I agree with Ted in every respect. You can certainly make a strong go of it, but you’re going to need some innovation. Creating the next Groupon just isn’t going to happen. To illustrate this point, I have a client that sells the coupon concept and does very well. They came to me to create the software that can be re-sold. Their angle is to approach radio stations and newspapers and license custom coupon software for them to use. The radio stations and newspapers have a natural marketing foothold and can easily move the product. There are a few more aspects of the process that make them different, but that’s the concept in the nutshell.
This is just one example of a different way to approach this concept. Get creative and you might find an angle that hasn’t been pursued yet or has significant room for improvement. That’s where you’ll find a successful business in the coupon industry.