Sounds like me! My sewing room is currently shared with bf and three kitties, and doubles/triples as a computer room and bf's hobby room... and it's in a smallish bedroom in a smallish house! Luckily we live right near an IKEA. I use double-wide IVAR shelves and SAMLA totes (they're see-through, which helps a ton!)to organize my fabrics, then I have a smaller dining table pushed up against them to use as my main surface (but I can pull it out into the center of the room if I need to). There's also a little coffee table next to my sewing surface that I can use for ironing if I need both at the same time, but I'd like to get a real ironing board someday....
The biggest thing for me right now has been keeping on top of projects so I don't end up with a huge stash of stuff I may never get to. But that's easier said than done!