Take a look at your whole electrical service. I had a problem in my old house, it was a 1880 house remodeled and rewired in 1960, and it had 100 amp service to the whole house. You couldn't run the dryer, air conditioner and two television sets at the same time.
I had the power redone from the street in to 200 amps, and split 60 amps off to the garage and laundry room, so I could run an air compressor or a welder and not worry about kicking out....
If you have enough juice in your main house box, run a circuit out to a sub-box in your shop and you can stop worrying... If your house box is pretty well loaded up, running more electrical power sounds expensive until you think about the possibility of house fire, then it sounds a lot cheaper.
If you don't have enough main box capacity and can't afford to up it, figure out which circuits you won't use at the same time (e.g. I could unplug the deep freeze for the hour I used the air compressor...)