My workshop is also my computer room. It consists of a 45"x36"x22" bench with a hardwood surface.
The essiential tools you'll need are:
Hobby knife to cut the pieces of the sprues. (less likely to break them with a knife rather than just twisting them off.
Various paints and paint brushes. I'm having great luck with the Acrylic enamels. They are easier to clean up. Just take some warm water. The paint carasel is great for saving space. If you get like me though you'll have more than that can hold ;^).
Sand paper and sanding sticks, modeler's putty compound (to fill all the sink holes and imperfections of the mold).
And of course glue and a good light source.
Now when you start getting addicted to the hobby like we all do you'll want to invest in some specialty tools for instance:
Air brush, I'd start out with the areosol can type at first. They do a decent job and you'll be able to tell how good your going to be before spending the money on a good one.