Spending on equipment isn't the be all and end all of being a D.J - pointless spending £100's on that new effect, if your only using it in your bedroom
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My philosophy is this - buy the minimum of kit to start off with - if you are on a budget then spend more on a decent sound system rather than fancy lights. Any lights are better than no lights at all, but if your sound is crap - you won't be rebooked, no matter how good you are as a D.J.
Yes, ideally you need to be (in order of importance)...
(1) A good D.J able to cater to all ages and sizes of function room and be able to play to your audience...if you are not willing to offer a service and be flexible in your approach then don't wast your £££'s. You won't be in business long enough to get back your investment!.
(2) Have a good sound system, so that people can hear your music, and hear you being a good D.J
(3) Have reasonable lighting to suit the occasion
First spend money on your Sound System, a Decent Quality mic (ideally radio), and basic lighting. Your lightshow can be bought from the money that you are earning from running the business as it is.
Make sure you spend on advertising. Like i've said - whats the point of spending £500 on lighting if you only have one £50 booking for the rest of the year?.
I have my music (constantly updated) i have my decks, speakers amp ect. I have just ordered a foldable gantree with a tee-bar across. And yesterday i bought a "thunder bird" light and also a remote controled smoke machine. Now im stuck for what to get next. Do i invest in more lights or do I buy spare decks?? Any idea where i can get cheep decks from??? 
