I started out recording my own stuff with a computer microphone and an acoustic guitar. Eventually I expanded my rig and started recording different stuff and got better with experience. I used to do recording for free with a good friend of mine, then when I started charging for recording he still expected me to do it for free for him. Well, the fact that I wouldn't record him for free basically ended our friendship. So that shows his real motive for our friendship, using me for free recordings.:Smug:
So I say unless you are in the band, don't do it for "free" but do it for dirt cheap, like $5-10 per song. Make the recording experience more valuable to you than the money. Then gradually bring the price up with your experience.