Speakers are always the weakest link. The next issue is how loud do the speakers have to play at what distance in your room. Some folks believe 105 db for peaks is what's necessary, 105 db is concert level from row 6 to 10 . You have to decide if you need more. Average output of most speakers today are in the high 80's. So if you have a speaker rated at 89 db 1 meter 1 watt, and listen at 10ft. that means your speaker needs to put out about 115 db peak. That would mean your speaker need to handle 400 watts. Most studies have shown average folks listen at 85 db with 10 db peaks or 95.db when listening seriously. So that would mean all you would need is 40 watts. I listen some where in between and 100 watts total is more than adequate. If you want more you add more Power or buy more sensitive speakers. More sensitive speakers normally means larger in size, too. The next question is frequency response and distortion . I expect speakers to produce into the middle 20s in low frequencies and reach at least 17,000 Hz very smoothly with controlled dispersion. I don't like speakers that throw sound everywhere. But those parameters you are going to choose for your self.
Once you choose speakers, then everything else falls into place. How much power, what kind of power, separates, integrates, receivers, etc. Unless your willing to invest more money 4 ohms speakers can be an issue especially if the dip below 3 ohms in places. If you like a more dynamic more intimate sound you want horn loaded speakers. Pre owned can be purchased at a large savings. If you want deep low distortion bass in a smaller package ported, vented, or speakers using a tuned labyrinth might be considered.
The next choice with the greatest influence is the phono cartridge. Back when I started cartridge pricing wasn't as extreme as it is today. Spherical was the only choice in stylus shape. Today elliptical is gives the most economical shape. I prefer a more sophisticated shape that gives a longer contact area with the groove valley for better tracking,, lower distortion and lower noise. The more sophisticated the shape the better the tone arm required. The difference in the TT itself are wide, too. The variables are almost as endless in pick-up/arm/TT options as in selecting a loudspeaker.
