Place the bed against one wall, leaving about 2 feet for walking around the bed. Look for a bookcase headboard for extra storage space. Place a small nightstand close to the side of the bed. Alternate ideas for nightstands include a stack of books or boxes or a set of nesting tables.
Place the dresser or chest of drawers on the wall opposite the bed to create a sense of balance in the room. Tall chests of drawers provide plenty of storage room and take up less room. If there is a television in the room, and it fits, place it on the dresser to optimize space.
Shelves create plenty of extra space, and they are not just for books. Line shelves with movies, music and games. Mount the television on the wall, if possible.
Look for pieces that serve more than one purpose. Decorative baskets or stackable boxes hide storage while looking nice. Look for thin boxes and bins that fit underneath the bed to store seasonal items and shoes.