The formula to selecting your e-business model, as precribed by Scott Fox in his wonderful book 'Internet Riches', can be summed up in the acronym 'ICICLE'.
'I' stands for your Interest and Ideas. The trick is to focus first on what you are passionate about so that every morning you're charge out of bed all excited to build your website into a multi-million dollar success.
'C' stands for your Customers. This is where you identify customer groups with whom your personal background suggests you would enjoy working and to whom you have something to offer.
The second 'I' stands for In-demand Product Identification. You need to research which products are most in demand, and follow that up by researching product suppliers and competitors online to get pricing.
The second 'C' stands for Competitive advantage. You need to analyse situation and personal resources to determine differentiating factors that could make your approach unique and profitable.
'L' stands for Leverage. You need to apply results of strategic analysis to the unique capabilities and reach of the internet.
'E' stands for E-Business Model for Your New Business. By compiling the results of the previous steps, you would be able to define the business model most suitable for you new business!!
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