Craft rooms are all about organization and function, so size isn't really a problem. You can recycle shelving, tables, desks, crates, and whatever you have around your house to invent storage in this space. You don't have to spend money on new storage bins as you can pick up cheap baskets and bins at thrift stores. You can cover sturdy cardboard boxes with scrapbook paper to use as bins, use a plastic hanging shoe caddy to store items on the back of the door and reuse cans and jars for pens, pencils and paint brushes. Here is a link to a page that might give you set up ideas:

http://www.craftaholicsanonymous.net/small-craft-room-storage-ideas

and here is a picture from Pinterest ( which has great ideas too) that shows how to use every inch:

Start with photos. Are the walls, floors and ceiling finished? Write down a budget range. Then walk through your house taking photos of lamps, storage furniture and worktables that could be repurposed.