The traditional and current approach to business models in business aviation is based only on aircraft ownership and does not describe the business aviation segment of civil aviation sufficiently. In this paper, we apply a two-dimensional approach analysing the product of companies competing in the business aviation segment of civil aviation. Our analysis combines two product-related components: fleet attributes and portfolio of services to confirm a diversity of business aviation companies and their business models. Using data of thirty business aviation companies from world regions, we reveal a diversity of business models in business aviation that is contradicting with a traditional approach to business models in business aviation.