The shifting demands on product development and production processes have led to the emergency of new business models, such as integrated product-service offerings. Research shows that the combined business models have a positive effect on the business and as a consequence the importance of aftersales services has increased. But many companies have not yet understood the business opportunities that could be achieved by providing aftersales services. The view of operations and maintenance services has to change; the focus should be on the values created and not in the offers in form of products or services. The approach presented in this paper is an attempt to support this mental shift. A framework for business model development is presented and its applicability in the practical work for reaching new business models is demonstrated by an example. The framework describes business model development in four levels. From maturity point of view, the four steps could be seen as the logical development of the business model from a narrow technical perspective to a holistic product-service perspective. The four levels could be connected to the four industrial revolutions according to the concept of Industry 4.0. Level four is therefore referred to as Service Management 4.0; a business model that supports Industry 4.0 and Maintenance 4.0. In particular, three key concepts reflect the concept of Service Management 4.0: performance-based contracts, partnering and the business ecology concept.