Record labels look at you as a whole when they are considering you for a contract. Remember, it’s just business. They invest money in your band and want to minimise the risks.
Have you released your own music? Labels want to see that you’re willing to take steps to move your career forward, that you’re serious.
The quality of your music. How professional are you? Does it sound like a very first demo or like something polished?
Your studio recording skills. How efficient are you with recording time? How many takes do you need? Less time means less money for a label to spend on you.
Record labels look for artists who can pursue a music career. For example, once a band is signed, could all members go on a tour for months? Do the artists have the situational or financial freedom to do that? No? Too much trouble for the labels.
The fanbase. Not just a follower number on social media platforms, the number of real people that come to your gigs, buy your merch and interact with you. Mailing lists!
How good are your touring skills? Organised? Do you get wasted the night before, have a huge hangover and perform poorly on stage? More risks.
Your reputation! How do you deal with other companies, other bands, venues etc? Are you loyal or a backstabbing-son-of-a-gun?
They will check your posts on social media to see your world views, whom you’re hanging out with. The labels don’t want any trouble.
You need to keep developing other skills (building your fan base, performing on stage, touring etc) at the same time with your musical skills.
Good performing skills are a must. You must learn how to put a good show for fans. And the audience these days gets bored fast. Lights, movement on stage, setlist, talking or no talking between the songs, what to talk about, the mood etc.
Records labels want to see a determination, that you are ready to work hard. Long term.