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A turnkey business is ready to go at the time of purchase or delivery, with everything needed to operate included. Franchise businesses and turnkey websites are examples, but not all businesses that include some resources are turnkey. Success still depends on the owner’s efforts.
A turnkey is a type of business or operation ready to go at the time of purchase or delivery. This type of venture is sold to an entrepreneur completely ready to operate. The purchaser does not need to prepare it to operate it or obtain customers as everything is generally ready to go. Franchise businesses are often sold on a turnkey basis, but there are also other types of businesses that are sold or even leased this way.
There can be many types of businesses that include a lot of what a person needs to get started, but they’re not all turnkey. Essentially, a business is truly turnkey if it is ready to go without requiring the buyer to do additional work. If a buyer needs to do market research to find out if there is an audience for their service before they open their business doors, this will not fit this definition. Likewise, if a person has to spend their own time and money figuring out the best way to run their new business or find a place to run it, it’s usually not a ready-to-operate business.
A turnkey example is a franchise business complete with everything a person needs to get started. For example, a ready-to-go franchise might include instructions for running the business, equipment, product inventory, marketing materials, and even a building set up for the franchise. Often these types of franchise businesses also have an established reputation that helps the new business owner have a better chance of success. It’s important to note, however, that some franchises aren’t really ready to go. Many require new franchisees to find their own locations, for example.
Another example of a turnkey business is a turnkey website. For example, a person might be interested in selling gift baskets online. Instead, when starting his business from scratch, he can buy a ready-to-operate gift basket business. Once the site is transferred to him, he can immediately start selling gift baskets online. Even things like your shipping agreements and credit card processing services must be set up and implemented at the time of purchase.
People often equate the word turnkey with easy, thinking that a turnkey business will be easier to operate and profit from than an ordinary venture would be. However, this is not always the case. This type of business is usually easier to start, but it still takes a lot of effort to run. Furthermore, there is no guarantee of profitability. Ultimately, this type of business is a tool for an entrepreneur, but its success often depends on the efforts of its owner.
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