Reddit mentions of Guide to Computer Forensics and Investigations (Book & CD)

Your question is not very specific (as to whether you are asking about hardware, software or physical requirements), and therefore I'll reply with a general answer.

UNDERSTAND WHAT YOU NEED:
I suggest you first gather the requirements for the lab as your requirements could vary depending on the type of lab you are setting up. (is it for an SME or big company? what type of cases are you going to work on? civil, corporate, legal etc. Depending on that, what type of hardware do you need, the software required, tools to investigate legacy software, how secure should your lab be, do you require a tempest protected facility? etc.)

The book 'Guide to Computer Forensics and Investigation' has a chapter dedicated to setting up a digital forensics laboratory. I have read it and it provides some really good insight into setting up a forensics lab. Here is a link to the book:
http://www.amazon.com/Guide-Computer-Forensics-Investigations-Book/dp/1435498836

You'll find many similar resources out there. Another book is:
http://store.elsevier.com/Building-a-Digital-Forensic-Laboratory/Andrew-Jones/isbn-9780080949536/

One thing to note is, depending on the location, you may need a license (some states in the US restrict forensic activity only to licensed orivate investigators).

PROCEDURES:
The SWGDE documentation provides best practise documents and procedures that you can use as formal procedure documents for your company. (Check their terms and conditions before using them.)
Again, there may be several similar documents provided by other bodies.

TOOLS:
If you require information on the tools, there are numerous resources online that you could look up for guidance. A good starting point could be http://resources.infosecinstitute.com/computer-forensics-tools/