Well this surely is the big on isn't it, we dream of getting a record deal with a label but there's a lot of gray area between us and the label and what we can do to paint a bit of a picture to see what path takes us there.
Firstly and simply there are many details that attract a label to a band, but the single most attractive thing to a label is a band that doesn't need a label, a band that can make it on their own without the assistance of a record label.
a band who...
1) Already have a good sizable fan base
2) Treat treat the band like a business
3) is making a good living out of what they are doing
4) are monetizing every aspect of the band
When you get to that stage where you've developed a system to expose yourself, a quality music product, and a great marketable appearance aura you can make that decision yourselves.
A lot of artists nowadays are bound to these 360 deals with their record labels where the labels are taking a sizable portion of the artists revenue whereas before most of the artists 10 years ago would be earning most of their money touring.
Now due to the economic climate of record labels merging management, a&r, distribution, agent and accounting in to one business they are taking more of the pie from you, their main objective is to exploit your talent to earn money, its a business at the end of the day.
So 360 deals will take all your touring revenue but its not the end of the world...
If you get to the point where you don't need a label the best option that all big artists are taking is to license your album to the record company, that way your only dealing with the album, the deal puts you in the driving seat and can be very profitable for both parties.
Something to think about and mull over some pizza with the band : )