You can always try out a new market, as long as you apply a logical process to find the best market for you personally. I’m jotting down a simple brain-storming process below to help you get started. It’s best to do this with someone who knows you very well (spouse, sibling, best friend) as this helps you not cheat yourself into getting into a “cool” yet “unprofitable” market.
Finding the right market for you:
I’d suggest you make the following lists of target markets
List of markets that you are passionate about (hobbies, interests)
List of markets that you are connected with (family and friends in the specific market)
List of markets that you have worked with directly (based on current and previous jobs)
Looking at these sets, find those markets that are common to all and run them through the algorithm below.
Do the target customers buy online? (are there enough successful companies in this space)
Can the target customers be found at any place online? (specific forums around that industry, targeted through facebook)
Do the target customers spend enough online? (look at price points and numbers of successful companies - are they driving enough revenue)
Based on this choose a single target market.
Validate if this market is right for you : For the next 1 month, spend all free time meeting members of this community. Join and participate in forums, engage with them on twitter. If you enjoy spending time with the people you meet, then you continue with this market. If you find yourself not motivated anymore after a month, go back and pick the next target market.
What to do next? : Start building an audience. Do not think Product for at least 6 months. Spend time engaging with the community, start a blog and publish relevant content (any type of content), start capturing email addresses. Spending time with the community will lead you to the list of pain points, which will lead you to the product.