I've had ideas and different options for starting an online business for a while now. First of all, ecommerce is appealing. I'm not sure if I can stand the competition and provide a good experience for customers.
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Competition doesn't really matter now in my opinion. If you provide a quality product, transparent and fair conditions, and promote the business, there will be no problems with buyers. By starting a business on Magento, you also have a wide range of extensions like magento google shopping feed that will be an additional tool for a successful online ecommerce business.
I think you are overthinking it and if you had tried and started earlier, you would have had great results by now. But it is not too late to start now either.