Whenever any one is starting a business, there are some basic questions that are to be asked.
Is it early to start a business.
Is it the right time.
Is it too late.
For answering all these questions, do a market research first, and after doing market research do your SWOT analysis. If you got competitors in bulk , then its the time to do some changes in your plan and if idea is new then you should see, how the market is going and what is its scope in future, then decide for a particular business.