Well, I don't know how much space are you thinking about you need, but I can tell you that when I started, I only had about 4 square meters in total, in the basement. I did pretty much everything by hand back then, didn't have any powertools at all. Only a small coal forge (home made from scrap metal of course), a piece of rail road track for an anvil on a stump and a bench with a small wise.
Had this setup for about 4 years, till I could move and expand.
Anyway, my advise is, if you would really like to try it, jump into it and do it! Life is too short for regrets