Previous research in the area of business models has focused on their use in the context of an individual organization and has failed to incorporate considerations associated with a network of business partners in a candidate business model. Building on existing literature, this paper reports on an ongoing work which investigates the challenges associated with designing business models for wider business operation scenarios, commonly known as business networks, where there is a need to foresee and manage critical decision-making points. The research methodology combines literature review and interactive research including insights derived from participant discussions in a research workshop. The documented data captured during the workshop was used as an input for further refinement of the initial networked business model design constructs. The result is a conceptual framework that provides a set of interrelated design elements for business models in network environments. The design elements are the decision points for an organization where its networked operation has to be configured, operated, optimized and dynamically reconfigured. The framework was validated through a case study in the oil and gas industry with the aim of improving operational planning among business partners. This work is supported in part by ARC Linkage Grant LP140101062 (Transforming Banking Service Delivery Through Connected Communities) and ARC Discovery Grant DP140103788.