SEO in developing countries

I was thinking about opening a small SEO agency in a developing country because of the low competition (most of the SEOs agencies operate in England/Germany/US/very developed countries). But the question is, since SEO is something that not everyone knows, and many people are close minded about it, I was wondering if it will be profitable doing SEO in developing countries (of course using the local language). What are your thoughts? Has anyone tried it? Should I change idea?

Thank you in advance.