Areas of Expertise as a Consideration When Purchasing a Business

Many people think of buying a ready-made business as a process that requires little to no planning and minimal expertise. Knowing the particulars of an industry can be invaluable to running a successful company, but knowledge about how one’s own skills match the requirements of a specific industry can be very useful in running a potentially lucrative business venture. While numerous small business owners purchase their businesses without a consideration of their own knowledge and skill, the most successful entrepreneurs know that capitalizing on their strengths can drive a business to succeed.

Once a potential turnkey business owner has decided on the field in which he or she would like to work, some questions to consider are:

• What has attracted me to this field?
• What are some potential disadvantages to working in this field?
• What kind of working experience do I have in this field?
• Am I willing to enroll in a relevant business class at a local community college to improve my skills?
• What sort of resources do I have to turn to if I don’t understand a particular aspect of this industry?

Turnkey businesses can be a fantastic opportunity for an entrepreneur who would like to garner experience outside his or her sphere of knowledge. While broadening horizons is a wonderful way to feel completely engaged in the operation of a new company, purchasing a turnkey business in a field that is completely removed from one’s personal experience can be a substantial risk. It is essential that a new business owner become educated on the specific industry into which he or she will soon enter. For a business owner who is completely new to an industry, this research becomes even more important.

The vast majority of business owners have a substantial level of knowledge about the industry in which they are working. Though turnkey businesses can offer potential buyers an opportunity to change fields that no other business opportunity can, knowledge about the field is essential. With the proper research and preparation, any turnkey business sector can be a successful undertaking.

Choosing the Right Type of Business

Turnkey businesses already exist in vast numbers. The industry spans everything from home computer-based shops to national chain stores. Deciding what type of company to buy is one of the most basic yet essential issues for a prospective turnkey business owner to consider.

Some important questions to consider are:

• What size is my ideal business?
• What is the largest budget can I handle?
• What is the smallest budget I will consider?
• Do I want to run a service business or a retail business?
• Do I want to work from an office?
• Do I want to work from a store location?
• Do I want to work from home?
• Do I want to hire employees?

Having a clear idea of the fundamentals before beginning the search for a business will help the new entrepreneur narrow down the myriad options available, and find the best-matched business for his or her needs.

Funding the Purchase

Most people start their business ventures with a loan from a bank. Securing a loan can be quite an endeavor when starting a business from the ground up. Doing so requires a detailed business plan, a proven business model, and some sort of collateral. The many steps necessary for a loan application to be approved can daunting, and for many start-up companies, their business models, and in turn their applications, are unsuccessful. For turnkey businesses, however, the rate of successful loan applications is much higher than for start-up companies.

By definition, turnkey businesses have a proven business model, making the likelihood of a small business loan application quite high. For a would-be turnkey business owner, one of the most important steps to take is to ensure that a potential business will be profitable. If the prospective owner has found a profitable business for sale, then not only will he or she be successful in the final venture, but they will be much more likely to be approved for the initial loan, as well. While there are no true guarantees in business, the more likely a business is to make a profit, the more likely a loan officer is to fund the venture.

The best way to fund a turnkey business purchase is through a bank loan. Though many small business owners struggle to prove that their business model will be a lucrative one, the prospective turnkey business owner need only ensure that his or her future company is built upon a sturdy foundation of profitability and success.

Uniform Franchise Offering Circular

Franchises in the United States are required to publish something called a Uniform Franchise Offering Circular, or a UFOC. In this document, the parent company releases information specific to the franchise. This circular can be one of the most informative steps to understanding what is involved in running a successful branch of a franchise business. In conjunction with professional advice from lawyers, bankers, and the franchisees themselves, this step can be the most revealing in the business buying process.

Some questions to consider when looking at a franchise industry include:

• What is the past performance of this franchise?
• How long has this franchise been operating?
• How large is this business as a whole?
• What kind of support system does the parent company offer for new franchisees?
• How often has this business changed hands?
• Does this franchise have a history of legal problems?
• What are the terms of the required contract?

