If the celling is high enough, build a frame with 4X4's and 2X6's to raise the bed, put love seat under or sewing machine.
Sell everything you don't need or use on a regular basis.
Shelves, Shelves, Shelves.
Hooks, hooks, hooks.
Utilize all "dead"space
Hang a rod from some eye-bolts in the ceiling and use S-hooks to hang pots and pans.
There are many blogs done by yuppies in living tiny apartments as either a result of living in over priced areas or as experiments in faux poverty chic/simple living. There are some good space saving ideas in there, but some of them are expensive or require remodeling.
From someone who lives in a 320 square foot cabin, good luck and best wishes.