My guest room is also my sewing room. It's 12x15 with a queen bed (which I sleep in when I'm up too late sewing and don't want to disturb the Mr.)
I put a white quilt on it which doubles as my design wall.
A dresser on one side of the bed holds many folded fabrics and doubles as a nightstand.
An Ikea shelving unit acts as nightstand/fabric display/ironing board.
I have a "sofa table" as my sewing desk, making an L with the Ikea unit.
Another dresser holds more fabric. I have another shelving unit for strips with pegboard (framed) above.
Opposite the sewing desk is my cutting table. I also have another table for spreading stuff out (probably a mistake)
and I have a Singer 15-91 in a cabinet.
Yes, it's way too crowded (plus the big closet) and time to purge, but all that to say it IS doable.