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Anyhow ive gone to the extent to flood the town Market with my workshops needed raw materials in it and seems to only increase minor. You want to own all 3 workshops in a town if you can. If you can only have 1 or 2 make sure there isnt a double workshop. Like two tannery's. Even if you own both tannery's they will compete, not profit.
My final comment is , I liked Warbands system better for workshops. If you put the raw materiel directly at bussiness from raiding or even buying cheap from another town you would have big profit. In bannerlord... seems like you have to flood raw materiel of your towns market and even then its not worth the small steady profit, time and effort since caravans will buy out etc.
Thats just my observation, way i feel. Others may have more to say but all the hours i played thats what i see, understand about "Workshops"
This is the only concrete decision that can be done. Everything else is affected by variables far beyond (but not completely) beyond your control.
That wouldn't be a bad thing, but generally speaking, it is better to establish your workshops somewhere sufficiently far away from potential enemy factions, so in practice you'd have less and less opportunity to visit those workshops as time goes on and your realm grows in size.