Probably the most important thing you need in a studio is not lights nor equipment - it's empty space. With empty space, the most dramatic images can be had with only one light. (As always, click on each image to view larger and much sharper.)
And I never really had a lot of empty space in the old studio. (An informal tour appeared here.) My old studio in California was a tiny room and I often felt a little cramped. And every time I wanted to switch from shooting videos (with continuous lights) to shooting stills (with powerful flashes and a completely incompatible set of light modifiers), it took a day to put the old equipment away and reconfigure everything.