I have a hobbiest's woodshop in a portion of my unfinished basement. No cabinets, but I do have a 15 foot or so long workbench with a miter saw in the middle of it. It has a few pull out shelves and this gives me a lot of storage. I also have a very overbuilt 4'x5' table on wheels that has two shelves below the top. I initially intended this to be an outfeed table for my table saw. My basement has a drop ceiling, painted cement walls, and a linoleum floor.

Others have touched on permits and framing, so I'll leave that alone.

Dust collection and air filtration are going to be must dos. I have the harbor freight dust collector connected to both my table saw and my miter saw via eye with blast doors so I can funnel 100% of available flow to the tool in use. The miter itself sits inside a pretty large hood. This works fairly well, but it's not perfect. You're going to want to build some kind of filter box (a cube or rectangle with filters on four sides and a fan pulling air through them, into the box, and out). Here's an example.