There's tons of reference out there for character design for a cool looking species! The best way to go about it is probably to think of what you think would be cool or a theme you want to tackle. Like say, Orcs but they're more futuristic, or a fairytale creature that's not quite elves but has some inspirations, or mushroom people designed from the ground up. Of course, it's always good to avoid making them stereotypes or so generic that the audience is already expecting you to copy the rest of LOTR.
If you want to get a fantasy race with a mythological basis, always fun to hit up a game wiki or a specific site. For example, Theoi has a lot of good information on creatures and species that are rarely used nowadays even if they're really cool, like the many many types of giants with all sorts of powers and appearances.