Your camera and lenses are the most important equipment in a photo studio. If you don't find these items for sale, or if they are used, expect to pay top dollars for them. These tripods are crucial for any professional photography studio. Although you can find inexpensive tripods online, be sure to verify quality and reviews. Also, ensure that the camera fits your model.
So the following suggestions will be for those who already have these items and a room where a studio can be placed. Generally speaking, a spare room is perfect for photo use. You do not need a large room since most of your photos will be portraits or still life.
Once you have all the necessary equipment, you can start to make your studio. Paint, lighting, and props are the most important items. These are the essential elements that you will need to create a studio that can accommodate portraits, still lives and any other items you may wish to photograph.
Gray or white is a good pigment to use since it helps bring out flesh tones the best and also is fairly cheap as paint goes. You'll want to use two different shades on each wall, in order to have a choice depending on the skin tone of your subject. Generally speaking, you'll want to use a white/gray balance card as your model.