Do a google on DIY bass traps and you will find a lot of resources. The hard part is getting the materials. abyss is right on the curtain and traps. Remember that egg crates are NOT soundproofing materials, but they DO scatter soundwaves minimizing standing waves in your studio.
If your concern is also with noise bleed from other members of the band, you might have to fashion some gobos. Also, make effective use of your mics null points; if you're using well designed cardiod dynamics, it's directly to the back of the mic.