When doing business, entrepreneurs are aware of numerous opportunities to achieve additional value by implementing various ideas in different business segments. Despite this, in practice, it has been shown that more than good ideas are needed to break through and compete in the market to achieve the desired goals. New participants are constantly entering the market whose business is based on different methods, new approaches, and new products, in other words, new business models to achieve the highest possible profit and sustainability on the market. Each company has its own business model and, depending on the design of the business model, achieves a particular position in the market and specific financial results. The term business model is frequently used, especially in management literature, and in the last 20 years, the publication of papers in this field has intensified. The term itself has been perceived and defined in various ways, so there needs to be more consistency in its definition and interpretation. Also, the term has been defined and understood differently in various economic areas and thought history has been considered an essential construct in several research fields. The most frequently mentioned and used elements in research are value proposition, value creation, customers, resources, and revenues. Consistency in naming and using these terms is noticed only in the concept of the value achieved through the various activities of the company. In almost all research papers, the term value proposition is mentioned as a foundational and essential element of every business model. The authors continually analyse the significance of business models related to company performance and the relationship of business strategy and business models. They try to identify the key elements of business models by using examples from different economic activities. Although the interest in business model research is extensive, and numerous papers have already been published on this topic, not enough research is being done on the tourism or hospitality industry. The purpose of this research was to determine various business model designs implemented by companies in the food and beverage industry and to find and identify correlations between different business models and the company´s financial performance. By analyzing business models and comparing a larger sample of firms operating in the hospitality industry, specifically in food and beverage service activities, the relationship between business model design and business performance in the hospitality industry is explored. This thesis presents a theoretical review of the development of business models and their elements, both in general and in the context of the tourism and hospitality industry. The business model in the hospitality industry includes three key components: the operating model, which represents the way in which value is created for the company; the economic model, which includes income drivers and an approach to creating sales prices; and the strategic model, which defines the market and how to approach a company’s growth. Essential elements, with specific items singled out for companies dealing with preparing and serving food and drinks, are products, value creation and growth, and profit realization. The products that enter the operational dimension of the business refer to the breadth of the range of dishes in all categories of the offer. Value creation, also an operational component, refers to how the service is offered, whether ready or semi-ready meals are used or if meals are created on the spot; whether a full table service is provided or the guest serves themselves; and the possibility of delivering additional services such as the possibility of taking food outside the restaurant (take away), preparing food in the facility and serving services at another location (catering), and the possibility of delivering food (home delivery) to another location. Utilizing a model that contributes to achieving company growth and profit realization, the economic and strategic components of business determine whether the company will operate through one catering facility or several catering facilities, separately or in a chain, and from a geographical point of view, whether the facilities are local, regional or nationally oriented, and whether the company operates according to its own strategic framework or bases its business on a franchise agreement. The analysis was performed on a sample of 147 companies in the Republic of Croatia operating within the food and beverage service industry. A cluster analysis was conducted to define specific groups of food and beverage companies with specific business elements and characteristics. The parametric t-test and the ANOVA method of linear modelling were used to explore the mutual relationship between a company’s business model and performance measures. The findings reveal statistically significant relationships between the variables used in the research based on the selected sample and the obtained clusters of companies. In addition, the characteristics of companies´ business models in the food service industry were determined, and the impact of individual business model designs on company performance was tested. Empirical research was carried out using primary data obtained by analyzing survey questionnaires addressed to the owners of the company providing food and beverage service activities and by analyzing available secondary data. The findings proved that, in the Croatian hospitality industry, there is a possibility of singling out several different business models. The identified designs of business models include: “Restaurants with a wide range of dishes that operate all year round,” “Seasonal restaurants with a wide range of dishes,” “Restaurants with a wide range of dishes and additional services that operate all year round,” “Restaurants with a narrow range of dishes, additional services take away and food delivery, that operate the whole year,” and “Restaurants with a wide range of dishes, with an additional catering service that works all year round.” It was also found that there is a difference between individual elements of business models and financial business performance. Accordingly, companies with a business model that includes additional services for food delivery, takeaway, or limited offers of food and beverages achieve better financial performance. The theoretical contribution of this research is observed through the theoretical analysis of the characteristics and business model designs in the tourism and hospitality industry with an emphasis on food and beverage services. Authors who previously researched this field state in their conclusions that it would be desirable to conduct additional research and consider companies that are more similar in their business model and are operating in the same field to gain a better understanding of the topic. Only when this is achieved could better conclusions be drawn about the impact of business models on company operations because the results obtained so far are too generalized. The theoretical contribution is also visible in the methodological approach. The use of cluster analysis for the purpose of identifying different designs of business models of companies in the hospitality industry can be replicated in future research of a similar type within another industry and by using other independent and dependent variables. The contribution of empirical research results from the determination of different business models of companies that operate in the food and beverage service industry and identifying the correlation between the design of the business model and the financial performance of the company. The applicable contribution of the research is reflected in the identified business models and elements of business models that have been found to enable better financial performance. Companies that can identify the key elements of their business in time, implement their business model, and find new ways in which they can continuously innovate will be able to understand better and utilize the possibilities for adapting as quickly as possible to a dynamic and challenging market. The originality of this thesis is recognizable in the fact that research on business models focused on providing food and beverage service activities has not been explored to a sufficient extent, neither in the Republic of Croatia nor internationally.