When I first decided to get into voice overs, I was overwhelmed by the initial investment cost I would have to make just to get started.  I was working at a small market radio station at the time so in the very early stages of my voice over business, I used their studios after hours to complete my projects (with their blessing of course!)  –  but as business grew, so did my need to be able to respond and record voice overs in a more timely manner.  I knew I needed to invest in a home studio.

The things I started with (the bare minimum)

A microphone -( at the time, USB condenser mics were not widely available, if at all – but now those may be sufficient)  – I used a $200 condenser I bought from a local guitar shop.

A good sound card –  this could be one that is already built-in to your computer to begin with, so long as the quality isn’t too bad.

Finally – the part of this article that really helped me.  Audacity.

It’s a free audio editing software that made it possible for me to get started in the voice over industry without having to spend the hundreds of dollars on software like Adobe Audition or Pro Tools (at least in the beginning).  Eventually, you’ll want to get Audition or Pro Tools – but Audacity could prove to be the single best worst kept secret for the budding voice over talent.

Here’s where you find it:  http://www.audacityteam.org/

Good luck!