"A small setup" is sort of like eating just one potato chip.
I am strictly a hobbyist; no commercial aspirations, and years ago I needed to photograph some paintings. After looking at the "official" stuff, I happened to be walking through one of the big box home centers and saw 500 W halogen worklights -- with folding stands -- for something ridiculous like $14.99 apiece, so I bought two. They seem pretty close to actual photoflood color temperature, but OY! you can fry yourself working around them. I also used to feel a bit worried and maybe even guilty about sticking one KW worth of load into an unknown receptacle in some third party's gallery space.
Later I found a guy on ePrey who had a kit with two softboxes using compact fluorescents, and stands to go with, for just a little over $100. I bought that kit. Then, since I photo the winners in shows my local art club puts on and that sometimes involves 3-D stuff as in sculpture, I bought a small Manfrotto boom fixture (and stand) into which I installed a daylight CFL.
(Crude setup seen here.)
A year or two later, since some paintings are pretty big, I acquired a second pair of the softboxes. Then to reduce the amount of crap I carry out to the show venues, I got a pair of heavier lightstands and some Manfrotto "Super Clamps" and most recently some 8 inch arms to allow a nice flexible arrangement of two softboxes on one light stand. I am sure I now have more money in the Manfrotto 'adult Tinkertoy' items than the actual lights, but it works pretty well.
I also dabble in the ceramic arts and like to photograph my own stuff. That prodded me into acquiring one of the tents mentioned upthread. It is free standing, designed to twist and fold and store in a compact bag. But it never goes back in that bag as easily as it comes out! It's about a 30 inch cube, and I find for pottery it isn't really big enough; it would probably be OK for jewelry.
If I ever get the one end of my basement cleaned out, I think I'll put some sort of shallow closet with double doors that can be opened for an "instant studio." I suspect for many of my activities, some sort of curtain rod to suspend a huge white cloth to create a sort of indoor open sky effect might be in my future. So far it looks like an eternal work in progress.
The comment upthread about still life not necessarily needing lots of light is an excellent point, and for just B&W, color balance is not especially important. I do shoot color, more "other" than film, but both work with my daylight CFLs.
There are ePrey vendors with all manner of fascinating gizmos -- reflectors with sockets to hold as many as five CFLs -- little table top single bulb reflector units -- background stands that could be used with cloth for diffusers ---- ARGH! Quick -- hide my wallet!