Most entrepreneurs purchase a turnkey business because of the ease of start-up and continued assistance. The learning curve is extremely long and difficult when starting a business from the ground up, and can be lessened a great deal with this type of assistance. Mistakes that are made and the time used learning the business can be considered "lost business" because you can't serve your customers until you know how to. A turnkey business provides the education without requiring you to go to the school of hard knocks to learn it first hand. The cost of a franchise or turnkey package can be recovered quickly. The reason for this is the new business owner will have access to the creator's experience and knowledge, each of which has a price tag attached to it. A turnkey operation is, according to InvestorWords.com, a business "which can be implemented or utilized with no additional work required by the buyer." Just by 'turning the key', you are basically open for business. A good package is complete enough to start your business immediately. There are two categories, intangibles and tangibles, to consider when comparing turnkey business opportunities. The intangibles are shared experiences, knowledge of the business, processes and procedures, consulting and mentoring, training, etc., all being extremely beneficial for a quick startup. Equipment, marketing materials and, of course, a detailed manual, are the tangibles that should be reviewed. Just knowing how to do a business isn't enough. There is a difference between knowing how and actually being able to complete the process. A good turnkey package will include a supply of templates. It takes hours and hours to create letters, worksheets, marketing pieces, etc., so these documents should be available to download and edit. Imagine popping a CD into your computer, adding your logo and contact information, and then addressing your first marketing letter within hours of receiving your turnkey package. It can happen! Hands-on training is essential. Even what seems to be the easiest process can be overwhelming when trying to learn everything at once. Actually doing the task is the best way to learn. This training should also be supported with a detailed manual and in-person or telephone consultation. The manual is the map or guided tour that will be consulted constantly during the startup phase. Thorough manuals should include background information, marketing tips, resources and any processes the new business owner will need to know. For example, our manual includes step-by-step instructions for processing photographs. It is so detailed that it starts with putting the camera card into the computer and ends with pressing 'print' on the photo software. The same is true for each office procedure, marketing initiative and customer follow-up, to name a few. Marketing can become a full-time job in itself, especially when starting a new business. Just creating a logo and business image can be time consuming. Then there is the task of getting business cards designed and printed. As we all know, that is just the beginning. What about flyers, sell sheets, product lists, price lists and brochures? Each will need to be created, designed and printed. And where do you begin when choosing a website? Do you want to use templates or will you need a complex site? Who should you use? Referrals are the best way to make this decision; interviewing the designers also takes time. Writing the content, or hiring someone to do so is another task that must be addressed. Are you going to have a newsletter? If so, will you write it yourself or hire someone to write it for you? All of these marketing issues must be addressed, and completed, prior to opening your business. Having all of these provided for you instead will take a lot of burden off your shoulders, and bring your business a professional, tried-and-true marketing package that allows you to concentrate on building your business rather than your website! No business startup is complete without support. It is probably the most important and valuable part of the entire package. When looking for a turnkey business to purchase, make sure you have a sufficient amount of support to be successful. Few businesses succeed without assistance from a business coach, mentor or consultant. The support should extend well past one year. A good, high value turnkey business will allow the new entrepreneur to begin immediately. The complete package should provide everything necessary so they can, from day one, focus primarily on making connections to create their own successful businesses.
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