Though a franchise is already set up and ready for the change of hands, entering into this industry is not without its risks. The prepared small business owner will do more than the minimal amount of research to discover is the franchise business model is well-suited to his or her needs, and if so, whether a particular franchise is economically viable.

The Existing Business Franchise

This existing business franchise category includes many coffee, restaurant, and fast-food establishments, as well as any other businesses that are a part of a chain overseen by one parent company. Individuals buy one or more locations of the business chain. This franchise business model offers small business opportunities to people everywhere.

The image of the franchise business model is one of credibility and reliability. This image instills confidence, but just because a business is part of a chain does not mean that it is not without its risks. Franchises, like all other businesses, have a certain ratio of risk to reward. Purchasing a store means laying down a significant amount of capital, and as such, it is best to look at a number of issues that present themselves in the field of business.

Many new business owners believe that if a franchise opportunity fails, then he or she can simply close the store. Oftentimes in the franchise industry, the new owner must sign a personal agreement or an agreement regarding the length of time a franchise has to run. Even if the business fails, the owner is responsible for the yearly minimum franchising fee. These payments can continue on for years, and add up to significant amounts of money.

Purchasing the Business: Steps to a Successful Venture

Purchasing a business can be something of an ordeal for even the most seasoned professional. With enough research, information, and preparation, however, any business purchase can be a successful venture. Having a general understanding of the business-purchasing process can be an excellent way to become educated in how to conduct the most successful business deal possible.

As stated earlier in this text, a turnkey business is one way to get involved in the business world while dealing with relatively few obstacles and barriers. Purchasing a turnkey business require a less complex skill set than building a business from the ground up. Generally speaking, with the proper steps and enough research, turnkey business ventures also involve less overall risk.

By building off of a previous owner’s abilities and planning skills, the new owner of a turnkey business is able to turn a profit more quickly than a business owner who has built the company from nothing. In choosing to purchase a turnkey business, however, there are a number of issues to consider. Making a wise decision about which business to buy is one of the most important factors in determining how the business will perform. If chosen wisely, the company will likely be an ideal turnkey industry and make profits for the new owner immediately. If poorly chosen, however, the business can turn into a money pit, from which profits will be scarce, at best.

The method for choosing a business depends largely upon the type of turnkey business that the prospective owner wishes to buy. Choosing from the two broad categories of “franchise business model company” and “ready-to-start business model company” will help in learning about how to go about choosing a business wisely.

Regional Government Office

Whether in the county offices or in the city hall, getting in contact with a person who works in the field of coding in a specific locality can be the best way to understand the local nuances of how to properly license a new business. Employees at the local government level are well versed in the issues of local law, and will be able to provide contacts for the appropriate national, state or local agency that regulates pertinent areas.

Finding the correct contacts can be a shortcut to locating the pertinent forms and documents necessary to making a business legal. In some cases, an on-site inspection must also be completed before approval by a government agency. In this case, as in every case, it is not only important to hand in documents in a timely manner – scheduling a time for an inspection with the appropriate agency is equally important.

In purchasing a turnkey business, it is very likely that the business has applied for and received all the necessary permits and licenses previous to the changeover. However, it is absolutely essential that all information is up-to-date and that the new business owner’s name is transferred onto every permit and license. Even though a turnkey business is one of the simplest ways to acquire and run a small business, taking the time to make sure that the business is operating under legal guidelines will in the long term save time and money.

Tips for Finding Essential Licenses and Permits

Federal, State, and Local government requirements will at times overlap, but for the most part, the licenses and permits required by these three separate sections of government are entirely separate. The task of finding pertinent code and permit information can be daunting, but there are a number of resources that help make the process toward opening a legal and licensed business easier.

The Local Library

The local library is an indispensable resource for the would-be business owner. Most local libraries have listings of licenses required by their state. Additionally, there should be listings for the permits and code compliance required by the city and county.

