The Internet of Things is the emerged technology for the progressive enhancement of various industries including manufacturing, public healthcare de-velopment, power generation and business. Out of diverse area of research in IoT, the development of new and improvement of existing applications is a highly fo-cused area for making IoT an elegant approach for automated fact discovery and task handling. To ignite the progress of IoT applications with ease of commercial exploitation a business model is highly essential. On the other hand, a framework facilitates the realization and development of the business model by defining the building blocks of the model, their functionalities and relations. This paper aimed at designing a hybrid framework for IoT enabled the business model to facilitate the development of IoT applications. Some of the existing models are discussed at the beginning of the paper. Conceptual flow of model compoments are also shown to understand the impact of IoT in business models.