Many people who live in small homes or apartments may just have a small desk someplace in a corner of a room that they are calling their home office. For others that have the luxury of designating a whole room as a home office, it is important to actually set it it up to be effective. Even if you use a lap top computer when you travel, there is no reason you can't hook it up to a regular key board and big screen monitor to make using it easier. Next comes the desk, which really needs a pull out for the key board to allow for fastest typing.
I like book shelves nearby or above the desk or work station to allow for storage of important business items. In my case, I have two printers, the old reliable one I have had for years that only prints in black and white that is much cheaper to use and the super duper color printer that allows me to print in color and scan documents. Faxing documents is pretty much gone with the wind. Instead today, it is all about scanning capability and attaching documents to emails.
A good speaker phone is a must since conference calls are sometimes necessary; though now with Zoom or other video connectivity, using the computer audio often replaces the phone. I am big on head phones to get greater audio capability; but they are not altogether necessary since computers now have audio built right into them.
A storage closet is a nice to have in order to keep materials that may be necessary to work. I have a big book case in mine with shelves that I use for paper and other items to make my home office fully functional. If you are going to work at home, it is important to be fully functional. With a little money, you can make it happen.