Just What Is a Turnkey Business Package

Are you one of the many people wanting to start your own business, but concern over the economy has encouraged you to hold off for a while? If so, consider a turnkey business package to assist you.

So, exactly what is a turnkey business package? First, let's discuss what it is not. Similar to a franchise, there are two major areas that distinguish one from the other. Franchise businesses are almost always more expensive (many into the high tens and hundreds of thousands of dollars) and they also come with more restrictions and requirements than a turnkey package. For those who want assistance and guidance when starting their business and continued support through the years, either a franchise or a complete turnkey business package will provide that. Again, the big difference is the price tag.

What turnkeys do provide, which makes them similar to a franchise, is almost everything – if not entirely everything - necessary to start your own independent business. You will, in essence, “turn the key” and be ready to do business. These can be created for brick-and-mortar as well as home-based businesses. The cost to purchase is a wide range from a few thousand dollars into the tens of thousands of dollars. The price will often indicate what, and how much, comes in the package.

A true, fully-developed turnkey business package will include training, mentoring and/or consulting. This is one of the main reasons for this purchase. Gaining the knowledge the owners of the turnkey opportunity have gained through working their business over the years lessens the trial-and-error most new business owners experience. This is often a slow, painful process. Instead, you'll get up to speed quickly as you learn from them.

A key feature of a turnkey is the brand recognition. Often this business package comes with a license to use the logo, marketing materials and a website customized with your business information. This is a huge time saver, as you can have your business up and running within weeks instead of the normal months to create a well-designed website. Some turnkeys also come with newsletter templates and other marketing initiatives so you can begin to reach out to your prospects and target market immediately.

In today's economy, the turnkey package is a great alternative to starting completely on your own because even though they do require some investment, it's money well spent. The ROI is realized sooner than with a franchise due to the smaller investment. Not to be left without mention is the fact that you'll be in business quicker than without this assistance and support, which means revenue will come in earlier.

As with any business, do your due diligence. Talk to others who have purchased the business package as well as having a few conversations with the founders/owners. And remember that no matter how much help you receive, the success will be dependent on how much effort and time you are willing to give to your new business.