Hire Angie Rozul to mix it!
Seriously what I do is import the track from the CD you want to sound like into my workstation. Put it up on an extra track and compare it to my mix. Of course you need to find something that sounds similar. I am assuming we are using a DAW like ProTools, Nuendo, Sonar etc . . .
Next part is a bit confusing so you'll have to follow me here.
You do not need expensive speakers or someone else's reference monitors as long as you know how your speakers sound in reference to commercial CDs. This is really important. My partner mixes a lot of his jingles on his laptop speakers and we are all amazed how good it sounds when played back on TV or even his P75K Genelec monitors. The other rule is LEARN TO USE YOUR EARS and not the DAW window and meters. Of course make sure you are not distorting or peaking the meters. But use your ears when comparing. I am also assuming most of your reading this already know how to mix and EQ etc. . .
Having said that here is step one . . .
Assign all the outputs of your tracks to a master aux. This includes all the aux returns of your reverb or instruments. This master aux return is then assigned to your stereo master. You put all your mastering plug-in inserts on this master aux return and NOT the stereo master. This is where you will do all your EQ and compression to try to get close to your commercial CD mix as possible.
You then make a new track and assign that to your stereo master. That is your reference track where you put the commercial CD track you want to sound like. From there you can A/B the two.
The reason for this is that the commercial track is already mastered. You do not want to just drag it into a track as all your bus compression and EQ will affect that as well. You can now mute and unmute tracks to see how far or how close it is to the commercial mix. I just drag my reference track to another part of my session file so I can jump back and forth between it without having to do any muting.
I usually start with all EQ and Compression and FX OFF and pan pots all center. . . then try to build a balance similar to the commercial CD. At this point you will not sound as loud but that is OK. Bring one instrument up one at a time. Starting with the drums and bass, then vocals , followed by the guitars then pads. Listen and get as good a balance vs the commercial CD as possible. It is not that hard to do with practice. I then Mute everything except the vocals, as this is the most important part of the mix. I then EQ and compress very lightly to bring up what makes the vocal sound good. You also check your dynamics and levels to make sure the vocals remain consistent in level use your ears and not just your eyes. You then un-Mute your other instruments one at a time around the vocal and start EQing and compressing so that you build a hole around the vocal and it is still heard clearly even when it is back in the mix. As you have set preset levels the first time, it will already sound good and you just need to level, EQ and compress your instruments so they do not cover the vocal. Things will still not sound as loud as your CD mix, but just get the vocal to sit like the one in your reference CD. I try not to move the vocal as much as possible and move everything else as this is what glues your whole mix together. Make sense? Just get the balance and bass levels as close to your reference mix as possible and don't worry if it is not as loud.
Once you put in all the EQ and compression and balance . . . you then add your effects. Oh I forgot everything until at this point is all in mono. Once you get a good mix in mono start panning out and adding the reverb and delays. If your mixer or DAW has a mono switch check back to mono and see if you did not loose anything in the balance. Again don't worry if your mix does not sound as loud as the reference. Just make sure the general balance is similar.
Once that step is done . . . start adding your mastering plugins in the master auxiliary master bus . . . this is when you start comparing between your CD track and your mix. The first thing I do is put on a Peak Limiter like a Waves L1 or any Peak limiter plugin your have. I usually drop my output ceiling to -0.3dBFS. Then lower my threshold to get about 3-4dB of limiting in the loudest most busy parts of your mix. At this point your mix should sound pretty close to the CD mix in loudness. Occasionally I'll add some mastering EQ or other effects before the Limiter. While A/Bing with the reference CD mix. Experiment and use your ears, there are no rules and we all have different taste in music. With practice you should be able to get within 80% of your reference CD mix even with the most basic DAW. Start doing minor tweaks in level and EQ to get your mix sounding like the reference CD. Also at this point do not make big moves in volume and EQ in your individual tracks. The moves should just be subtle. The peak limiting will make everything brighter and more upfront and loud like the commercial CD.
Another tip is do not mix loud, just at normal conversation level. And go out of your room and listen to it in the hallway through an open door. It should still sound good and even. Watch the bass of your mix. If you get the bass to sound like the bass of the reference mix, then it will sound real good on the radio. Practice makes perfect as well. Like riding a bike you will get better every time you fall.
This is how I do it in a nut shell and it took me years to learn how to do it this way. Like Dumbo and his magic feather in the cartoon, you'll soon have the confidence to mix without having to use your reference CD mix. One day you'll find out your flying without that magic feather.
Of course this is a reader's digest version . . . there is a reason people pay the big bucks to hire the best in the business and it is the players as well as the engineers who make a great sounding record. Like I said in the top of this post . . .hire Angie Rozul LOL!
Still I am surprised at what you can get with the simplest of equipment. That nice studio I showed in one of my other posts was just my midlife crisis room. You can do it with a simple computer and basic software. Just remember less is more.
Hope this helps.
Cheers.