I've spent the last few evenings photographing crochet amigurumi for an Etsy page my wife set up.
Here's the little studio setup:
Canon 60D (currently running about $250 on eBay for a used body)
Canon - EF 50mm f/1.8 STM Standard Lens
The off-camera flash + trigger setup Peter McKinnon describes here
A cowboy studio umbrella thing and stand
White foam roll from Michaels taped to the wall
White foam boards
One thing to note is that the picture of the setup is using natural light but the product images themselves are only using the flash. If you turn the flash off, the image is almost completely black. ISO is set to 100, aperture is 10 to keep the whole item in focus, and the exposure is up to 1/100 since I'm holding the camera body. I was using a tripod at first to have a longer exposure but with the 50mm lens (prime lens with no zoom), it's tricky to move back and forth in a small space like this.
Here are some more examples of the animals. I'm still working on getting consistent lighting across all the pictures but individually I think they represent the work well.
I also haven't figured out how to show the scale in a way that doesn't detract from the items. Here's the Etsy page.
There are a ton of great YouTube videos on lighting products but I think this one was the most helpful for thinking about lighting product with one light source. I have not been able to get consistent results from a lamp like this but it's the same idea with the flash reflecting off the umbrella.