You have been entertaining the idea of starting your own record label and have probably been told that it is a very expensive venture. But the truth of the matter is that you don't have to start big to make it in the industry. You don't have to break a bank to be able to set up a recording studio if you can do it in the comfort of your own home. There are a few essential items you will need for a start that you can source online at very friendly prices.
Essential Items For a Home Studio

There are major items that you will find in any recording studio that you walk into, be it a sophisticated high-end studio or a simple studio downtown. These are the basic items that make up a studio, and you cannot function without these instruments. The good news is that you can easily find these items and you can either decide to buy new ones or second hand at a lower price. You can also source from China for a wider variety and good prices.
The Perfect Room

You cannot set up a recording studio in just any room in your house. You will need a secluded room that is free from any noise from outside or the rest of the house. A room in the basement is perfect for a home recording studio as it is peaceful, and you do not have to spend a lot of money on soundproofing.
A Computer

You can use any modern computer or laptop that you have. However, it is crucial that you get one with a powerful CPU and RAM capacity. A computer with a powerful operating system will be able to handle recording and editing work easily without any hitches. You will also be able to store as much data as you have. With the many takes involved in recording a song, you will need the space. Consider Mac computers for such projects.
Microphones

For a start, you can go for a cardioid condenser microphone. This microphone is perfect for your home studio because it does not record any sounds from the rear ends of the room. If you were not lucky enough to land a good room, you would benefit greatly from this microphone. Later on, you can add up more types of microphones as you progress.
Cable connectors

You need cables to connect your equipment. You need cables for your computer and your microphone to help in the transmission of electricity. Instead of using mask tape to connect your cables together, opt for the best cable connectors, you will find in the market for more convenience and safety.
Headphones

There are two types of headphones you can use for your studio, closed-back headphones, and open-back headphones. Closed-back headphones will come through for you, especially if your room is not so quiet. With closed-back headphones, you will not be distracted by any noise around you. On the other hand, open-back headphones will only be useful if you are in a hushed isolated room.
Microphone Stand

You do not want the hustle and inconvenience of holding your microphone in your hands while recording. You need a microphone stand to ensure the stability of your microphone. This way, you can focus on singing, and there will be no hitches while recording. Invest in a proper stand that will serve you for a long time.
Pop Filter

A pop filter is an excellent investment for your recording studio. It basically works as a noise filter for microphones. While in use, a microphone produces popping sounds that might affect the quality of your recording. A pop filter will save you the time you will spend editing a record.
Digital Audio Workstation

You have the basic equipment to help in your recording, but do you have the actual program that is needed for the actual recording and editing of your audios? A DAW is the most essential need for a recording studio. You can have it as software on your computer, or you can have it as a stand-alone unit. Your choice of a digital audio workstation will entirely depend on your style of music and your budget.
Lighting

A room in the basement is probably very dark, and you need some light to be able to operate in your recording studio. Your studio ambiance should be peaceful and calm, with no need for excessively bright lights. For the best studio lighting, you should consider using elstar Led strip lights. You can incorporate colored strip lights too.
Conclusion
As we have seen, setting up a home recording studio is not as nerve-wracking as many would think. The secret is to go for affordable but quality equipment that will last you a reasonable period of time. Take your time to set up a studio by doing your research online about the different equipment before you purchase them. Watch reviews on youtube and tutorials in order to learn how to use the equipment correctly.