This paper aims to enhance the knowledge of business model development in the mobile service sector by exploring the underlying components of a business model for organizations within that industry. By drawing from business model literature combined with findings from a longitudinal case study of an iPhone application, a conceptual business model for mobile services was developed. Proposed model extends earlier frameworks by adding contingency aspects and the view of core resources into a dynamic business model. Findings from the study highlight the importance for application developers to have an overall resource strategy in order to support the sustainability of their business models. This is particularly important due to the rapid pace of change in the industry and the technology.