Therefore to help you come up with your novel online concept, examine the big 5 below for guidance with conceptualizing your business model.

There is nothing to stop you from using an idea that is already in existence if you think you can execute it in a better or different way.

1. Selling Products

a) One of the most popular methods of selling goods online, and earning commissions thereon, is to do so as an affiliate.

Many online companies have affiliate programs, the most famous being Amazon, which are usually free to join.

They normally supply promotional banners etc for their affiliates' websites and track all sales that are generated via the affiliate's unique tracking identity number.

b) To sell your own product you can set up your own website to promote and sell with an online payment gateway as well as promote and sell it via an affiliate program.

In other words you can harness the power of all the affiliates on the internet to promote and sell your product on a commission basis.

c) Another option would be to set up an online mall.

There are many shopping cart software programs available for this very purpose

2. Selling a Service

The internet provides a perfect medium for many service companies to promote and market their services.

As you probably know there are a variety of services that can be offered using the internet as a conduit.

You could set up your own web server and sell web hosting and associated products just as any other Internet Service Provider.

Other examples of service oriented offerings are online website maintenance, data backup, etc.

3. Online Training

Before the internet, employees going on courses would have to take a few days off work and be transported to a central point where the particular course was to be held.

This procedure not only came at a cost but also leant itself to counter productivity.

Nowadays, however, the internet delivers training courses directly to each employee's desk top – the advantages of which are obvious for anyone to see.

4. Telecommunications

In some countries the telecommunications industry has blossomed with deregulation and the competitive marketplace has opened up.

The opportunities that exist in this field for the internet entrepreneur would range from simply selling telecom equipment and services to becoming a link in an internet telecommunications network.

Voice Over Internet Protocol (VOIP) is a new internet telephone communications technology, that allows long distance calls to be placed over the internet at very low cost

This is therefore an area with lots of potential and opportunities for establishing the infrastructure required for Internet telephony and for re-selling international telephone call costs.

5. Publishing and Information

For writers and people who have content to distribute, the internet provides the perfect vehicle.

You, therefore, have the opportunity to create a publication without having to invest anything, for example in printing presses, ink or paper as you would have had to pre the advent of the internet.

Although the dot com rush and days of easy internet money are over, there are still many legitimate opportunities existing on the internet.