In certain cases, the librarians have restricted access to the law books, but typically, information on local, state, and federal law is available in the reference section.

Permits

As previously mentioned, codes, which are sometimes referred to as ordinances, are not only applicable to the operation of businesses. They make up many of the laws and statutes regarding the health, safety and appearance of the entire local area. If a business that is seeking a local permit is compliant with these local ordinances, it is likely that the business will be able to obtain a permit and subsequently open without undue difficulty.

A permit is a legal document that authorizes a particular activity. While a zoning permit authorizes the person carrying the permit to use a piece of property in a specific way, a grading permit might authorize the person with the permit to change the contour of a specific piece of land. Permits are a method that the local government uses to keep track of their area of jurisdiction, and to monitor small business operations and code compliance.

Just a few of the many types of permits that may be required under local governmental law include (but are not limited to):

• Health
• Zoning
• Sales
• Construction
• Elevator
• Dig

Becoming compliant with local code seems to be relatively uncomplicated, but understanding the specific types of permits required in each individual jurisdiction is less straightforward. Research must be done on the types of permits necessary for the legal operation of a specific business.

Once thoroughly researched, the next step in operating a legal business is checking the company’s compliance with the code requirements. Resolving the noncompliant areas may be an expensive process, but it is crucial in obtaining the appropriate permits and avoiding fees later on in the process.

City and County Law Requirements

Just as federal law and state law must be adhered to in order to lawfully operate a business, so must local law be followed. City and County permits and licenses are almost always required in order to legally operate a business within the city or county limits.

City hall and the County office are valuable resources for helping the new business owner become familiar with the nuanced regulation of specific local areas and understand which specific licenses are essential to the local operation of a business.

Local licenses typically have a relatively low fee, and require a small number of forms to be filled out. Renewal of local licenses tends to occur annually.

Sales Tax Issues

If the prospective business is one which provides taxable services or products, it is necessary to obtain an EIN, or Employer Identification Number, from the State Department of Revenue in the state where the business operates.

As mentioned earlier, an EIN, or Employer Identification Number, is a special identification number that the Internal Revenue Service assigns to every entity that pays taxes in the United States. In order to receive an EIN, not only must an SS-4 form must be submitted. Additionally, it is required that the business obtains a special state license before receiving the EIN. This license is available through individual state franchise tax boards.

Staying Up to Code

Code requirements are a wide-ranging collection of laws that govern a vast array of procedures and conduct. These standards are in place to protect customers and clients, and oftentimes, the state requires that businesses keep licenses so that the state level government can keep track of the company’s code compatibility.

In the case of a restaurant, cleanliness and health code compliance can determine whether the location stays open for business or is shut down for code violation. Liquor licenses are also issued and renewed only if a business stays in compliance of state and local code.

Any small business owner knows that small code violations can mean major fines and revenue loss. Keeping in mind that laws and codes are not the same from state to state, it is essential to check with state agencies to determine the necessary protocol to obtain a license.

State Law Requirement for Small Businesses

Laws are vastly different across state borders, and requirements for small businesses will in turn vary depending upon the location of the small business. There are, however, some general rules to follow vis-à-vis state regulation and licensing.

State Certification

Depending upon the specific type of business, many states require business owners to hold licenses issued by the state that prove certification in a particular area of expertise, showing that the business is in fact legally allowed to perform the proffered services. State certification licenses show a certain level of education and training, and verify that these skills are recognized by the state.

The types of business that will need state certification can vary widely, so check with the state in which your prospective business is registered.

Just a few examples of some professions that typically require a state license:

• Real estate professionals
• Mechanics
• Building contractors
• Private medical practices
• Hair salons
• Law firms
• Auctioneers
• Funeral directors
• Private investigators
• Bill collectors
• Private security guards
• Appraisers
• Accountants
• Massage Therapists

Some states also require licenses based on the products being sold by a particular business. Lottery tickets, gasoline, firearms and liquor are just some of the many controlled items that necessitate a state license or certification.

