This is how I made a functional metal workshop in a spare bedroom for about $200 (tools extra). I've got everything I need to fabricate copper, brass, and silver into great jewelry packed into half of the spare bedroom. The other half is my office. Total room size is about 12' x 15', or around 180 square feet.
Being budget minded is especially important when you are just starting out. Serious thought must be placed on what you want to invest your money in. I've chosen to put more money into buying metals and tools rather than fancy furniture and workbenches. I hope this post gives you some ideas for creating your own workshop.