Find a studio space that will meet your requirements. If you intend to build a home studio, the first---and possibly most important---step is to find a space that works for you. This means finding a room in your house or apartment that is as soundproof as you can possibly make it. A room right next to the family room or television room may not be a good space for your home studio.
Insulate your home studio as best as you can. As a novice, you are not going to want to spend exorbitant amounts of money on soundproofing your studio. Instead, place a towel under the door or make a sign when you are recording to let your housemates know that you are recording and that they should keep as quiet as possible.
Set up your multitrack recorder. The easiest way to do this is to have a dedicated space in your studio for your recorder. You can use a printer cart, for example. The key, however, is to keep your multitrack recorder in a separate space from your computer for mixing. That way, you'll have enough space to record and another separate space to edit your music.
Set up your monitor speakers for playback. One way to do this is to simply have two monitor speakers on each side of the desk. This will give you enough room and allow to play back your music.
Create a space for your instruments and microphone stand. You will want to create a space where you can leave your instruments and microphone without their getting in the way of the rest of the studio. If your studio space is small, you can leave them in the corner of your room and pull them into the middle of the room when you decide to record.
Seek professional advice from acousticians about your particular room. Every studio is different, and therefore, there is not one best way to design a studio. See Resources below for a link to an additional website where professionals will help you in your specific situation.