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Personally, I wouldn't even think about starting a professional studio for less that $1 million especially if you are going to 'build' it. You can gradually collect gear and record out of your home for fairly cheap, but actually building a professional studio is not cheap.

A good mixing console alone will run you close to $500,000 in itself. Soundproofing gets very expensive when done correctly. Mics are not cheap, a high quality professional studio mic can cost a few thousand easily, and then you still need a lot of extra mics for instruments and drum kits. Outboar gear is a must. EQ's, compressors, revervs, etc are all pretty expensive, and most studios have quite a few of each. All of that stuff needs to be connected. Cables will add up once everything is said and done. If you are going to be recording digitally you will need interfaces, or tape machines if you record analog. Both of which will cost quite a bit.

Once you have the gear you will need to staff it. If you plan on recording quality, you will need to make sure that the people working there actually know what they are doing. You will need someone to maintain everything. Cables and gear will wear out daily and need to be fixed.

All of that will cost a lot of money, and that isn't even getting into having a building built or renovated, or insuring the facility.

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