This paper describes the process of establishing an Internet-based online graduate degree program for teachers. At Webster University (Missouri), this program was the first online degree to be offered by the institution. The paper reviews Webster University's experiences and outlines a planning process that includes defining the rationale (risks) and developing the major components (roadblocks), including courses, approvals, facilities, instructor support, student support, and evaluation. The lessons learned (rewards) are summarized, and recommendations are given for other institutions that wish to launch online degree programs for teachers. (Author/AEF)