Someone once said to me, "You can do small work in a big lathe, but you can't do big work in a small lathe".
So my advice would be to buy machines that seem a bit larger than your immediate need.
Workshops can always be bigger, although the larger the shop the more problem it is keeping it warm, or cool, depending upon ambient temperatures.
My workshop is 6 feet 9 inches by 10 feet 9 inches, externally, with 19mm outer cladding on 50mm frame work, with glassfibre insulation between the 12mm ply inner cladding. The roof is two layers of felt on 12mm ply on 50mm framing, with glassfibre between and 12mm ply inner cladding. The floor is 18mm ply supported on five off, 8 inch by two inch bearers on concrete slabs.
Heating is by a thermostatically controlled 2 Kw fan heater, on the floor under the fitting bench. ventilation is by a six inch fan set into the back wall, with fixed vents at floor level. The intake is cowled to prevent ingress of rain. You may need something different for your climate.
The door is at one end, offset to match the 18 inch wide fitting bench. The lathe is on a 30 inch wide bench on the other side of the narrow aisle, beyond a small bench carrying the surface plate, with a tool cabinet containing measuring equipment, stored on top of it.
All benches are steel of 37mm angle iron or box section construction
The Mill/Drill is on a bench across the end of the shop, placed so that at full travel, the table JUST clears the wall on the fitting bench side.
The pent roof is high enough to allow the drawbar to be removed from the Mill/Drill, and for the belt cover to be opened with the head at the top of the column.
Against the wall, the bench carries cabinets with small drawers containing milling cutters, hardware etc.
Shelves above the benches are used for storage, as is the space beneath the benches.
There are no windows, partly for security, and because the shelves, and their loads, would block them anyway.
For security, the door is a firedoor, fitted with a 6 lever lock, and hingebolts. You may not need to be so careful, but model engineer's equipment and output is prone to theft in U.K., and no doubt, elsewhere in the world.
Lighting is by two 85W fluorescent fitting end to end on the ceiling, with an LED worklight over the vice, and each side of the Mill/Drill, with a halogen lamp on the lathe.
Because there are no windows, there is an emergency light (11W fluorescent) mounted high on the inner end wall which cuts in if the mains power fails. Power is supplied from the house via a RCD, to the lights, and to eleven metalclad double sockets fed from a ring main.
Depending upon your viewpoint the shop is either "compact" or "congested". With very little free bench space, increasingly I think the latter, but the Director Gardening would not allow the Patio Wall, or the Bay tree to be moved!!
Hope that this gives some food for thought or ideas, even if only a warning not fall into the same trap!
Howard