Codes and standards vary depending on locations. 5 or 6 years ago, I had an electrician install a 220V outlet for a heater in my shop (the panel is located in the basement) at a cost of $450Cdn. The job was straightforward: run a cable from the panel to the shop, and install the circuit breaker, a junction box and a wall outlet.
So straightforward that this year, I obtained an electrical permit (as a home owner) and ran two 20amp 110V outlets to the shop by myself. Because of the pandemic, all inspections were done virtually.
Check your local authority to see how you can do it yourself. As always, electricity can kill, and exercise caution and care...and if you aren't sure, hiring a qualified person to do the job is always the best route to go.
I could upgrade my 1.75HP to 3HP with a kit, but I've resolved my ripping issues for thick stock by using a rip blade.