Starting a business now is no harder than at any other time.
In fact being small can be an advantage..........your overheads are small.
If you are going in to manufacturing, find out what people want, ring up and/or visit companies buyers, managers or bosses and ask them what they are finding it hard to get, don't buy a machining centre if the local factories need components cut on a waterjet for example.
Don't be put off when they say they don't need anything, one day when a regular supplier has let them down, your phone call at the right moment gives you the chance to show them what you can do, so keep calling.
Advertise in a trade paper or hobby mag or internet.
If you really want to do it, do it, you'll never make any money working for someone else.