What new online business would put you out of business?

It can happen in the blink of an eye. A smart business owner identifies a gap online and creates a new online business. What if they introduce a new business model that changes the way business is done in your category? Perhaps it is someone from another category that moves into your patch. Any aspect of your business that can be moved online represents the seeds of a potential new online business.

Wouldn't you rather be the one introducing this new online business?

Now that's exciting. You don't have to be an 'online' expert to start a new online business. You just need to have your eyes open to what your customers want and which parts of your business they would prefer to do online.

Just as many existing businesses in a category introduce successful 'blue ocean strategies' as start ups, there is no reason why it can't be you or your firm. A new online business does not have to be based on new technology.

Can You Imagine A New Online Business That Does Not Yet Exist?

That's what online media companies have done. And it has transformed the traditional media classifieds landscape permanently. Newspapers, magazines, television - all have been impacted by this innovative new online business model.

www.realestate.com.au, www.carsales.com.au have been bought out by media companies; myspace.com was purchased by News Limited.

What Price Revolutions Can You Make To Transform Your Industry Online?

What Freeconomics site or Freemium site could make headway in your industry? You might be just one shift in perspective away from creating your very own new online business.

How could you create a site that reduces the price so much that it can never be challenged? Take iStockphoto.com as an example of a brilliant online business. iStock serves the photographers (suppliers) with a revenue share. If the service was free, how would they attract suppliers? At a couple of dollars per image, who is going to go elsewhere?

There is IP, customer service, product ranges and applications in your industry and your business that are just waiting to be transformed into an innovative and profitable new online business.

Be the business that sees the gap and makes the change, rather than the business playing catch up once the change is made!