This can be a hard one to answer. So much depends on the space you have and of course money available.
One thing I can offer is that don't "hide" your supplies! I really like tubs for storing things like fabrics but if you don't label them you'll never take the time to look in them when you need a fabric... trust me.
Invest in a label machine.
The shelving you can get at most home stores is not too expensive. You can get the cheap brackets to hang them or the more expensive track bracket system. The track system is more versatile since you can move the shelves up and down easily. This along with small clear tubs (gotta see the stuff inside) workers well.
I like to have my brushes and sculpting tools handy. Keep them on the table in your third and fourth favorite coffee mug. I use my favorite and second favorite for the coffee. For some reason, I seem to end up with a lot of souvenir coffee mugs.