The most important factor to consider when starting to build a business is the target audience. You have to think of who would you want to cater to. Who are the communities that you may profit off of. Like for example if there is a school near you, you should know that students would be your target audience. You should start a business where students can buy materials from or a place they can study or even hang out around. I believe that if you studied your target audience, the first step of your business is already successful enough.
The digital marketplace has made it such that the people all around may not necessarily be your target audience when you're citing the business. It may just be a physical shop for the sake of visibility the people who are not online but have your major business done online where your target audience are people in different locations. One major disadvantage making the people around you your target audience alone where you're doing the businesses is that, in situations where something happens and maybe these people who regularly patronize your business around you are no longer present your business will suffer. For example having student as your target because your business is set up in a school environment, your business will suffer when they go on holiday.