How's life in the music world?

I am the process of finding a record label right now. I play guitar and I sing. My music is clic rock influenced. I want to make a humble living. Nothing extravagant. I am completely ignorant when it comes to that entire world. How does it all work? I'm sure some things are influenced by the record label and the type of music and the popularity you receive. However, as I said before, I will most likely be doing something that is low-key and not too mainstream. What are the pros and cons of this situation? I'm not really sure what to ask here since I don't know too much about this stuff. But basically, what would life be like in that world? And will I have creative control over my work? Thanks.