Determine your needs first. What kind of compost bin will you want, how "nice" do you want it to be, since it will become a fixture somewhere, like along side the house, or in a garage, under a sink, etc. How much compost will you need? Some need compost for a smaller indoor herb garden. Some will want compost for a larger vegetable garden and flower garden, etc.
You will need some kind of container, and your choices depend on how aesthetic you need it to be, and how much money you have to spend. I like the idea of using a rubbermaid container to begin with. Some use vermiculture, using worms in your compost. They help the process along. Whatever you end up using, it need not be anything fancy. Some have used wire and wooden pallets they have found. You need only to be able to mix the composting mixture around, to turn it over.