CandleFocus Glossary Editor
A turnkey business, commonly referred to as a ‘ready-made business’, is a type of business that is ready and available to begin operation immediately after the business’s purchase. A turnkey business generally includes all the essential components of a typical business, such as management, operations and marketing, as well as all the necessary resources for the business to start.
A turnkey business is a great option for entrepreneurs who either don’t have the time or the expertise to create their own business from scratch. Instead of needing to build a business from the ground up, buying a turnkey business allows an entrepreneur to hit the ground running with an existing business that has already been established and proven successful.
One clear advantage of buying a turnkey business is that it's already profitable. This means that the entrepreneur doesn’t need to worry about the feasibility of their business, as the success of the venture has already been tested. Setting up a new business from scratch can be quite overwhelming, and requires a great deal of effort, patience and expertise. With a turnkey business, the learning curve is shortened as the seller provides the resources and insights needed to run the business, offering a significant career advantage.
Some entrepreneurs might be worried that buying a turnkey business means they lack the creativity and ideas, which can be essential in successful companies. Fortunately, that is not the case. Many turnkey businesses, while established, can all still be ‘tweaked’ in certain areas to personalize the business. Often, the seller is even willing to work with the new owner to tailor the business to their specific needs.
Another benefit of purchasing a turnkey business is financial. Buying a ready-made business usually requires much less capital investment than starting one from scratch. In addition, the fact that there is already proven demand for the product or service means that profit kick-in much sooner than with any newly established business.
Overall, a turnkey business can be a great solution for entrepreneurs who want to start a business quickly, efficiently and securely. Although the purchase may require a significant upfront investment, the time and money saved in launching a successful business makes it an appealing option.
A turnkey business is a great option for entrepreneurs who either don’t have the time or the expertise to create their own business from scratch. Instead of needing to build a business from the ground up, buying a turnkey business allows an entrepreneur to hit the ground running with an existing business that has already been established and proven successful.
One clear advantage of buying a turnkey business is that it's already profitable. This means that the entrepreneur doesn’t need to worry about the feasibility of their business, as the success of the venture has already been tested. Setting up a new business from scratch can be quite overwhelming, and requires a great deal of effort, patience and expertise. With a turnkey business, the learning curve is shortened as the seller provides the resources and insights needed to run the business, offering a significant career advantage.
Some entrepreneurs might be worried that buying a turnkey business means they lack the creativity and ideas, which can be essential in successful companies. Fortunately, that is not the case. Many turnkey businesses, while established, can all still be ‘tweaked’ in certain areas to personalize the business. Often, the seller is even willing to work with the new owner to tailor the business to their specific needs.
Another benefit of purchasing a turnkey business is financial. Buying a ready-made business usually requires much less capital investment than starting one from scratch. In addition, the fact that there is already proven demand for the product or service means that profit kick-in much sooner than with any newly established business.
Overall, a turnkey business can be a great solution for entrepreneurs who want to start a business quickly, efficiently and securely. Although the purchase may require a significant upfront investment, the time and money saved in launching a successful business makes it an appealing option.