Cover designer and author of the fantasy series, The Fireblade Array
I’ve yet to record mine, despite years of working on radio programs and in audio production! From a production perspective, you need a room with dampened sound (soft furnishings to absorb echo–think of a studio with egg cartons and foam on the walls). You need a good microphone and a lot of disk space. There’s probably a way of recording using a mobile phone, these days (I’m a bit out of date!), as their microphones are improving all the time.
Avoid mic pops – this is where your Ps and Bs thump the mic as you spit at it. Make your editing easier by enunciating clearly and repeating a whole line when you make a mistake. Keep your background noise (kicking the desk, pets, traffic…) to the absolute minimum. For editing, Adobe Audition has long been the best tool, but it requires some getting-used-to for those just learning. Audacity is free and much simpler for the newbie.
Practice your acting skills. There’s nothing more boring than a reader going through an entire novel in monotone. Listeners latch onto variation in pitch and tone, and emotion. You may feel ridiculous doing it, but it’ll sound much better in the final edit.