Inexpensive Equipment and Studio Setup

Assuming you already are in possession of a good camera here are some ideas for an inexpensive home studio-using primarily things you can find in your own home!

Tripods
If you don't have a full size tripod already and don't wish to go out and spend a lot of money on you can buy a small 4-7 inch tripod such as the Pedco Ultrapods 1 & 2 for around $10 and $20, respectively. If you need extra height you can set the small tripod on a table or a stack of boxes.

If you are looking for a good full-sized tripod I highly recommend the Digital Concepis, my Uncle gave me one for my birthday and I love using it.

Fancy-Schmancey Light Filter
...an all purpose shower Curtain. Cut the shower curtain into different sized squares and gently tape over windows, light fixtures, lamps, or other light sources. This serves as a light filter, that evens out the shadows and providing you with a soft, ambient light. Another variation my Uncle Nolan told me about is to use a pair of ladies nylons over the lens as a filter.

Lights
If you're like us you probably have a few pets around the house. If one of these pets happens to have a basking lamp you're in good shape. You can attach the light to a clamp and clip it on a chair, the couch, the table or whatever else is handy.

Background
Whenever my Dad takes our family picture he usually will do one of two things for the background. He will
(1 Hang a sheet against a wall in the house and place everyone in front. OR
(2 Position us in front of a "natural background" such as the living room fireplace, the front door, the woods, by the garden, and so forth.
Both options have served as excellent background choices for our portraits.

Props
looking shots (either For seating you could easily use the living room couch, a stool, or chair, for more professionalvideography or photography) simply use a nicer chair :)
Now, as for props to surround your subjects, be creative. I think this is one of the most enjoyable parts of photography. Use things you find around the house. Things such as books, pictures on the wall, artwork, a desk, house plants, are all excellent choices.

Models
I happen to know of some very inexpensive models, in fact they don't even require a paycheck. They work 24/7, and are generally very cooperative. They go everywhere you go and you don't have to pay for the extra gas. They might even carry some of your equipment.
Who are they?
Your Family!
You don't even have to pay to have them to pose...though you most certainly could...

For outdoor photography:

Time of Day
Early morning and late evening are universally regarded as the best times of day to take pictures, 2:00pm is considered the worst.

Weather
Overcast days are the best, the shadows are even and the light is good.

Naf Seg Da Perestroika (Russian for Semper Reformanda),