State requirements can vastly different from federal requirements. At time much more stringent and at times surprisingly lenient, it is best to check to see if a particular business requires state certification of any sort before purchasing the company and opening for business.

Regulated Activity

If a business deals with any activity or in any product that is regulated by the federal government then it becomes necessary to apply for a special license with certain agencies.

Though it is rather uncommon and though not very many businesses outside of heavily regulated industries need file at the federal level, companies that are likely to need a federal license include businesses that deal in:

• Investment advice
• Broadcasting
• Trucking or public transportation
• Firearms sales
• Tobacco sales
• Alcohol sales
• Meat preparation or drug production
• Other regulated industries

The typical turnkey business owner is unlikely to fall into these categories, but legal consultation is highly recommended to ensure that a prospective company will not need federal licensing.

Sole Proprietor vs. Employer Identification Number (EIN)

If the prospective business owner is a sole proprietor, meaning that there are no other owners and no plans to hire any employees for the business, then the federal tax registration is rather straightforward. Sole proprietorships are filed by using the business owner’s social security number. A sole proprietorship means that the business is a one-person operation and that it is not registered with the state as a corporation, and it is not registered as a limited liability company.

However, if the prospective company is not a one-person operation and there are multiple owners of the company, or if there are plans to hire employees, then the EIN application form must be filed with the Internal Revenue Service. EIN, or Employer Identification Number, is a special identification number that the Internal Revenue Service assigns to every entity that pays taxes in the United States. In order to receive an EIN, an SS-4 form must be submitted. The pertinent forms can be requested by telephone or online at www.irs.gov.

Even though the most common method of dealing with tax forms for Sole Proprietorships is keeping the Social Security Number as the official Employer Identification Number, and even though the IRS has stated a preference for Social Security Numbers over EINs, a sole-proprietorship is permitted to have a tax identification number that differs from the social security number of the owner.

For the business owner who wants to separate their business and personal affairs, or who is concerned about identity theft, keeping their Employer Identification Number and the Social Security Number separate may be a good idea. Additionally, depending upon the kind of turnkey business purchased, it is helpful to have an Employer Identification Number for clients who need to report the EIN on invoices.

Federal Law Requirements for Small Businesses

When purchasing a turnkey business, even if it is one that has been in operation for quite some time, there are several legal matters to attend to before the purchase should take place.

It is always wise to ensure that federal, state, and local law is being met, so even in cases where the previous owner of a prospective turnkey business is supposed to have taken care of legal or regulatory concerns before the transfer of ownership, it is still a good idea to double check. The reality of the matter is that all too often legal affairs are not in order before the business changes hands.

Operating a Small Business Within the Law

As with any professional venture, applicable law is one of the first things to consider when purchasing a turnkey business. A true turnkey business will have all legal affairs in order long before the transfer of any titles and most of the issues mentioned here are not applicable to most online ventures. However, in some cases, as in the case of product sales, there are many particulars to deal with, including resale rights and intellectual property rights.

Before any of these considerations, it is most important that prospective buyers know how and when to involve the federal government in business plans and in the transfer of a business.

Questioning Your Own Work Ethic

It is essential that the new business owner honestly examine his or her work ethic. Some valuable questions to consider at this stage are:

• How dedicated am I to this business?
• How much time each day am I willing to invest in this business?
• Do I get work done when there is no one overseeing me?
• What time of day do I get my best work done?
• Do I work well with deadlines?
• Do I procrastinate?
• How much free time do I expect each day?
• How many days off do I expect each week?

For the potential business owner, answering these questions honestly can clarify what working conditions to look for in a potential business. For chronic procrastinators or those who tend to be extremely relaxed in their work ethic, the structured environment of a standard job may be preferable to purchasing and owning a turnkey business.

In the turnkey industry, though the structured framework has disappeared, the essentials of work remain. Running a small business can be an incredibly satisfying experience, and with the steadfast determination to get things done on the part of the potential owner, the company can undoubtedly become successful.

