeah, just start off slow. If you're any good people will figure it out and the money will be easy to deal with.
Again, FWIW... This is how I charge people and I am definitely VERY small time:
Most bands I deal with are recording a 3-5 song demo of heavy metal. (these seem to be the only people that know anything about me, which is convenient because it's the only thing I like to record
) I usually charge $125 bucks for a full day. If we leave the session set up and come back another day I charge $10 bucks an hour. If I've gotta set everything up a second time (which pisses me off tremendously) I charge $50 bucks + $10 an hour. This works out pretty good for me most of the time. Outside of these circumstances, (which oddly enough, has never happened
) I would charge $25 a song or $10 an hour (whichever is highest) and I include mixing in that cost. If people are really serious about their recording then they will take it somewhere else for mastering, but sometimes people will pay me a little more afterwards to get the songs as close to that level as I realistically can. I don't know if any of this means anything to you, but I thought you might be interested in what a total small timer/hobbyist is doing as far as money goes.
On a related note here's a link to my shitty web page I recently put up due to getting alot of interest from local bands lately and I wanted this information to be accessible.
The Metal Lab