I bought one of those hanging closet shelf organizers and stack my yarn in those by color! it’s nice because I can see all the colors and it doesn’t take up a lot of space organizer

Put it somewhere that is protected from falling dust or air currents. If it's large, you can lean it against a wall with the wet side facing down. Or put it in a drying box (I use one of those big collapsible under bed storage boxes, works great and folds up flat when you don't need it). A drying rack is good but tends to be a bit pricy. For small pieces I have one of these hanging in the corner of my studio with the open side facing a wall.