The space needed to get started depends on the type of projects you are planning. Most hobbyists find working in the family garage more than enough space. Basements can also double for a great hobby shop. Some things to consider when setting up these areas as a shop are:

Power requirements to run the different pieces of equipment.
Wood storage and dust accumulation
Woodworking is a great hobby that doesn't require a big set up, but it's always a good idea to take stock of your surroundings.

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