A turnkey company is an entrepreneur or business owner that does not need to go into much detail about what they do, how they do it, and where they source their materials and supplies because they have already done all of this for you!
A turnkey company will almost always offer very low price points on their products which are then marked up by the seller – typically in the double digits. This is because the turnkey company has paid for part of the product including marketing, logistics, and customer service.
The entrepreneurs behind these turnkey companies know that customers will find them through word-of-mouth or social media reviews and that most people cannot tell the difference between cheap products and quality ones. Therefore, they create solid products that seem expensive!
These types of businesses can sometimes be tricky to deal with due to the fact that the sellers’ main goal is to make a profit. Sometimes this means lower quality merchandise or even items that may not last.
Being an employee of a business that has all of the necessary tools to succeed can be very appealing. This is especially true for the hard working person who wants to create their own success and position themselves as a leader who knows what they are talking about.
Running your own business comes with its share of responsibilities, but some things like payroll, website design, marketing strategies, etc. are already paid for by someone else.
This other party usually takes care of these things for you in exchange for use of the services provided. These additional benefits are what make having a turnkey company even more attractive.
Turning into a turn-you get what we call a turnkey company. You receive everything needed to start your business right away, including credit card processing, hosting, software, and legal documents such as incorporation papers and licenses.
These things are typically cost just one time fees that many companies will include as part of the package. Some even have discounts or rewards program memberships which help offset the price.
A turn-key business is one that has most, if not all, of the equipment needed to run their business already in place. This helps save you time! You no longer have to invest in additional resources or equipment to start your business.
Turn-key businesses typically offer services such as website design, marketing strategies, logistics (box truck organization, shipping), warehousing, inventory management, customer service, etc.
The providers of these services are often paid per use which saves you money because you are only paying for what they use. Some turn-key business providers will even take over the job of running the company once it’s done!
This is helpful since you do not need to spend extra money developing the infrastructure of the company yourself. There are professionals who can help you with this process.
As mentioned before, being a turnkey business means offering your potential customers a complete service or product that takes care of everything for you. This can be limiting in terms of what services you can offer, as well as how large your customer base can grow.
By having someone else take care of the logistics and marketing of your site, your time can go more into producing content to attract new visitors and growing your audience.
As with any type of business, there is a risk when turning over the responsibility of running it to another person or entity. You will no longer have full control of the outcome, but may also lack accountability if something goes wrong.
Starting your own business is an incredible way to make yourself happy and earn extra money. But with all of the options available these days, it can be tricky to know what’s best for you and when to actually launch.
There are many ways to begin your entrepreneurial journey, from starting a website or mobile app, to buying a pre-made product and revamping it to sell as yours. A turnkey company is one such option!
A turnkey company is already run by someone else — but they're not necessarily taking advantage of their success yet. You get to give them exposure while earning revenue for your brand/company.
"Turning key" simply means helping others achieve their goal (in this case, profit). It's not about getting rich quick, though! Many entrepreneurs spend years building up their businesses before they break even.
Running your own company is an incredible way to reach your career goals. There are many ways to run a business, but there’s one thing that all successful entrepreneurs have in common: they built their businesses with a good amount of efficiency and time management under their belt.
Running a business doesn’t happen overnight, so don’t expect to take over a pre-made product and make a fortune doing it. To succeed as a turnkey entrepreneur, you need to know how to manage your time effectively, what products exist for your niche, and how to customize or improve them for your customers’ needs.
That’s why this article will talk about some things that are important to understand as a turnkey business owner.
Market your company, not just yourself
A turn-key business is one that has done most of the work for you already, so you don’t have to worry about it!
By and large, entrepreneurs spend more time marketing themselves than anything else.
Most start their journey by sharing their story all over social media, writing blogs, and speaking at local events. They develop their brand through logos and merchandise.
But even after all of this hard work, they find little success in changing people’s perceptions of them.
Why? Because they are only talking about what they know — how to run their business and what products they use.
They aren’t promoting who they are as individuals. They are leaving out the part which is arguably just as important – their personal life.
And while some may say that’s irrelevant, I believe it isn’t. Your personal life can influence how other people perceive your business and yourself.
Your personal life can affect how others view you as an individual and as a leader. This will subconsciously influence their behavior towards you and your business.
It will also inspire or hinder their perception of your business and what you offer.
Are you willing to show the world the real You?
I’m asking you to do just that here… with me. Take my 30 day no obligation challenge to expose the true You.
A turnkey company is one that has most of the pieces already in place for you to take control over. They have done their work for you, leaving you only to manage them!
Companies that call themselves turnkey often poached the name from military terminology. Companies that offer services as a business model are referred to as “bidding companies” or “war contracts” because they sell access to their products and/or services at a discounted price. (Think about it- how many times have you heard someone say they will do something if they were paid X amount of money for it? It is very common.)
The term “turnkey” implies that the provider has completed all the steps needed to give you access to the product or service, but they also leave some degree of responsibility upon you. This gives you an opportunity to check out what this company offers through research yourself instead of being fooled by marketing ploys.
Does this sound like a good thing? I hope so!
The reason why this is not always a positive thing is due to the possibility of these providers failing to maintain or update their offering. People may go bankrupt or lose interest while providing you with the promised product or service. There was a popular lip dub YouTube channel that went dark last year, and its followers were left high and dry.
By and large, people are too trusting which can be disastrous when things don’t work out.
Choosing where to live in the world is an important decision that impacts you for the rest of your life. You want to make sure you’re investing in yourself by living in a beautiful area, with good public transportation, great schools, and friendly people.
When deciding where to live, no matter what type of business you run, there are two major factors: Location and cost of living.
Location is key because it is difficult to succeed if you can’t find adequate rest and relaxation after a long day at work. Yours will depend on how close you are to things such as job opportunities, hobbies, and entertainment. If you have a car, it is efficient to look for housing within easy access to parks and recreational facilities.
The other major factor is the overall cost of living. This includes monthly rents, utilities like electricity and water, and the average price of groceries and daily lunches.
Overall, money should be our main focus when choosing a place to live. Having enough income to fulfill everyday needs is very important so we do not need to worry about buying food or paying bills. A budget is helpful in finding a home base that allows you to feel comfortable.