Even with a low budget you can create great product photographs. First you need a camera and a product to shoot of course. Tripod can be very helpful too, but it's not necessity.
Next you need to choose what light source you want to use. If you choose natural light, then you can get nice soft light thru a window. In this case, create your setup as close to the window as possible. Downside with this light source is that you can only use this light source during the day time excluding few exceptions. If you feel that the shadows on the other side are too dark, you can add a white board or a piece of aluminum foil to bring out more details. If you choose artificial light, then you can either get a desklamp or use a flash. Desklamp should preferably be tungsten. Fluorescent is least attracting. Flash is a hard light source, but it can be changed to a soft light with some kind of diffuser or by bouncing it.
Next you will need a background. It can be as simple as a wall, a big white paper or something with a color, texture or pattern in it. Making your own colored backgrounds is easy. Only things you need are a board, that is big enough to cover the whole frame, and different color spray paints. Paint both sides of the board to take most out of it. You can also add props to your scene, but be careful that they are not taking attention away from the product itself. Always think about what kind of props would add more value to the picture or bring the product out better. This is where you can use your creativity!