What is a turnkey business?
A turnkey business is a business that is ready to use, existing in a condition that allows for immediate operation. The term “turnkey” is based on the concept of only needing to turn the key to unlock the doors to begin operations.
What is a turnkey business opportunity?
A “turnkey” business opportunity is a term used to describe a business opportunity that offers entrepreneurs or owners everything they need to start and maintain the business. This normally includes access to the business: model, permits, licences, equipment, branding rights and inventory. It is described as a “turnkey” business opportunity because metaphorically all the owner needs to do is ‘turn the key’ and open the door to start and maintain the business.
What is a turnkey home-based business opportunity?
A home-based turnkey business opportunity is set up to include everything the new owner needs to start and maintain the business based from their home. This includes the business model, permits, licences and naming rights. Sometimes home-based turnkey business opportunities also come with equipment and an inventory. Ideally, all the buyer needs to do is “turn the key” and open the door to get the business up and running.
How is a turnkey business different from a franchise?
Turnkey business opportunities are usually a cheaper option than franchises, as they don’t require the business owner to pay any ongoing franchise fees or commission. When buying into a franchise, the new business owner is tied to an ongoing relationship with the franchisor (who owns the business model), whereas when buying into a turnkey business opportunity, the business owner has complete financial and managerial independence.
Whilst the franchisee is given everything needed to run their business, in addition to ongoing support from an experienced business owner, they must continue to pay fees to the franchisor in addition to following brand guidelines and processes. In some cases, a franchisee may have to pay a commission on every job completed or sale that they make. These ongoing payments can have a significant impact on the profitability of the business, however, in some cases, the support received could make it worthwhile.
Is everything really included in a true turnkey package?
Turnkey businesses can vary in price, which is often indicative of how ‘true’ they are in name. If a turnkey business appears too cheap to be true, then it is likely that you are only purchasing part of what you’ll need to start up. A ‘true’ turnkey business package should equip the buyer with everything (except the labour) to start and run their business. This should include equipment, proven processes, marketing materials, and ongoing support.
What is the difference between a true turnkey opportunity and a partial turnkey program?
In some cases, especially with turnkey franchise businesses, partial turnkey opportunities are offered instead of complete turnkey businesses. A true turnkey business will be a ‘business in a box’ that will allow the person buying it to start operating right away. In the case of partial turnkey businesses, the purchaser may find that they have to perform additional tasks in order to get their business running, as such they will usually come at a cheaper price point.
For example, would-be entrepreneurs might only buy the theoretical knowledge to start their business, in this case, they would acquire the intellectual property needed to run the business, without any of the equipment or tools that they might need to do the job. Before investing in a turnkey business, it’s worth making sure that the product offers everything needed to start trading right away: including equipment, ongoing support and training.
What are the advantages of a turnkey business opportunity?
Buying into a true turnkey business opportunity can offer an efficient route to successful business ownership for those looking for a proven blueprint to follow. Much of the risk in starting a completely new business can be avoided by following in the footsteps of other business owners, taking away the stress and time that would normally come with the process.
It can be hard to identify a unique business niche that has little competition, as well as a strong success rate; a turnkey business can give new business owners the confidence to pursue their entrepreneurial endeavours with conviction.
What are some of the cons of buying into a turnkey business?
- Can be expensive. Depending on the type of turnkey business that you are looking at, you may have to invest much more than you might think to make a purchase. For example, some franchise turnkey businesses require that you have a minimum net worth before they’ll even deal with you.
- Franchise turnkey businesses can be restrictive. If you’re buying a turnkey business through a franchise model, then you may find yourself restricted in how you choose to run your business further down the line. Non-franchise turnkey businesses set you up with everything you’ll need to run the business and give you the freedom to adapt.
- Valuating can be difficult. When purchasing a pre-existing turnkey business, you may find it difficult to assess whether you’re getting good value for money. In other cases, your investment is easier to track, as a turnkey business could include equipment and training which is easier to account for.
What are some cheap turnkey business opportunities?
There are a number of cheap turnkey business opportunities that can offer different kinds of returns over varying lifespans. The term ‘cheap’ should be considered relative though. For some, ‘cheap’ could entail a fully operating business, such as a laundromat or automated car wash, which can cost less than $200k. Others, however, might be looking for something much more comparatively affordable. Franchise businesses can sometimes come at lower price points, but these also require monthly payments or commission fees, which isn’t ideal for someone who wants a long term business of their own.
What business can I start with $5000?
Fully functioning turnkey businesses can be bought for as little $2000-5000 and can cover a variety of niches including DJ for hire, cleaning, delivery and decorating, to name a few. However, there will be a reason that these small businesses are valued at such a low price. The business could include tired or outdated equipment, or the customer database could be filled with duds. It’s always worth considering why a business owner is selling their enterprise so cheaply, and ask yourself if it’s worth the risk of buying such a business, even if the investment is comparatively low.
What business can I start with $20,000?
$20,000 could be invested in a wide range of businesses, which one you choose will be down to your work preferences and skills. There are plenty of franchise opportunities open to those willing to pay ongoing fees to a 3rd party. Tina Maids, Teddy Bear Mobile, Mattress By Appointment and Time To Eat Delivery are just a few examples of businesses that cost $20,000 to start.
