["Business Strategy and the Environment, EarlyView. ", "\nABSTRACT\nThe water and wastewater management sector faces many challenges related to the implementation of a circular economy (CE). To date, sectoral CE solutions have focused mainly on technological innovations, with limited attention paid to social and economic aspects. In this paper, we present a business‐oriented approach to the management of wastewater treatment plants (WWTPs). The aim of the paper is to identify business aspects of WWTP operations in the context of implementing CE principles and to develop a conceptual circular economy business model for these companies. We used existing data analysis and an expert panel method. The results indicate that the key areas for implementing CE principles in WWTPs include the management of water, raw materials, and energy. In turn, the conceptual circular business model (CBM) for WWTPs was developed based on the business model canvas (BMC) approach. The individual BMC elements were grouped into three areas of CE value management in enterprises: value proposition, value creation and delivery, and value capture. The value proposition is based on transforming wastewater into valuable resources such as reclaimed water, nutrients, and renewable energy. Value creation and delivery rely on the effective configuration of key resources and activities, including advanced treatment technologies, skilled personnel, and strategic partnerships. Value capture refers to the mechanisms that convert created value into financial and strategic returns. It includes direct revenues from the sale of recovered resources, operational cost savings, public subsidies, and long‐term contractual income stability. The conceptualization of the CBM for WWTPs presented in this paper should serve as a starting point for further consideration of CE implementation in these facilities.\n"]