I have some firsthand experience with this as well. My building is a 40x64x14. My back wall is cut into a hill and inside the shop, the concrete wall is 8' high. Because my wall is this high only on 1 side it's basically more like a concrete retaining wall than a basement. A basement wall has floor joists spanning to the other wall, preventing it from caving in. It would be helpful to know just how high of a wall you will be needing. Also, I have a few recommendations because hindsight is 20-20...
Have your site accurately measured with a laser level by someone who knows what they are doing. This will start you with an idea of how tall the wall will be. Then add to that wall 1' to get the wall above grade (you can't have your wood sitting on the wall 1" from the ground) Then add another 8-10" so that you can slope the ground away from the building. You want to slope the ground away from the building a certain distance according to code. Assuming you are building into a hill, the negative slope away from the building will meet the positive slope of the hill. At this point you can place a french drain, but I'd also recommend a shallow ditch around the building. The ditch would force surface water running down the hill, to route in the ditch and around the building, instead of through it, or potentially overloading the foundation drain... As others have said you'll also need a foundation drain.
After teh concrete is poured, have the exterrior sealed with whatever they seal basements with in your area. Then have them install rigid foam on the outside of the concrete before they back fill. The foam is cheap, and if you ever want to heat or cool your shop in the future, now is the time to insulate it from the outside which is way better than the inside.
Finally, make sure your contractor or engineering firm is familiar with this type of construction. For this type of build, I would insist on stamped prints even if the city or county didn't require them. That way there's the possibility that someone with an engineering degree actually looked at the design.
One final thought.... If you don't absolutely HAVE to build into a hill then don't. It will look good but will increase your build cost substantially. Mine more than doubled due to the added concrete.
Brian