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Been there many times. I didn't always get it right. But practices can lead to better results. Much better results.
Short answer: Three questions you should answer for yourself first: 1) What markets are you a member? 2) Do you have enough expertise to be a "big fish" in that market's "small lake?" 3) Is that target market big enough to support me if I succeed?
That last one maybe should be answered first! {grin}
The most effective marketing tool I know for choosing markets is the "Lean Canvas" by Ash Maurya. I would love to introduce you to this tool. It will change your trajectory through business and life. IMNSHO
Schedule some time for a call. A short tour will save you hours of wasted effort trying to figure it out for yourself. Ask me about "Avoiding the Left Turn."