I have a small home studio about 4mx4m, I have 2 400w off camera flashes that I use 90% of the time, I also have 2 1000w flashes and 2 500w continues light which I hardly use, in my experience I would get
1 on camera flash
2 200-400w flashes
1 light meter (this has made my exposure spot on and almost no post processing, perfect straight out of the camera)
Don’t buy cheap Chinese light I did two sets absolutely useless
Here is some I did yesterday
I would recommend a two of these: FP320M Flashpoint II 320M, 150 Watt Second AC / DC Monolight Strobe. for starting. One for the main / key light... and one for hairlight /rimlight for background separation. Once you learn to use one main light... then you can add another. The hair /rim light.. you almost always need that.
Two light stands .. flashpoint also has nice ones, that are inexpensive. Maybe a boom also.. for the hairlight