If the products you plan to make are for the use of children under 13 or are marketed towards attracting an adult to buy the product for a child under 13 then the CPSIA will effect your bussiness. The CPSIA effects all products for children (not just toys but clothing, furinture, decor, books, educational materials, non-automotive safety equipement and accessories, etc.) and any product, even adult products, that contain paint, varnishes, or inks.
The biggest part of the CPSIA is knowing what the lead levels are for either your components parts or the whole finished product or knowing your using exempt from lead testing materials, and keeping paperwork tied to specific finished products to back up this knowledge. The next largest part is the permanant tracking labels on products and developing a GCC to be kept in your files, even if your raw supplies are exempt from lead testing. Another part of the CPSIA is knowing if your products are under the scope of needing phthalate testing and if so what the level is of 6 certain phthalates are for your raw materials or final product, again keeping the testing paperwork as proof of these levels. The CPSIA also strengthens the fines and penalties for product specific regulations under the CPSC like the statutes about choking on small parts or stragulation hazards.
After doing some reading on your own about the CPSIA you may want to consult a legal professional to see what government laws and regulations specificaly apply to your products. Currently the CPSC is NOT answering product specific questions unless they are submitted by an attorney or an nationally recognized industry based or consumer based organization. Many states / local governments, artist -craft guilds, local SBA and mentor programs like SCORE mantain a list of low cost (sometimes free) legal professionals that you may want to contact about drafting a letter to the CPSIA or about other product liability and other regulatory issues.
Here's some essential reading about the CPSIA, if at all possible read all the additional links provided and all subsections as well.
For the current full list of raw materials offically exempt from CPSIA lead testing please read
http://www.cpsc.gov/businfo/frnotices/fr09/leaddeterminationsfinalrule-draft.pdfAn update on the stay of 3rd party & component testing
http://www.cpsc.gov/cpscpub/prerel/prhtml10/10083.htmlTracking labels required on every product for children under 13
http://www.cpsc.gov/about/cpsia/sect103policy.pdfA general overview from the CPSIA for Small Bussinesses
http://www.cpsc.gov/about/cpsia/smbus/cpsiasbguide.htmlThe CPSIA main pages
http://www.cpsc.gov/about/cpsia/cpsia.htmlA gateway page for summeries of the law by subsection
http://www.cpsc.gov/about/cpsia/legislation.html#summariesHere's links to other government pages that may apply to your products
FTC main
http://www.ftc.govClothing, accessories and home furnishings care and content labeling
http://www.ftc.gov/bcp/edu/pubs/business/textile/bus21.shtm#coveredhttp://www.ftc.gov/bcp/edu/pubs/business/textile/bus50.shtm#ComplyingHere's info about small parts warnings
Small Parts Regulations Summary
http://www.cpsc.gov/BUSINFO/regsumsmallparts.pdf Small Parts labeling
http://www.cpsc.gov/BUSINFO/label.pdf and how they should appear in your listings / ads
http://www.cpsc.gov/LIBRARY/FOIA/FOIA08/brief/toygameads.pdf page 19 of the PDF has the abbreviations & page 20 of the PDF has the warning examples are in black-n-white but I believe they need to be in certain colors on the actual label for the physical product.