I have a home studio, it is set up in my garage, I have gradually built up my gear.
I also aquired the end of a roll of 2.5m white clay-coated white paper, this makes an excellent infinity backdrop.
I upgraded my flash to some 300 w/s studio flash units but these proved to be unreliable and were replaced with Lastolite lumen8 400 w/s lights, these have been an excellent investment.
By moving the lights, up or down, angling them to bounce, off black or white surfaces, using soft-boxes, shoot through or bounce-back umbrellas, varying the power of the light, using reflectors or go-betweens the lighting possibilties are infinite.
Using a few props, a desk and chair to represent an office ,or a simple sign yet more options !
The end door of the garage has been sprayed with "graffiti" to give an "urban" look for shoots.
It need not cost a fortune, just a little imagination and ingenuity.