Commitment to the Business Model

As mentioned earlier, for many people the idea of a small business is far more exciting than the reality and responsibilities that come with purchasing a turnkey business. Escaping the regular workday and becoming the owner of a company is, for most people, a compelling argument to purchase a turnkey business. However, though becoming a turnkey business owner is in many ways liberating, it is this very freedom that can be hazardous to effectively running a small business.

Dedication to the daily work involved in operating a company is the most important deciding factor in whether or not an enterprise will be successful. Though the hours are not decided, and though the particulars of the work itself are left chiefly to the owner-manager, the fundamentals of working at a company remain unchanged. Depending upon the particulars of the company, there may likely be excessive inventory to manage, tedious reports to file, or even extended workdays. For the individual who is not self-motivated, finishing these tasks may be rather challenging. However, neglecting to finish these less interesting chores will unequivocally affect the overall operations of the business.

Business Savvy, Entrepreneurial Skills

Starting a turnkey business is in many ways much more straightforward and uncomplicated than starting a business from the ground up. Be this as it may, all business owners do need to have a so-called “head for business.” For the would-be turnkey business owner, knowing in advance if he or she is suited to the work can prevent months of wasted time and effort.

In the turnkey industry, some of the most valuable skills are surprisingly basic. Turnkey business owners should have the ability to understand the reasons behind the business model that has been laid out by the previous owner, and to adhere to this ready-made template. Additionally, the successful turnkey business owner knows how to be shrewd, knowledgeable and resourceful, can follow directions, but can break with the template to improve the business model when it is necessary.

While a business degree is not a requirement for a successful operation, business-savvy can help a new owner turn any enterprise into a successful one. The skill set needed to own and run turnkey business is less complex than that of establishing a new business, but it does require a certain business sensibility on the part of the potential owner.

Asking for Help

Owners of independently run businesses tend to be practical and clear-thinking entrepreneurs. However, because they are so strong and self-sufficient, small business owners tend in their dealings with others to be somewhat independent. While the most successful entrepreneurs in history have possessed this trait, in certain circumstances, it can be a crucial weakness. Learning when to be independent and when to look to others for advice and information can make the difference between success and failure in business.

Lawyers, inspectors, and other officials have years of accumulated knowledge, and neglecting to use this wisdom can be the downfall of a small business owner. Legal issues are often a place where the average owner-manager should yield to the first-hand experience of a seasoned lawyer. Seeking out a knowledgeable lawyer early in the process of a business venture may not only eliminate legal issues later on, but it can also frequently increase the overall worth of the deal itself. In the same way, the advice of government officials, building inspectors, and professional advisors can decrease legal and governmental problems while simultaneously increasing the value of a business exponentially.

Potential business owners should certainly rely on their traditional pride and tenacious unwillingness to yield to others when it helps their business. However, in many cases, owners must also be willing to rely on the assistance and advice of others. Striking a balance between these two aspects of an entrepreneurial personality is one of the most difficult, yet one of the most valuable skills a small business owner can possess.

When the Dream Becomes Reality

Innumerable small business owners have struggled, saved, and gone to great lengths to establish a business, only to watch it fail a short time thereafter. While many are willing to put in the time and effort at the commencement of a business venture, their energy all too often runs out within the course of a few months.

Running a small business takes both determination and drive, and is more than a fleeting commitment. For many people, the idea of running a small business is far more exciting than the reality. The initial excitement of operating an independently run shop wears off, and for the business owner who is unprepared for this contingency, this lack of interest means falling profits, compromised customer service, and eventually, the failure of the company.

A successful business owner is prepared for the moment when the excitement of the dream of owning a small business becomes a more mundane reality. Knowing that this moment will come is an important way to circumvent possible catastrophe.

Preparation through Research

Researching means more than just reading about what it means to buy a turnkey business. Research is examining the information available through books, documents, and human resources, and subsequently interpreting that information to make the best decision about a possible business venture.

