An adequate design of PSS-oriented business models (PSS BM) should illustrate the link between the strategic objectives of the stakeholders andthe operational development of the oer. The literature on PSS explains the content of a business model mostly from the provider’s perspectivewith a clear operational positioning. This paper considers the strategic positioning of stakeholders in the early stage of the process of valueco-creation. More precisely, this paper aims at providing a comprehensive conceptual model that integrates both strategic and operationalperspectives of a business model, which is considered here as a system of value co-creation. A system modelling approach, by coupling twomodelling methodologies, is proposed. Goal Modelling (GM) is used for the strategic perspective, and the Model-Based System Engineering(MBSE) for the operational one. GM allows modelling high-level objectives that stakeholders expect from a given system, Whereas MBSEsupports formal modelling of the engineering process. Combining both modelling frameworks makes it possible to visualize the entire systemfrom strategic and operational perspectives as a unique socio-technical system. The aim of this work is to support the value co-creation processin the early stages of PSS design through the visualization of its key elements (e.g., actors, goals, PSS oers, activities, among others). Theimplementation of the modelling framework is illustrated through a real example of a french company with respect to the provision of safetyclothing for its employees.