Jason, a very broad question. Each lure maker on this site is unique.
1.What type of lure are you making? some are handcarved, some
are made by machines, some are molded, etc.
2. Try using balsa and basswood as these are inexpensive and
easy to work with.
3. What tools do you have already? I wouldn't buy a lot until you
know what it is you in fact need. Its taken me a couple years
now to acquire a lathe, bandsaw, drill press, etc...I only bought
as a genuine need arose and now I use these about every day.
Consider quality when buying.
*I started out carving as this was inexpensive and it taught me a lot about
how wood behaves and can be worked; however I'm still learning.
Machines are dangerous...read the manuals and read a book on their use.
I have at least one book for each machine and a couple about wood
carving. Read the tutorials...there are some nice baits outlined.
Be safe, have fun, and most of all get started. -Jack