One of my clients has a bunch of beads which she and her daughter like to use to make jewelry. Since they don't have a dedicated craft room, we decided to go portable. Here's what we came up with:
I found this set of drawers at Staples for about $30, wheels included (which they chose not to use). We sorted like items into each drawer: beads, hardware (clasps, earring stems, etc.), wire and other necklace materials, tools, gift boxes.
Current projects reside on top until they're finished.
We used a similar storage unit for art supplies - grouping brushes, paints, small canvases, etc. in the various drawers.
If you don't have a lot of room to store your crafts, go portable!
More on craft storage:
Storage Ideas for Crafts and Art Supplies