Starting a home studio can be confusing at times. There's so much information on the web that you don't know where to start. Here are a few helpful tips on how to get your studio going.
Start with a budget. Stick to the budget. You're not going to build a world-class studio overnight. It takes time to develop a feel for how a studio operates. Buy affordable gear at first to determine if you have the talent and stamina to run a studio. Running a studio is a full-time job and will consume all of your free time. So it's best not to invest all your money into the studio up front.
Get a decent interface. One that has a few mic preamps and some routing options. As you grow, you can upgrade your interface. There are so many options, but you can find used Digidesign 192 HD interfaces on eBay for about $500. Start with one of these if you can afford the system setup. If you're on a tighter budget, I recommend an interface that has been modified by Black Lion Audio. They offer superior A/D conversion and at a price that won't break the bank.
This will be the core of your studio, so spend a little bit of time researching what will work best for you. A good computer is also vital and there are many PC & Mac options. We'll get into that tomorrow.