This *1000. Project studio is different- some of this will apply still- but here's my answer.
You will need a bunch of money. It will cost money, not make money. If you haven't been doing this dance for like ten years it's not going to be a source of income unless you're really good at swindling people
You will need a bunch of time, because the detail... put it this way. Consider miking a cab, and how much variance you can get just moving a 57 around. Now multiply that by every single sound source and noise maker on every track of every mix, including each aux and the final buss as if they were their own sound source. You will not have time to practice and write songs etc. if you intend to get good at the studio thing, much less perform live.
You will need a bunch of patience because it's usually a matter of experimentation to find what works, or how things are set up. You evolve a production style through repeating what finally worked, while you continue to fool with what's still not working.
You will need more enthusiasm than 'yeah I suck but I'll try to put together a studio', you'll have to get more excited about some of your production ideas. You'll need humility at the same time because you have to still be excited about the ideas that fail or you won't give them a true full-on test to learn that they fail. Some of this is still true for a project studio but becomes compulsory if you intend to break even or God forbid make money
If you're down with all this, then we can start talking about even the most basic notions of what gear to have, like 'multiple A/D and enough mics to record a kit'