Our homeschool room is also our eating area. Here is what I have done to try and make it as practical as possible.
Here is a view of the homeschool wall. When we work together, we usually sit at the dinner table. But the small table is great for independent work or if younger siblings want to color while we are doing our lesson.
We have a white, 6 cube book shelf. I use this for storing supplies such as construction paper, learning station activities, paint, bins with art supplies, etc. On top of the bookshelf is my storage desktop carousel. It holds pencils, scissors, markers, dry-erase markers, paper clips, tape, etc. It's amazing how much stuff it holds! Look for a coupon to buy one at Michael's. On top of the book shelf I also display important things relevant to the week's lesson. This week we are studying the letter S, so that is displayed.