1. Start with some good gear A good microphone coupled with a good audio interface is the very foundation of a good recording. You don’t need a $1000 mic, but a decent microphone will do the job. The audio interface needs to have clear preamps and introduce minimal noise in the recordings. Your recording software needs to be good, so that there are no latency issues. Take some time to know your gear well before starting to record.
2. Correct recording formats: You need to decide in advance what recording formats you want to use. You can’t expect great results if you record at 8 bit, 8000 khz. The best format to use for recording is either wav or aiff. Use 44,100 Khz and 16 bit settings for best quality (this is the minimum setting. You can always go higher than this). It is always advisable NOT to record in mp3, as the format cannot capture the entire pristine spectrum of audio frequencies. But if you have to record in mp3, record at no less than 320 kpbs.