Having your own record label has advantages because you can leverage this to get more royalties and/or fees. Don't forget about the tax deduction to feed your beat making habit.
You do have to make sure you do everything by the book however. Making rap beats for sale is one thing, trying to market them through your own label requires different music business contracts and book keeping. Start your business on the up and up. While going to jail may get you "street cred", being a beat maker behind bars is not a goal you should want.
There are packages out there to help you start a hip hop record label. I suggest you check things out to your best capability before going this route, but the payoff will be tremendously greater running your own label instead of being a hired hand.
Some beat makers will seek a partnership with others. You know "I make beats, you do the business side". It's not a bad thing if you get everything down on paper from everyone's responsibility and share in the business. Definitely get a lawyer in the mix.
