I am going to assume you are talking about a home studio at a modest cost. There are just a few items you need to be able to record at least something rough.

First would be a powerful computer with a fast processor and lots of RAM and hard drive capacity (assuming you are going computer based). If you don't already have it, get it first. Choose your recording software and load it up. I recommend downloading Reaper and trying it out for free for a month - then you can buy it inexpensively.

Next you will need an interface to convert analog to digital and connect a microphone to the computer.

And then you need a microphone/stand/cable to capture what you are recording.

With these items you are off and running and as Andy says, there is no limit to the stuff you can add later.

Colin

I try to critique as if you mean business.....

http://colinwardmusic.com/

http://rosewoodcreekband.com/