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Components

It all depends on what components you are using to build your bike. You must use different tools for shimano and campy, for example.
 

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Tools I keep: (keep in mind I work on Shimano) your flavors of these parts may change due to your technology. I collect as I go, and prefer it that way.

Chainwhip (I made mine) and splined cassette thingy Park FR-5;
Big crescent for splined cassette thingy;
Proper cable and housing cutter/crimper in this case Park CN-10
Splined BB driver and 3/8 ratcheting socket. Match to your hatch, BB's have changed. Lots!
Crank Puller. Not always necessary these days, but still darn handy. Park CWP-5
Pedal Wrench. Everyone should have one. Everyone. Good weapon too.
Grease! Park or Phil Wood
Cone wrenches are indisposable. I keep 13,14,15,17. Double as app.
Basic lockring tool Park HCW-5, some big headset wrenches, 30,32,36mm
Allens, Allens, more Allens. I don't have one but you should- 4-5-6 Y handled allen, and a big 8mm. For bikes, I really like the lllooonng loose metric sets. Really helps you reach that seatpost bolt.
Spanners as necessary, spoke wrenches as necessary, a good 4 in 1 screwdriver. Go to the hardware store and replace all your phillips screws with allens anyway.

Accessorize w/ those super nice blue paper towels. Totally worth it. Rubber Gloves. Seriously Kyle, protect yourself. When app. antisieze and locktite, though I never use either, I just take care of my stuff. Nice to have some zipties around for whatever. E-tape for housing to handlebar- though I saw someone use 3/4" fiber packing tape, and that makes so much more sense.

Modify to your needs.

C.
 

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May also want a headset cup press, steerer tube cutting guide (and hacksaw) and a star nut install tool if you plan on making a habit of building bikes from bare frames...

oh, and the appropriate chain tool for the drivetrain you're installing.

torque wrench probably wouldn't be a bad idea either.
 

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Oh yeah, a proper bike work stand if you don't already have one.
 

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Second for the Bike Work Stand, though I'm cheap and usually use a trainer. Bike stands are way better though. If you have a garage space, definitely get the stand.

I'd skip on the headset press, you'll spend as much money on that as you will on nearly everything else. Get it later if you want.
 

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Quite possibly. BUT! There are positive social aspects that must be realized. You can work on your bike whenever you want/need, and have your buddies over to do the same.

Some of my better memories revolve around building bikes for friends, or working at a friends garage. Usually there's a few beers involved...
 
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