This sounds silly, but trust me it is true:
Take a legal size pad and start a list of every piece of equipment you have. Add to that every piece you will add to the new shop. Remember all accessory equipment like quench tanks, steel stock rack/shelf, tool box, cabinet for hand tools, etc. Go to one of the threads where there are shop pictures and builds. Add the things you see you forgot about.
Calculate the square footage needed for each of the above equipment, and any you suspect the shop will have in the future ( press, power hammer, bigger band saw, mill, surface grinder, etc.). A band saw needs about 6sq.ft., a forge needs 6-12sq., an anvil needs 6 sq.ft., 20 feet of 24" wide bench top needs 40 sq.ft. etc. Add cabinets, shelves, work tables, belt racks, desk, etc. Total it all up.
Add 200% of that total to allow space to move around and operate the equipment. - If the equipment total needs 100 sq.ft. add 200sq.ft and the result is 300 sq.ft. This would be the amount of room needed to have a packed full shop. If you want extra room for a clean space or office, you will need to add that.
Double the result, because you will soon run out of space no matter how much it seems on paper. The total will probably shock you. If possible visit someone's shop to see how they position their equipment.
Realize that the outer dimensions of the building are not the usable floor space. Walls, power panel area, and doors take up about 10-15% of the total footprint of the shop.
As a rule, a 20X24 shop (400sq.ft. usable floor space)is the minimum for a freestanding shop. Most who build that wish they had gone with 48X24 before long ( 1000 sq.ft. usable floor space).
One way to maximize a smaller size shop is to put as much equipment on carts and rollers as possible. When not needed park all the carts in a corner.