The main goal is to eliminate as much room echo as possible. 
Which, surprisingly, is very cheap and not time consuming either.

Here are my basic suggestions:

***Use a regular-sized room (like a bedroom) which is carpeted and has lots of furniture.
***Put the microphone in the center of a large enough cardboard box whose interiors are lined with pillows and/or blankets on the sides (preferrably stapled or tied), back, and tops, to make something like a soft cave around it (with ane exception of the front opening side, where you would need to speak into the microphone.

These simple steps reduce almost all room echo.

I would also suggest getting a pop-screen. Which prevents the "P" and "B" sounds from casting a breath of air across the microphone -- which can cause terrible distortion, depending on the microphone and speaker. These can be purchased for about 20.00 each, or you can make a homemade one, like I do: which is simply putting two layers of nylon into a quilt circle. Works without any problems.


Here is my setup:
http://www.biblicalaudio.com/temp/samples/CheapMicSetup1.jpg
http://www.biblicalaudio.com/temp/samples/CheapMicSetup2.jpg

NOTE: What you see in the back behind the microphone is a second flat-screen computer monitor which is where I read off my lines. This is not necessary, but is a personal set up which makes so I don't have to print up all the lines and I can look directly into the microphone when I read.


I did not take these precautions beforehand to eliminate echo (I was ignorant), and now many of my earliest productions I will have to someday redo due to poor echo.

Here's an example with nothing (I am the only voice/narrator):
http://www.biblicalaudio.com/temp/samples/ClemensDemo01(Echo).mp3

Here's an example when I put the microphone my set up as I described above (I am the narrator):
http://www.biblicalaudio.com/temp/samples/ClemensDemo02(NoEcho).mp3

Note the significant difference.

These simple sets should help to reduce most of the echo and make your performances sound much more professional.