Just to be difficult
I almost never cut to exactly 8x10 before cutting the portrait. I like to use a store bought frame with a mat around the portrait. Below is an example of a picture I did of my son (thanks Grandpa for the pattern, again) When I know I am going to mat the portrait I leave the piece big(or think I might) I leave it a few inches big, then use some hot glue or double stick tape to stick the mat to the wood. Leaving it big lets me center the piece just right, sometimes after the fact I think something would look a little better with more wood above or below the cutting to add depth. I usually cut my portraits to finish size with a band saw after I cut the portrait.
I find lots of frames at the craft stores that look really nice and they often have clearance sales or 50% off deals, so they can be a great deal. Michael's will often give you a 40% off coupon with your receipt and frequently in the Sunday adds. I have a stock of 11x20 frames that mats a 8x10 cutting really nice.
I like using glass with portraits because I hate dusting. All of those little cuts are dust magnets! Depending on the backer they can also be a bear to try to clean. With simpler designs or all wood pieces I will go with out glass, because I really like the look of no glass (I just hate cleaning it)
Lately I have been using either felt (in black or charcoal grey) or stained wood as my backer material. Some portraits really need the contrast of having a black background to make the image pop.
Felt fits a little better in store bought frames. I use hot glue to stick the felt to the wood and use the stiff cardboard that came with the frame to keep everything in the frame. If I use a wood backer in a store frame with glass I tend to run out of room so I just use nails/staples/glue to keep the piece in the frame.
If you want to cheat a little in making your own frame. The big box stores have "picture frame molding" in with all the trim pieces. You can buy an 8 or 10 foot piece and then you have a "pretty" profile. I have a really cheap router at home and it isn't quite up to the challenge of making pretty frame pieces. I also don't want to invest tons of cash into router bits for a really cheap router.
I finish the back of my frame with a piece of craft paper (slightly nicer then paper grocery bags) I use hot glue, nice and smooth around the edges to smooth it down and keep it tight. A slightly moist rag wiped over the back takes out a few wrinkles. The results is a really professional look on the back side. I can't find a picture, but I can explain that better if you are interested
Lately I have been signing and dating the front of my portraits with pencil before I spray a finish on them. I like the results, visible but not distracting from the overall image.
Let me know if I can help
Katie