This study examines how smart home solution providers in Iran configure their business models in a market characterized by uneven digital infrastructure, affordability constraints, and limited institutionalization of the category. Using the Business Model Canvas (BMC) as an organizing framework and ten semi-structured expert interviews, the study identifies 105 sub-themes mapped to the nine BMC building blocks. The results indicate that Value Proposition, Customer Relationships, Key Activities, and Channels receive the greatest emphasis across cases. Taken together, these patterns suggest a sector shaped by affordability, customization, trust-oriented practices, and direct customer engagement, in ways that differ from the dynamics commonly reported in more mature markets. The study is grounded in Business Model Innovation (BMI) theory and supported by Dynamic Capabilities theory, which highlights how firms adapt their models to local uncertainties and limitations. The proposed framework illustrates how Iranian providers adapt traditional components to meet cultural preferences, address economic conditions, and bridge infrastructural gaps. This research contributes to BMI literature in underexplored contexts and offers practical insights for entrepreneurs and policymakers in similar emerging markets.