be happy that you only have one light to deal with. The problem I see most are people that use too many lights.
Portraits, product shots and other still-lifes and even fashion work can be done with one light and some reflector cards. In fact, the best stuff usually uses only one light. Too many lights confuse the viewer, because the human eye is naturally accustom to seeing only one source of light, the sun.
Get some reflector cards, in all different sizes, some black and some white cloth and you're in business. The quality of that one light can of course be varied by means of honey combs, different reflectors, softboxes and umbrellas. You've got plenty of possibilities right now.
Go go crazy and have fun experimenting!