If your bedroom has no space for a nightstand and you don't currently have a headboard, consider making one out of a pegboard. This will add storage space and can be visually appealing if you invest some time.
Home remodeling weblog Our Fifth House came up with the pegboard headboard as the solution to storage and decoration needs for the author's eight-year-old son. It's a fairly simple project -- measure and cut pegboard to fit your space and attach it to the wall. Nail your trim pieces to the wall and then paint the pegboard with a foam roller. If you'd like to copy the Union Jack design used in the photo the source link contains complete instructions on how to replicate the look.