Emerging 5G and future networks (5GFNs) will change the mobile communication business ecosystem by introducing multi-service wireless applications with diverse specifications. These smart and future-oriented wireless networks are intended to address not only consumer-based smartphone applications, but also the needs of various vertical industry markets (e.g., education, energy, healthcare, transportation, manufacturing, agriculture, and so forth). 5GFNs are aimed at attaining economic value for all key stakeholders, including customers, mobile network operators (MNOs), equipment vendors, public institutions, private enterprises, digital business start-ups and various third parties. This paper discusses business model options for 5GFNs from the MNOs’ perspective.  We describe current MNOs’ business models and their shortcomings. Thereafter, we present emerging business models for 5GFNs which MNOs should consider when rolling out these networks.