Others have listed materials needed which you will build on but a few listed studio. The most prolific and productive quilters I know churn out between 20 and 30 quilts a year (unreal quality) using a couple of two by three foot tables.
A small space does not dictate what you can accomplish.
Most of us have crammed our sewing areas into small spaces so don't worry if you don't have a large area.
Didn't read everything but do sign up for Joann coupons and you will be able to buy notions at 40% off every month. Will take a few months after you sign up and don't forget to take sale sheets with you and get it scanned so you get your next months coupons.