The IoT business model defines the rationale of how to construct, data sharing and captures the value of an organization. The data-driven model is the familiar IoT-enabled business model in which the data generated by the smart devices are used to construct the model. The IoT business models efficiently offer customer support and easily deliver values. Every industry can create its business model suitable for its company rules and own creativity. Some of the top business models of IoT are platform business model, subscription model, pay-per-usage model, asset sharing model, asset tracking model, outcome-based model, compliance model, data-driven model, and service adjacent model. The business models are used to detect and sell in the targeted market and also anticipate the expenses. The business models comprise the details of business plan products and customer services. The business model has two levers that are coat and price. The business model of a new enterprise can cover the startup cost values, customer database, finance services, and target marketing. The business plan offers more opportunities to the corresponding companies to create partnerships with other developed companies and enhances their profit rates.