What type of tools are you talking about. Woodworking?
You can buy screwdriver holders quite inexpensively and they're a great place to start, as you can organize all the types and sizes together. Alternatively, a piece of wood with holes drilled in it could serve a similar purpose and then you could add larger holes for pliers, vice grips etc.
Google April Wilkerson. She does a lot of projects and tool storage is one of them. You may get some ideas that will work for your space. Pinterest will also give you some ideas.
Lisa....Pep board with hooks works well for us.
Invest in a toolbox. Group like items together using bins. Similar to how you organize a kitchen.