For most people, to be able to put up their own business is the dream. Quitting their nine-to-five jobs and devoting themselves to an enterprise of their own is their primary, most important life goal. However, building a business can be tedious and risky.
If you don’t know a lot about business, you will be facing a lot of challenges along the way, thus you have to do a lot of research. Also, you need to realize it may take some time before you attain success.
Luckily, if you’re thinking of putting up your own business, you can have a turnkey business as an option. A turnkey business has everything you need, which include equipment, technology, methods and processes, knowledge, and training.
A turnkey business is like a kit where everything you need is there. All you need is the capital to buy the business, and you are good to go. If you want to build a business you could start in as little time as possible, a turnkey business could be the best fit for you.
The following are ways on how you can start your own turnkey business:
1. Franchise.
There are many franchises out there, which may either be big scale or small scale. Some well-known franchises are Dunkin Donuts, McDonald’s, and Taco Bell. These companies generate a steady income and are a sure hit.
If you analyze these businesses, you should know that there are minimal risks involved. Franchises come in all shapes and sizes. They also sell various products, not just food. You can choose a particular franchise you are passionate about since there are thousands to select from.
Furthermore, the business model for a franchise is easy to follow. A company whose franchise you have purchased will give you their trademark, brand, logo, and all the necessary paraphernalia, such as materials and building design. They will also give you knowledge and training. To get the franchise, all you need is to pay a one-time franchise fee and royalty fees based on agreed-upon terms.
Advantages Of A Franchise.
The advantage of a franchise is the low initial capital that is needed to start. You can start with as little as $25000. There are many franchise categories from which you could take your pick, from health, fitness, food, and to real estate. As a franchisee, the business you have purchased is all your own.
In addition, you also get the benefits of being part of a larger network of a business that enjoys stability. In return, you have to follow the rules and regulations, and adhere to a contract. The owner of the brand dictates the direction of the business, and has primary control over the creative side of things. You cannot put forth your own training programs or products.
The drawbacks of a franchise are minimal, and they are always known to have a higher success rate. There are also fewer problems with regard to advertising because franchises normally have good media relations already established.
2. Get On Multi-level Marketing (MLM).
Multi-level marketing has products ready for you to sell and promote. It distributes goods through a network of distributors.
People involved in MLM receive training and are paid a commission based on the number of products they sell. They also get commissions for referrals or the number of people they are able to sign up for the multi-level business.
Mary Kay is an example of a company that uses multi-level marketing. Their beauty consultants are paid handsomely for promoting their products; they usually get commissions of up to 50% aside from rewards and bonuses.
Advantages Of Multi-level Marketing.
Multi-level marketing is good if you have great leadership and sales skills. Multi-level marketing promotes itself through the direct distribution of products. If you belong to the higher tier, you will get a commission based on the sales of your recruits.
Distributors make direct sales of products to customers, and these products, like franchises, vary. You can sell anything, from homeware to health and beauty stuff. Amway is a well-known multi-level marketing business that focuses on health products. Legitimate multi-level marketing businesses can be identified through their focus on product sales and by selling to consumers instead of new recruits and members.
3. Buy An Existing Business.
There are hundreds of ads in newspapers that sell businesses, and you may look more closely and deeply into these if you want to start your own turnkey business.
Buying a specialized business that is already existing in your area is a great option as well. It could be a local beauty salon or an auto repair shop. It may even be a factory. These types of businesses are already fully functioning; all you need is the capital to purchase them, and you can start operating right away.
Advantages Of Buying An Existing Business.
A business that has already been established has a proven concept. Having said that, dealing with it is less risky. And, if you want to purchase it through financing, you will find that securing funds is so much easier. The business already has a track record when it comes to sales and profits, as well as a reputation with customers.
Having customers is very important, and aside from the brand that is being handed over to you, you will get clients that are already pre-existing and have an established relationship with your business. Another benefit of having an established business is you can focus on growing it and expanding it immediately. You do not have to go through a trial-and-error phase. All you need is to take the business to the next level. With an established business, you already have a foundation to work on.
Another benefit of buying an existing business is the people. The business comes with the employees who are already trained and have a know-how of the ins and outs of each aspect of the business. You don’t have to spend time training people or new hires. The employees will be there to help you and be with you as your business grows.
4. Turnkey Online Store.
Shopping online is more vibrant than ever. More and more people are going online to buy what they want and need. In the virtual world, there is a richer array of products from countless niches, thus people tend to find their online options more attractive. Moreover, global ecommerce amounts to trillions of dollars, meaning there is a definite customer base for an online ecommerce store.
Establishing an online store can be complicated because it combines technology with marketing skills. However, if you buy an online turnkey store, you will have most of the hard work already done for you. You get to run your business in as little time as possible when you purchase a turnkey online store as opposed to starting one from scratch.
Advantages Of A Turnkey Online Shop.
An online shop helps you get in touch with a global audience. If you are promoting a niche, you can get customers from all over the world who are interested in that niche. Your customers can easily be in the thousands.
If you only market in your local area, you will not get as many customers and audiences. Focusing globally can bring your products and services to a much bigger market. If you purchase a turnkey online store, much of the marketing research has already been done for you. Therefore, you can easily determine which products are selling well and which ones only produce average sales.
There will be less research and less effort on your part overall, and, just like with other turnkey businesses mentioned above, you can focus on taking your business to the next level and expanding it.
Research On The Business You Are Purchasing.
Research is highly important when purchasing a turnkey business. You have to know the kinds of products that are being sold, as well as the cash flow and financial reports of the business. You should also study its potential for expansion and improvements. If it has existing assets, such as machinery and equipment, make sure that these are in good working order. If it has leases, make sure that they are still valid and not ending soon.
You should also assess the business’s competitors and what you can do to stand out from the pack. You should evaluate its reputation with customers by looking into customer reviews (good and bad) and ratings. Also, you should evaluate all the paperwork, including the licenses and insurances that come with the sale of the business.
Final Thoughts.
Putting up a business is a venture that requires good strategy and planning. To minimize risks and to make sure that your business will work, you may opt for a turnkey business to ensure that you will get fast returns for your dollars.
A turnkey business will satisfy your need to be independent and in control. A business is a good way to invest your capital and extra cash. Make sure to have the creative vision and the drive to catapult your business to the next level. Investing time and effort can help your business thrive, grow, and become even better and more
