Often as home studio owners we think, “If I had all the equipment I needed THEN I could make some great music!” The fact is, if you are not making great music now then you probably wouldn't if you had all the gear in the world.
Time and time again I see home studio owners limiting themselves because they think they have to many limitations. It is a self defeating attitude.
The fact is, those very limitations you think are hindering you, could very well be your greatest asset! Let me explain it this way. If you went to see a doctor and every time you walked in he had some new gadget he wanted to try on you, would that make you feel confident with that visit or a little leery?
I know I would be a little hesitant. To me it would seem that he was either using me as a guinea pig or that he was never fully acquainted with the tools he had. That would make me a little nervous.
On the other hand, if he had just the basic tools at his disposal and could use them well, then I would be much more confident that the visit would go well.
You see it is not the new bright shiny tools that make a doctor good at his profession, it is knowing how to use the tools he has well!
Your limitations could actually be to your advantage! So what if you only have one mic and you need to record several sources with the same one. At the end of the day you re going to learn more by doing than by getting, and you will become so acquainted with that tool that when the need may arise you will know exactly how to use it, and use it well!
I used the Blue Yeti for an entire album. WHY!? That was all I had. And you know what, I can honestly say now (even though I have obtained other mics since then) that I know when to reach for that mic. I know exactly how it sounds, what it sounds good on, and how to make it sound better on a lot of different things! Yes friend, embrace your limitations and learn while you are there. The only way to learn is to do now what you think you could only do later if you weren't so “limited”.