Researching starts with learning about the turnkey industry in general. With a basic grasp of this field of business opportunity, a potential business owner can then examine what kind of turnkey businesses might best match to his or her needs. While one person may be excited about the prospect of opening a web-based auction site, another person may find computer-based businesses uninteresting or impracticable. Researching well-matched turnkey businesses is very personal, but also very significant to the process of finding a potentially profitable business.

Investigating and doing research also includes gathering and scrutinizing all the information on a business that is available. This involves talking to lawyers, present business owners, employees, suppliers, clients, and even people who work in similar fields. The people who come into contact with a business are the ones who are most likely to understand how the company works, and more importantly, how it can be improved upon. Human resources are one of the best windows onto the inner workings of a small business.

Examining the financial situation of both the company and the potential buyer is an essential part of the research stage, as well. Potential buyers must know the financial outlook on a company as well in order to determine whether or not they are in a financial position to purchase the business. Tax documents, financial statements, and even invoices can help tell the story of how the company operates. Vague or confusing financial statements are warning signs of economic trouble. By doing the proper research in advance, potential buyers save time and money.

While the purchase turnkey businesses are comparatively straightforward, no business venture should be entered into casually. Through educated inquiry, the problems and pitfalls that await the more casual investor can be avoided.

Capital: The Building Block of Business

Starting a business from the ground up takes enormous amounts of capital investment. For the prospective business buyer, the comparatively low cost of purchasing a business that has already been established is a strong attraction to the turnkey industry.

While the costs of purchasing a ready-made business are relatively lower than the costs associated with a true start-up company, even turnkey businesses require a lump sum of money at the outset. For many, this amount is still prohibitively expensive, which is why before committing to the turnkey business model, facts and figures on the costs and start-up capital associated with turnkey businesses must be thoroughly investigated.

Though research into the average costs of turnkey businesses is decidedly valuable, the costs of certain turnkey businesses may be much higher or much lower than the national average. Purchasing a franchise is vastly different from purchasing a website. Scrutinizing the relevant industry costs for business transfer is the best way to understand how much of an initial investment will be required.

For most new business owners, there is a substantial lag between the purchase the business in question and the acquisition of a steady incoming profit from the company. Most financial professionals recommend that potential business owners have on hand at least three months’ worth of income to respond to any potential interruptions in income or unexpected delays in operations.

Taking it to the Next Level: Commiting to a Business

As with any career change, there is a high level of commitment involved for prospective turnkey business owners. Whether a franchise or an online venture, new businesses must be nurtured and developed by their owners. From securing the necessary financial backing to ensuring that the time commitment for a new business can be met, the attention that a new business receives in the first few weeks under the supervision of a new owner may be the deciding factor in whether or not the company will ever succeed.

Prospective owners of any business must decide whether they are prepared for the commitment. In the early stages of opening a business, hard work and dedication to the business model is what makes a successful arrangement, a successful manager, and a successful company.

Making Use of a Proven Business Model

If well-researched, turnkey business opportunities can be incredibly successful ventures. In an ideal purchase, the prospective turnkey business is a flourishing industry that has been successful for many years. This history of proven success means that the business model of the turnkey company is effective, and that it will likely continue to thrive.

The most difficult aspect of building a successful company is the work required to test the business model. The company must first have backers, promotion, development, and clients, and countless other steps must be taken before the efficacy of the business’ plans for operation can be assessed. In the turnkey industry, however, the business model is proven, thus eliminating the need to sort out these annoyances. The would-be turnkey business owner can enter into the business in medias res and simply move forward with the established business plan.

For each particular aspect of the turnkey industry, however, there are specific requirements. In purchasing an Internet turnkey business that is fully ready to start, for example, a new business owner will still lack the safety net of an established client base or reputation. For other turnkey businesses, as well, potential owner-managers will need to do marketing and promotion to attract their initial clientèle. Potential turnkey business owners should consider the specific needs of their new company to maximize profit and potential.

