This setup is designed for portaits but is also great for product shots and most other work. It is small enough to fit into one studio bag for location work.
I do not recommend continuous lighting for portraits - you need flash or you will end up with blurred images whenever people move while being shot. Continuous is great for non moving objects and video.
2x 160w/s studio flash units
2x Nano 1.8m flash stand - substitute 1 or both for 2.6m stands if portability is less of a concern
2x 50x70cm softboxes <--- could swap 1 or both for brollyboxes or umbrellas
1x V4 radio transmitter & receiver kit
1x V4 extra receiver
1x barndoor / honeycomb/ coloured gel filter kit
1x padded studio bag
If you intend to use a backdrop for a studio type effect I would suggest adding in one or two more flashes and silver/black umbrellas to light the backdrop.