Well first a Bow, doesn't matter what type, just a bow you can shoot alot. you will on average shoot at least 50 times during anytime bowfishing. Second, an arrow of course, preferably white fiberglass, with good fish point, this will give you many shots of enjoyment and misery, lol.
The point can be a cheap or pricey your choice. They all work, some better than others. Now, you need a reel. I say go cheap, till you know you love it and can afford it. A Hand (open face) spool will last a lifetime and has less hassle. But, not as fast for getting more shots off. If want a fishing reel, need a real seat, buy one, or if have a stabilizer get some hose clamps and clamp one on. There are all kinds of little tricks to do this. But once you decide to do it all the time, invest good money in good tackle, give you more pleasure.