Dont wait for your crappy band to get signed. Start your own music label. You can start by attending the Indie Impact Workshop Series hosted by the Memphis Chapter of the Recording Academy.
The series is designed for wanna-be music industry entrepreneurs and it only costs a measly $5.99 per workshop (were not sure why they couldnt just make it $6). The first workshop, Finish What You Started deals with mastering, cover design, and the manufacturing end of things. Its Wednesday night at the Media Co-op.
For more, check out the Flyers searchable listings.