Even for cases where a company might need extra attention or care, the most difficult aspects of business development are already completed in the turnkey sector. With these most problematical aspects previously taken care of, the turnkey business entrepreneur is free to use the extra time to their advantage. Building upon the previous successes of a company, along with a fair amount of marketing and promotion, any business owner can be a success.

Capital Outlay and Money Saving Opportunities

All business ventures require a capital outlay at the outset. Product development, building construction, location permits, and inventory stockpiling are all costly undertakings. Even in the turnkey sector, depending upon the type of business a potential owner is interested in purchasing, the initial requisite funds may be add up to a significantly large figure. However large this sum may be, it is vastly smaller than the amount of capital necessary to start a business from the ground up.

Owner-managers are also responsible for the financial operations of their company. In large companies, chief executive officers and head managers often receive investment opportunities that are not offered to regular workers. In the small business setting, the owner-manager can invest money as he or she sees fit through re-investing in their business, or opting for publicly available stocks, bonds, or retirement funds. Investing wisely can mean that the profits of the business are able to work to create more wealth.

Turnkey businesses have a smaller initial capital outlay than true start-ups, which allows the owner of the company to turn a comparatively quick profit. Additionally, because turnkey businesses are by definition so small, the owner-manager has an opportunity to use these profits for investment purposes. In this way, not only can a small business entrepreneur begin seeing rapid profit, he or she can in turn use this money for savings and investment.

Buying Into Success

Successful turnkey business ventures are fantastic opportunities to buy into a successful company and reap the rewards of work that has already been done. However, “buying into success” means looking at how the business has performed prior to the purchase.

In buying a turnkey business, a potential owner is also buying the reputation that the business has built up. If the business has long been successful, then the potential owner is likely to have a thriving business almost immediately upon purchase. If the business has been unproductive or unhealthy, however, then the owner is likely to have a hard time helping the business to flourish. In order to forecast how it will perform in the future, it is essential that any potential owner look closely at how the business has operated in the past.

The best turnkey opportunities are those that have a history of profitability and vitality. With the proper research and the appropriate opportunity, a potential turnkey business owner can truly buy into success.

Advantages of Turnkeys Over Start-ups

Starting a company from the ground up is an incredibly difficult process. Because a turnkey business has built into it everything that is necessary to launch the business, the common difficulties of finding investors, getting funding, looking for a location, and developing a business model all vanish at once.

In purchasing a turnkey business, the buyer is purchasing all the necessary aspects of the business at the same time and in the same deal. Property, permits, licenses, and reputation are just some of the basics that are included along with the purchase of the business itself. Oftentimes add-ons like marketing tools, inventory, and even employees come with the business deal, too.

Franchises, especially, provide almost all of the necessaries when a new owner enters into the picture. With the capital to purchase the business itself, virtually everyone can enter into the turnkey business industry, avoiding the difficulty and hassle of establishing a true start-up.

Actualizing Inner Potential

One main attraction of the turnkey business industry is the freedom that goes along with pioneering an independent business. Most mainstream jobs entail a standard 9-to-5 workday, and opportunities for profit-sharing, creative collaboration, or personally contributing to the business process are few and far between. Turnkey businesses offer a way to not only be involved with the business model, but to be an integral part of the business itself, as well.

Small business owners do not report to upper management, and have no one to answer to but themselves. If the requisite work for the day is finished, then any remaining hours belong to the owner-manager. This freedom to choose how to spend one’s working hours gives small business owners a great deal more self-determination than those who work under the auspices of large companies. Rather than working for the time clock, owner-managers begin to work as they see fit – for themselves and for their self-made businesses. In this framework, work becomes a more productive and dynamic process. And, because of the increased value placed on his or her work paired with increased time away from work, the personal life of the small business owner often becomes more fulfilling, as well.

For the creative and industrious entrepreneur, owning a small business is far more rewarding than working as one cog of a vast machine. Though owning a small business is hard work, turnkey companies offer an opportunity to become personally involved in the business process, which is ultimately one of the most rewarding experiences an entrepreneurial spirit can have.