The ongoing integration of Internet of Things (IoT) within Fifth-generation (5G) mobile ecosystem promises to provide smart and intelligent services meant to foster vertical industry digitalization. 5G-IoT private networks have become a popular choice of adoption by industry verticals in accelerating digital transformation across various sectors, thereby culminating in Industry 4.0. Research and development on 5G-IoT private networks has mainly focused on the technical aspect with less attention on the business side. This paper discusses viable business model options for 5G-IoT private networks for applications in diverse industry sectors and the attainment of economic value in terms of revenue maximization, cost minimization and sustainability.