Storage cabinets on the walls really help. Use pegboard to cover those studs, or at least a section or two. It's easy to hang things on that wall the you frequently use. I made closed cabinets for all my machines and put castors on them so I can push them out of the way. I'm going to put drawers in most of them eventually. Drawers are the best way to store many items.
I have two workshop areas, each is about 12 x 22 ft. One in the garage the other in a shed in the back yard. The shed is packed. on one end are the tools and some racks for jigs, on the other end is the bench. I have shelving on both sidewalls of the bench, the open shelving holds things I use often, the other side has tools, bitsk, blades, etc in plastic boxes with closed tops.. The ends are labeled so I know what's where. The Delta band saw is gone, replaced with a large bench model drill press.
I keep everything off the floor so I can clean out the sawdust. I have a suspended shelf at the highest point in the shed shop where I can keep picture frame material nice and straight. Here are some pictures that may help you plan storage. As you can see, space is tight, but workable and unogstructed for safety reasons.
The folding workbench is very helpful. Big for large projects, small for small ones. There's enough room to walk around it. If I need more space, the outfeed table on the table saw gets used.
You can see how the cabinets let me stack a lot of tools in a small space. Notice the air filter hanging from the ceiling. Shelving on the back wall is about 18 inches wide so I can store things up high. The corner shelves go floor to ceiling and hold larger jigs., but leave an open space so I can cut longe things on the table saw, which sits near the middle. The wall on the other side is all pegboard with tools and other items hanging on pegs.
The Sliding Miter saw is surrounded by a plastic shower curtain that reduces the amount of sawdust that gets into the shop.
My parallel clamps hanf from the pegboard on double hooks. Simple and compact. Smaller clamps hang on long pegs, and the medium length clamps hang on the end of the wire shelving. Very handy and out of the way.
The wire shelving holds the plastic containers with labels, tape and misc. items I don't use much are near the top and the very top shelf is for wood storage.
The open shelves on the other side hold things I use a lot, including gloves, dust masks, rechargers and batteries and drills. Not shown is the very of the bench end of the shop, which has a counter and various storage boxes for small parts. Lights hang over the main tools with strip lights (under counter type) light up this end of the shop.
While it isn't perfect, it didn't cost much, the sawdust is under control, and I can find most things pretty fast. Hope this gives you some ideas.