Internet of Things (IoT) encompasses a wide range of devices and technologies which cumulatively shape a new environment with unprecedented business prospects. This paper aims to investigate the business potential of the IoT, examining the opportunities it offers as well as the challenges it creates for current and future business models. In this direction, the paper presents a proposed framework for analyzing IoT business models into dimensions that can facilitate our understanding of their development and success. The paper also denotes factors that can affect the success of IoT business models, focusing on security, privacy, trust, legal and economic aspects of IoT. The paper continues to show the business applicability of IoT through the case of RAWFIE project, describing example application scenarios of mobile IoT in selected domains and analysing its business potential.