Baits, lures, are stored in a fridge in my garage. I also have castor, oil sacks, and various glands vacuumed sealed and frozen in the same fridge. I do all my trap mods and repairs in the garage as that is where my work bench and tools are.
My fur shed is pretty big. I have shelves with my taps in totes. I have them separated by general use. Nutria traps in a couple of totes, coon and mink totes, bobcat in one, k9 in one, otters in one, beavers in one. The closer it gets to season I will make bunches for specific areas on the three lines I run. I like to keep my traps very organized as it helps with making sure I leave with what I need and saves a lot of time.
I have a overhang that runs the entire length of my shed. One part has a pully, wench, anchor, knife rack, sharpener, and everything else I need for skinning. The other half has my fleshing beams and gear. After I skin, I wash the hide, and have a place between the two areas to hang them to drip before I flesh them.
The big key is to keep it organized and not cluttered. You can get a lot accomplished when you don't have to step over gear and can find what you need. When you are finished for the day take the 10 minutes to straighten up as it pays off when you get in late and have 20 animals to skin, or have to make some mods on traps. Time is money.