Good topic
We live in a small town of 40k - and its too small to have many potential local models to work with. So yes, our location definitely has a negative impact on business at times.
In the 80s I lived in Toronto and although I grew to hate the big city...I look back on it now and think of missed opportunities had I been doing then what I do now.
But I don't regret a small town. Would much sooner live in a quiet little place than listen to drive-by shootings, hear about home invasions, multi-car pileups and all the other fun stuff Toronto has to offer.
Infinitely preferrable for raising a family, too.