Well first off, it'll only be as good as your printer can make it. So if you don't have a decent printer, you might wanna use a buddy's or family member's printer.
I've given tips and whatnot about labels all through out this thread, as well as in other threads. The amount of time it would take me to find those posts, I can just type out the info again.
The first kind of labels I made were what I call the "tape trick" which is using adhesive backed paper (sticker paper) and clear packing tape. You print the labels onto the sticker paper, then cover it with the clear tape. The tape simulates the glossy top layer of a real label. I used Avery name badge labels. The tape, you may want to experiment with. I never found a great tape to use. I think I tried Scotch and maybe one or two others. There were a ton of tiny microscopic air bubbles that made the label look fuzzy almost.
Currently I use adhesive backed glossy photo paper. It looks amazing, and that's all you have to do is print, cut and stick. The draw back is that it IS photo paper, so less resilient than the tape trick method.
Eventually, I wanna get a laser printer, which would probably melt the adhesive photo paper I use. I was talking to Hobie about this and he told me about spray glues specifically designed for papers. So I figure if I ever get a laser printer, I could just get a photo paper graded for laser printing and use a spray adhesive. You can do this, too. Just use any old photo paper you can get your hands on and then use a spray glue.
The tape trick will probably be the easier choice.
As for creating the label, are you good in Photoshop? If you need help, just ask. I can whip up a BoF2 label in a couple of minutes.