You need to choose an initial online business model which holds some interest for you. Once you are firmly established online, you can diversify into other markets. Think of it this way. If your lifetime offline expertise is oil and gas, purchasing an offline gourmet restaurant would probably not be the wisest choice, until you had at least some training or experience in the restaurant industry.

1) Production model. This is a model which can very easily be adapted from an offline business to one online. For example, if you currently grow specialty vegetables or herbs or make shoes and clothing for the offline market, you could quite easily adapt to a similar online model. You already are producing the merchandise; you would simply need to create a website, learn to do online marketing, and apply much of your current expertise online.

2) Merchant model. If you currently are in the sales arena, or own a brick-and mortar store, this might be a good fit for you. Keep in mind, if you currently market 5000 different items, your initial investment in a web site will be significant, especially if you choose to feature each of your offline items on your web site.

3) Advertising model. If you currently are involved in advertising, this might be a natural fit for you. Online, your sales techniques are similar. One thing that is nice online is that you can automate much of your follow-up sales communication. However, the online market is quite competitive in the advertising arena. On the other hand, there is plenty of opportunity for growth, as many offline merchants are choosing to transition from offline advertising to the online arena. The next few years are probably very good years in which to get involved in online advertising, especially if you already have clients or contacts in the offline advertising arena.

4) Affiliate model. The affiliate model is a nice transitional model for those of you who are just getting involved online and do not want to become involved in a similar field as your offline area of expertise. This allows you the flexibility of being paid for referring customers rather than actually selling them. One of the keys here is volume. You win in affiliate marketing by focusing on the volume of recommendations, rather than becoming too concerned with what happens after you make the referral--things like conversion rate and follow up.

5) Brokerage model. This model is generally good for people who like the challenge of identifying needs and attempting to match others with similar or complementary needs.

6) Information model. This model is actually a great entry-level vehicle for the online market. One thing that is crucial here is that you must become an expert at the field in which you are creating or distributing information. However, aside from the intense learning that is necessary to become good in this field, the entry costs tend to be low.

7) Subscription model. You might be well suited to this model if you are willing to grow slower at the front end of your internet business in order to achieve more stable long term success. One thing that is nice about this model is the recurring income stream that comes from building a successful subscription business.

8) Utility model. Unless you are entering the internet with financial backers and a pretty big bank account, you may be better off leaving this to those who are already in control. While there is certainly a need for improvement in the current internet utilities, this is not an easy area for a beginner to excel in. 9) Community model. If you enjoy people and enjoy bringing people together and helping others meet needs through community, this might be a good fit for you. Because the model does not implicitly create a revenue, unless it is set up as a subscription based community, you may struggle initially creating a revenue stream. One method of financing the community model is by selling advertising or affiliate programs through the community, but this is often harder said than done.

Review the different business models above and start researching how you could apply them to the subject or niche you are interested in and then most importantly, take action and get it started.