To start figuring out what compressor to buy, add up the CFM requirements of all the tools you plan to use at any one time. Be aware that some products require higher volume (large tank) but operate on low pressure. eg. spray paint guns.
Additionally a compressor may deliver changes at varying PSI. Most air tools have specific requirements for volume and pressure. These requirements must be met for the tool to function properly. When choosing a compressor, consider the tools you want it to operate. Select the tool that requires the highest CFM at the highest PSI, and add 50% to the required CFM for a margin of safety. For example if a tool requires 3 CFM at 90 PSI, select a compressor that delivers at least 4.5 CFM at 90 PSI. Use this formula to ensure that the tool receives enough air to function properly.