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AbstractDespite the rapid growth in the adoption of online learning, there is a dearth of detailed information on effective business models, business strategies and effective practices on which to build sustainable online education programs. A survey instrument was developed as an initial attempt to define business models and business strategies for online learning. The survey results yielded some interesting data about which online learning financial models seem to have more or less “control” of which business functions. The sample was a convenience one and as such will require further filtering of data. It is also clear that more needs to be done to define business strategies and models and thus provide guidance to this growing segment of higher education.