Pentax K20D
S-M-C Takumar 35/2
How's a $90 lens and a $10 flash for budget portraiture?
The backdrop is just a white wall (with a little vignette added in Lightroom). The light is just an old 1980s flash fired into a white shoot-through umbrella positioned high and to my right. I used Flash Waves, but there are all sorts of remote triggering options out there.
The easiest, cheapest, and best thing you can do (in my opinion) to improve your output on this is to get some diffuse off-camera light. It doesn't have to be flash, and it doesn't have to be an umbrella. The more ingenuous among us have been known to work wonders with a shop work light through something like a suspended white bedsheet.
If you're going to fire that flash straight at them from atop your camera you may as well just send them all down to the DMV to have their pictures taken.
If you're going to manual focus, make sure you're good at it and make sure you focus on the eyes.
Above all else, set up and practice this beforehand. Give yourself time to review the results at home on your computer before you decide you're happy with it. We all know stuff that looks alright on the LCD can look like crap on the computer, and vice-versa sometimes.