here's our space... 800sqf is a bit on the small side unless you are planning to concentrate on portraits/product exclusively... you need some distance between the subject and the lens in order to get good dof.
For a studio which is intended as a "modeling" one,
a Good make-up room, whashroom, shower room and kitchenette... they are all useless to take pictures but important to make your people happy and productive.
a seemless wall is also a must, possibly a grid to hang lights and props, a lounge for guest....and it goes on and on... and last but not least... about 200G !
here's our place:
white seemless wall (20' x 14') with 8' color backdrops and a bunch of lighting tools
a view from the seemless, plenty of different shooting surfaces, a cool vibe and good throw distance for good DOF
a makeup room
a kitchenette
and a payment every month to mr.banker!