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(look at ingame wiki or tool tip to know what villages produce what)
edit: workshop is more a thing for rich people get more rich.
its a bad investment in early game (and in compare to everything else that can give money like smithing or loot from fights)
I hold Seonon, and I want to build some workshops there.
Right next door is Gersegos Castle with two bound villages.
One produces silver ore, and one produces iron ore.
But because they do not belong to me, they are trade bound to another town, even though Seonon is closer.
So I picked a fight with the faction that held Gersegos Castle, and I took it.
And now the villagers from Gersegos Castle's villages bring their ore to Seonon.
Where I built a silversmith and a smithy.
And everyone is happy except the previous landlord, but about 200k denars changing hands too care of that.
You always have to ask yourself before buying anything in this game how much you can really afford to spend.
Dropping every last dinar that you have on a workshop or a caravan is a bad idea because it will take a while for those two investments to start throwing off cash.
If you only have 15,000, plowing all of it into a single investment is a bad idea.
But if you have 100,000, NOT buying a workshop or a caravan is a very bad idea, because the money will just sit in your pocket gathering dust and you have to put it to work, even if the returns are minimal.
So like my Finance teacher used to say, the answer to every question is 'it depends'.
Typically, if you can find a village with oversupply problems you will find a good price (anything around 40-60 denars each).
A smithy produces tools, which can sell for 100-150 in high prosperity towns like Sanala. I would suggest storage of goods and selling at all the towns leading up to Sanala. Also a very good item to keep in hand for quest handins.
If you are in a faction and are at war, raid villages of your enemy to get the resources you need for your workshops. That is what I do, free resources and loot to boot.
If you mean for your own smithing skill. I do not smith, but you can melt down weapons you loot into resources.