My studio is set up in the walkout basement of my home. The area I have it set up in is about 12 by 14, although the room itself is about 14 by 28 (the big screen TV area is at the other end). The biggest drawback is the ceilings are only 7 feet, so you have to be careful shooting upwards on a model or subject.

My main light is an Alien Bees B800 monolight. My secondary light is a Vivitar 283 flash mounted on a tripod with a small softox attached. The Alien Bees has a slave built in, so I connect my camera directly to the Vivitar and use that to fire the Alien Bees. The biggest drawback to this setup is the Vivitar, which I have hooked to an AC power supply, doesn't have a very fast recycle time (I have missed some pretty damn good shots because of it).

The background support system is made by Dynatran and extends from 8 to 12 feet. The flooring is two pieces of 4x8 (5/8 inches thick) pressboard, floorboard pushed together, with 12 x 12 self-stick vinyl tile on top from the Home Depot. I can flip the boards over and have a different floor.