Well first you'll need to take a hard look at your supplies, and determine how much storage space you'll need. In my craft/sewing room the first thing that I did was replace the closet poles with sturdy shelving. You can build the shelves or try purchasing the sturdy metal shelf units from Your Home store, or Costco type store. These shelves are especially good for any heavy items.

Then instead of purchaing expensive new items, I used several old solid wooden tall dressers. The drawers are wonderful for storage of all those little things.  Since I had the room I also purchased 4 kitchen base cabinets. These I bolted together to make a work island. I covered the top with a sheet of Mdf, then covered that with rotary cutting mats. Depending on your needs the top could be covered with Formica or just varnished. I am very pleased with my craft/sewing area and it did not cost a fortune.

Hope this helps

Carol