As a student of photography, the term "studio" combined with the word "equipment" can sound expensive. There are plenty of ways to create a successful studio space by using budgeted equipment or items that you can build yourself. Jay P. Morgan from The Slanted Lens has created a fantastic video tutorial to teach you how to turn a bedroom into a studio and how to make many different items that would be useful in your studio:
The best thing to note in Morgan's video is that he suggests that photographer shoot against a neutral color; say a white painted wall or an ivory color. The reason it's a good idea to photograph your subject against a neutral colored backdrop is so that the white balance is not altered. If you photograph your subject against a bright color (reds, blues, greens), then that color will bounce back into the lens and will alter your white balance. The great thing about shooting against a wall is that you don't have to worry about any creases or wrinkles. However, Morgan also touches on how to avoid and remove wrinkles from cloth backdrops!
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Morgan, Jay P. "6 Tips for Setting Up a Home or Office Studio - Photography & Lighting Tutorial." YouTube. YouTube, 20 Feb. 2014. Web. 13 Apr. 2014.