by Wez

It's the modern day gold rush - the wild wild web. When you think that the web has only really been around in mainstream use since the beginning of the new millennium, not even 10 years ago, it's frightening to think where it will be in another decade. Think of the TV in its first 10 years and now look at the 50inch wide screen plasmas we're now used to. 

World wide Internet users have trebled since 2000 (http://www.internetworldstats.com/stats.htm), and there's still plenty of room for growth. In terms of what the web has to offer I would think its only currently at 10% maybe 20% capacity of what it will be in the coming years.

Opportunities for Online Businesses

It's unrealistic to try and create the next Facebook or Twitter, however I can bet if you focus on your industry there will be an opportunity to create an online business to solve a problem or make things easier. We've already seen examples of these with the more obvious online businesses being created in Australia including sites such as www.realestate.com.au, www.seek.com.au and www.wotif.com.au  

Once off the ground a good online business, combined with a revenue model like a subscription based service, can mean a high profit margin with ongoing revenue -- and provide great leverage possibly marketed nationally or even world wide.

My few quick tips for creating a successful online business:

• Focus on simple idea's, don't get too complex
• Stick to what you know best, using your current knowledge, experience and connections.
• It needs a clear business/revenue model (which Twitter is still trying to work out)
• Be prepared to spend the time and money to get it afloat.
• Start with the essentials only, focus on the core service. Do one thing and do it well.

Example Online Businesses

At NBM we've helped create and work with many up and coming online businesses:

www.doggyinthewindow.com.au
A pet products wholesaler created a website within their industry for breeders to sell puppies.

www.golfindustrycentral.com.au
A golf consultant saw an opportunity to create an education and information portal for the golf business industry.

www.funseekers.com.au
Event organizer created an online social and event club. 

www.quickbackup.com.au 
And of course Quick Backup, our web based business that we saw a need with our clients.