I do a bit of smithing in the garage.
The catalyst for me was finding the Anvil! Any anvil under £300 is worth snapping up (assuming the top is in good shape, some people still think that a dead anvil is still worth ££££), their prices have gone up a little recently, but they’ve been £200+ for many years. That said, a ‘proper’ anvil is not needed – nice, but not 100% necessary. any large mass of steel will do. I’ve even seen large sledge hammers heads set in a large oak stump used to good effect.
What do you want to make? Have you priced up fuel? I have a propane forge and it can use a fair amount of fuel, but it’s neat and convenient, coal forges can create a right mess, and unless you live in the middle of nowhere, won’t make you popular.
A few hammers, tongs, angle grinder. After that you’ll figure out what you need.
But, like I said, what do you want to make?