A major challenge associated with the implementation of CL initiatives lies with their economic and financial long-term success. In this context, the business model concept can support assessing the business side of stakeholders’ decision-making processes as major determinants for such success. The purpose of this work is to overcome the shortcomings of the business model approach applied to CL systems. To this end, a conceptual model is built from a role-based business ecosystem modelling approach to provide a business model representation of the CL business ecosystem, able to identify and explore the components of the system and their dynamics.