Each business package comes with training and the companies even offer financing assistance to aid those who don’t quite have enough money to meet the initial start-up costs. There’s no end of choice of business opportunities when you have this amount of money to spend, but it’s worth properly considering how happy you’ll be in your future employment and if you’ll be satisfied handing over a percentage of your earnings every month indefinitely.
What are some popular types of turnkey opportunities?
Turnkey opportunities can come in all shapes and sizes, from physical restaurants with all the equipment and seating that are required to start serving, to well-established ‘pool routes’ which gives you a pre-built database of domestic swimming pools to service.
Some turnkey businesses are functioning businesses which are ready to be handed over to a capable person, whereas others are yet to be established businesses, with the seller offering all the training, equipment and marketing materials needed to get a headstart with their own business. Auto Repair Shops, Pizzerias and Laundromats are all examples of turnkey businesses which could prove profitable, however, they each come with their own set of risks and benefits, which should be considered before any investment is made.
There are several different models that qualify as turnkey businesses, including:
- Any kind of previously established business, which is sold by its owner. The sale could include the property the business is based on and all corresponding equipment.
- Multi-Level Marketing turnkey. You pay into a program which gives you access to samples, marketing tools and a sales strategy. You’re then tasked with finding and selling to customers.
- Commercial Real Estate: An apartment building, complete with pre-existing tennants and established contracts with building management or maintenance companies, is another example of a turnkey business.
- Franchise Business: You’re usually given training and territory by head office and are then tasked with finding customers for your chosen service. You will be limited to certain suppliers and your advertising may also be predetermined by head office. You may also have to pay an ongoing fee.
- A new turnkey business opportunity. You’re given training, equipment and marketing support by the seller, but are also given the freedom to run your business how you see fit. There’s one upfront cost, with no ongoing fees or commission.
What is the most profitable turnkey business opportunity?
There are hundreds of turnkey business opportunities to choose from which have the potential to turn a profit – but it’s impossible to highlight which is ‘the most profitable’. Whilst many restaurant franchises, such as Krispy Kreme and McDonald’s are considered to be ‘safe bets’ (mostly due to their brand recognition) these options cost hundreds of thousands to set up and come with a much heavier workload to manage. Meanwhile, the profit potentials for cleaning businesses, along with their low barrier of entry, have proven successful for many.
For most, the ‘most profitable’ turnkey business operation will be one that balances a realistic initial investment with the freedom to run their business successfully in ‘their way’.
How do I choose the right turnkey opportunity?
With so much choice, it can be difficult to decide which route to go. Before making any major decisions, consider what kind of work you’re capable of doing, what your pre-existing skills are and how much guidance you’d need to get started running your own business. The best turnkey business opportunity for you will be one that is within your price range and arms you with everything that you’ll need to make a profit, regardless of if you’re familiar with the industry or not.
How do you finance a turnkey business?
You can finance a turnkey business in the same manner that you would do any other business. The best way to do this is through your own savings, however, the use of credit or using a loan from a bank can also be a means to an end. In some cases, it’s possible to get backing from the Small Business Administration. However you choose to finance your turnkey business, you should make sure that you have enough living expenses set aside for a few months so that you are not completely reliant on your new business at the beginning.
What should I watch out for when buying a turnkey business?
New business owners can be susceptible to pitfalls that more experienced traders can avoid. Make sure that you’re as informed as possible about the industry that you’re planning on entering. If a turnkey business seems too cheap to be true – it probably is. Check a business’ background thoroughly before making any purchasing decision.
For example, it would be unwise to invest thousands into a home cleaning business in your local neighbourhood, only to find that the market is already crowded with competitors. It doesn’t matter how fool-proof your business plan might be, if you’re targeting an area that is already saturated then you’ll be at a disadvantage from the get-go. Pick a niche that you can easily learn and that has relatively low local competition, so you can get the best headstart possible.
Why Take Up The BBQ Cleaner’s Business Opportunity?
The BBQ Cleaner is a great turnkey business opportunity that’s easy to operate with flexible hours and excellent support, offering many advantages over a traditional franchise or other business opportunities.
We believe in helping aspiring business owners succeed with a proven business model that truly works. Our system is situated in a non-competitive niche, making us the pioneers in this high-demand industry. You can also scale your grill cleaning business accordingly so there are no restrictions to tackle when you feel that it’s time to grow and expand your business.
What’s more, we offer FREE ongoing business support so that you can seek consultation from us at any point.
We’ll Supply You With:
- Access to The BBQ Cleaner logo for strong Brand Recognition
- Professional, personalized and proven marketing materials
- Premium grade cleaning products
- In-depth yet easy to read Operations Manual
- Customized 1-on-1 training to launch your business
- Ongoing BBQ cleaning business support
If you want to make the right move to make your entrepreneurship dreams come true, this is it! The BBQ Cleaner will help you realize the potential of our BBQ cleaning service, and make you a proud business owner.
- A cleaning business opportunity that can be up and running in less than 2 months.
- Piggyback on the success of other operators nationwide.
- No ongoing royalties are fees paid. You keep 100% of what you make.
- Low capital needed to get up and running.
- Freedom to operate the business your way.