Defining A Turnkey Business

Having your own business can be both a wonderful and terrifying experience. On one hand, you get to choose what hours you work, how much time you want to devote to it, and whether or not you would like to take part in other activities while working.

On the other hand, owning a business comes with many responsibilities that may have you feeling overwhelmed at times.

There’s paying bills, finding employees, marketing, responding to messages and emails, keeping up with paperwork — the list goes on!

Having a “turn-key business” is very helpful in avoiding the pitfalls of running your own company. A turn-key business is designed and equipped so that you do not need to spend large amounts of money or time to start earning profits.

Instead of having to search for yourself about how to run your business, someone has done all of the hard work for you! They have prepared a business template that looks just like yours, with their services attached to begin using immediately.

This article will talk more about the benefits of having a turn-key business, as well as some things you should know before choosing which one to invest in.

Examples of a turnkey business

define turnkey business

Many entrepreneurs start their businesses with an idea that they want to put into action, but then they get stuck because they do not have the resources to launch and run their business yet.

They need to spend time designing their website and finding products or services to offer before they can really begin working towards becoming successful business owners.

This is where turnkey businesses come in handy.

A turn-business-ownership (TBO) is a service or product that has everything you need to succeed as a business owner already set up for you! It comes complete with a business model, marketing materials, and even some limited startup funding or rewards for buying it.

The service usually costs around $500-$2,000 depending on how much support you want. This includes things like your own business license, hosting, domain names, advertisements on social media, etc. Some companies also include help picking your niche and setting up your business website.

Businesses that offer a TBO typically keep the price low due to them being sponsored by a third party or company. This allows them to market the service to potential customers more easily.

There are many reasons why having a turnkey business may be helpful for you.

Touchpoints in the business

define turnkey business

A touchpoint is an activity or experience that creates a connection with you or your audience, elicits a reaction, and prompts someone to take action.

A touchpoint can be something like speaking at an event, posting about products on social media, creating content for a website or magazine, sponsoring an organization, etc.

The term “touchdown” refers to when one of these activities successfully connects with people and gets them moving forward.

So what are some examples of touchdown experiences?

Practicing yoga is a great way to gain a touchstone around wellness. You will find many studios offering drop-in classes, sponsored events, and/or teacher training programs.

By adding their lessons into your practice, you will know just how effective yoga is for overall health and fitness.

Sponsoring a class for your community is another way to give back while also promoting wellness.

Marketing strategies for a turnkey business

define turnkey business

One of the biggest mistakes new entrepreneurs make is trying to do it all themselves. They try launching their business, but they lack the resources or knowledge to fully launch and grow their venture.

They also fail to recognize that sometimes things just don’t work out and you have to give up what didn’t succeed. You must learn to lose so that you can win!

By outsourcing certain parts of your business, you free up time to focus on other areas. This helps you maintain quality control over the projects you take on as an entrepreneur, and gives you more opportunities to pursue additional skills or experiences.

There are many ways to run a successful business through marketing, communication, website design, content writing, customer service, etc. By offering these services to others, you create a loyal client base and help them fulfill their dreams by investing in their project.

These clients will eventually buy products or services from you which creates an income source for both you and them. And yes, it is considered indirect sales, which is another way to promote your business.

How to start a turnkey business

define turnkey business

Starting your own business is an incredible way to make life changes and break free from the office job routine. With all of the options available these days, starting your own business has never been easier!

Running your own show sounds intimidating at first, but you are not alone in this process – there are many like yourself who have done it before.

Most successful entrepreneurs spend their time working on their businesses. They may hire other people or use third-party apps and services to help run certain parts of their business, but none of that matters unless you take action and do things for your business.

You must put in effort into your business if you want it to succeed. This can be difficult when you are spending hours every day just getting through the workday, but investing some time now will save you down the road.

Licenses and permits required

define turnkey business

Having your own business means you’ll need to know what licenses and permits are for your location and then have them! This is not only expensive, but it can also be time consuming if done incorrectly.

Most municipalities require licensing for selling alcoholic beverages, offering massage services, having an outdoor event, and so on. A license allows you to sell alcohol or offer massages, hold events, and operate your business without violating local laws.

A permit is something that does not involve buying or serving alcohol (for example holding an event). These are easier to come by as they do not require proof of liability insurance or background checks. Make sure to check out your city before starting your business!

Your landlord may also have additional requirements like a lease or contract clause about doing business at their address. We recommend doing your due diligence ahead of time to make sure everything is covered. You don’t want to find yourself with no space to work in because you didn’t research your options.

Financial health of the business

define turnkey business

A turn-business is not run by the owner, but through an intermediary company they hire to manage the business while they pursue other interests. This company either sells the stock or products that the business was already running before you as owners, or manages and adds onto what the business already has.

Financial health depends mostly on two things – how well their services are paid for and if there are any money transfers done between them and the business. If these practices occur then it can negatively affect the financial health of the business!

There may also be second party contracts with this company where they agree to pay for additional services or use of resources for the business.

By having a third party handle the day to day operations of your business, they will likely take a salary separate from yours, which can sometimes include benefits. These benefits vary widely depending on who hired them, but typically cover some kind of medical insurance, retirement savings, and/or vacation time.

This takes away one of your main responsibilities as owning a business — paying bills! Because you hired someone else to do it, they usually have payment agreements in place so that they don’t suffer financially because of you.

Marketing strategies

define turnkey business

One of the biggest reasons why most people start their business is because they want to earn money. They may have some savings, but they feel that they don’t have enough to live on so they decide to go into business.

However, with this kind of business idea, you are already setting yourself up for failure.

By offering your services as a professional service provider, you are marketing yourself. You will need to do more than just offer your services to survive.

You will also need to market yourself consistently to keep people from leaving you be.

Just like any other form of marketing, you must know how to promote yourself before trying to get others to join you or use you.

Reading through our list below will help you define turn-key businesses and ways to market yourself.

Business location

define turnkey business

A turn-business is an easy way to start your business. You will need a room or space that you are willing to use as yours, and then you can start developing and marketing your business.

Most of all, you should make sure this area is legal in your state and city!

There is no set price for buying a turn-business, but most cost around $500-$1,000. Some sellers include their mailing address and website under their seller’s profile which makes it very accessible for potential customers.

Many people begin saving up for their own business when they see what a good deal the seller is offering. It is not only helpful for those looking to launch a business quickly, but also gives them exposure.

Business owners who have sold their businesses say that it feels liberating to take time off working and being immersed in the work without having to worry about keeping the doors open.

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