You will need a space where all your equipment and a sitting area can fit in. It should also be a room with an independent entrance as you do not want to bring people into your studio through your living room or kitchen. Make sure that the space does not have a big window. If there is one, you will need to cover it as you need a controlled environment for your studio.
Make sure that the colours on the wall are not very catchy. Have the walls painted white or some other neutral colour. In the start, you probably will not be able to afford various lights that are used in the studio so make use of options that are available for now; you can add the lights and other equipment to your repertoire later.
You can purchase the traditional backgrounds that are used in the studios which cost a fair amount of money or you can use a bit of innovation and place a couple of hooks on the roof. Attach a background roll down sheet to it. When not in use, it will remain wound and when in use, you can simply roll it down and attach it to a hook at the wall to get the desired background.
Remote Flash Triggers
These will save you from a lot of extra wiring. Make sure that you have these particularly if your line of work involves children. The chances of you tripping over in case of a sudden movement will be minimised. This will be an additional expenditure but it is well worth spending on.