It doesn't take much money to do Hollywood style portraits. Here is one from my archives that I did in an office for a MUA's portfolio. Because of space constraits I used two portable flashes with shoot-thru umbrellas mounted on them, one in front of the model and pointing down, and the other below her chest and pointing up. I arranged for the power to be about 1 fstop apart to make sure the low fill didn't create its own shadows over the key light above. The background is a piece of white paper I taped to the wall of the office and didn't light, hence it turned gray. The model was pretty close to the umbrellas and the flashes were at low power. I killed the fluorescent light in the office by shooting at 1/250 sec.
I removed the bottom catchlight from her eyes in Photoshop to make her eyes look more natural. The model was 18 when I shot this and I had to do no skin retouching at all - perfect skin and good makeup. The tiara is a bit off, and this is a bit distracting.
This girl was beautiful, responded well to humor and gave me a natural expression of joy in this simple portrait.
When you're dreaming about mega softboxes, remember that umbrellas work well indoors and are very cheap and portable.
And here is the diagram of the simple lighting:
