Taking it slow is something that we as a society have an issue with. We want things now and we don't want to have to wait or pay our dues to get it. The same concepts apply to bands these days as well.

Local bands should take some time to be local bands. Play some shows in their area for a while. Record something with a local engineer and save money for tour to get their music out into the world. Save every little bit of cash they make and get a van or some merch. Too many bands decide early in their career to go record with some big name engineer at some expensive studio simply because said engineer recorded blank band's latest record. I'm sure that the product they get will sound great, but it's honestly a waste. That fancy record you'll get back doesn't mean anything if you don't have a name for yourself outside of your town. If your music is good enough live, people will purchase whatever you have recorded, regardless if it was recorded at a big name studio with a big name engineer or in your basement with sub-par equipment.

The important things for a local band to focus on are songwriting and stage presence. You don't need an extravagant stage setup to sound good or be good either. The extra things like banners or out-of-your-price-range guitars can wait. As long as you have equipment that sounds decent and isn't going to crap out on you mid set, you'll be fine. The nice things will come in time as you progress as a band.