Most entrepreneurs purchase a turnkey business because of the ease of start-up. The learning curve is extremely long and difficult when starting a business from the ground up, and can be lessened a great deal with this type of assistance. Mistakes that are made and the time used learning the business can be considered “lost business” because you can’t serve your customers until you know how to. A turnkey business provides the education without requiring you to go to the school of hard knocks to learn it first hand.
The cost of a franchise or other turnkey package can be recovered quickly. The reason for this is the new business owner will have access to the creator’s experience and knowledge, each of which has a price tag attached to it. A turnkey operation is, according to InvestorWords.com, a business “which can be implemented or utilized with no additional work required by the buyer.” Just by 'turning the key', you are basically open for business. A good package is complete enough to start your business immediately.
There are two categories, intangibles and tangibles, to consider when comparing turnkey business opportunities. The intangibles are shared experiences, knowledge of the business, processes and procedures, consulting and mentoring, training, etc., all being extremely beneficial for a quick startup. Equipment, marketing materials and, of course, a detailed manual, are the tangibles that should be reviewed.
Just knowing how to do a business isn’t enough. There is a difference between knowing how and actually being able to complete the process. A good turnkey package will include a supply of templates. It takes hours and hours to create letters, worksheets, marketing pieces, etc., so these documents should be available to download and edit. Imagine popping a CD into your computer, adding your logo and contact information, and then addressing your first marketing letter within hours of receiving your turnkey package. It can happen!
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