Buy five identical lights. Buy Flashpoint 320M AC/DC powered monolights. Buy two sets of honeycomb grids. Buy a strip light with a removable fabric "egg crate", and a 36x48 softbox also with a removable "egg crate" grid from eBay vendors. Get AT LEAST five tall light stands, eight A-clamps, 3 large foam-core boards from an office supply store, a roll of black, gray, and white seamless paper, two Lastolite Umbrella Box enclosed umbrellas, one Manfrotto heavy duty boom stand with 15 lb counterweight, a Bogen crete filter gel kit with large gel sheets, an e-Bay 20-inch beauty dish WITH THE honeycomb grid accessory. One set of 2-way or 4-way barn doors that fits a standard reflector for which you have a honeycomb grid set.Four additional light stands, shorter ones, will be nice to hold reflectors or scrims.SOm e kind of background hanger/support system ( conduit from Home Depot and J-hooks for cheap vs Bogen Auto-Poles and Expan chain-drive sets like I have at considerably more cost).
With that setup, you could shoot a LOT of stuff, portrait-wise, and do good work on all sorts of editorial work. Total cost... $500 for the five 320M lights, $250 fo stands, $45 for clamps, $32 for boards, $150 for background paper rolls, $350 for miscellaneous support equipment and all accessopries like grids, barn doors, diffusers, e-Bay softboxes.
You do not need "a lot" of flash power with today's cameras. ISO 200 looks great with flash. 5 x 150 Watt-seconds is PLENTY, for most set-ups using a d-slr.