Turnkey Business Opportunities
Many people working from home are looking for low cost turnkey business opportunities.
In other words, they would like the best passive income systems - ready made money making ventures where cash flows in from day one - hopefully with very little effort!
There's good and bad news here.
The truth is that building any successful home based takes hard work. Nevertheless, you can use the turnkey idea. Indeed it makes sense to do so and can reduce your risk of failure.
If you like the turnkey business idea, what are your realistic options?
First, I think it's important to examine the broad difference between turnkey businesses and other small business ideas. Second, you can then look at the different types of turnkey business opportunities.
WHAT IS THIS 'TURN KEY' IDEA?
In The EMyth, Michael Gerber wrote about what he called The Turn-Key Revolution. He discussed how to build a franchise prototype - that is a business based on set procedures that produce predictable results time after time.
If you own a business that relies on procedures or 'systems', the idea is that the you - the business owner - can free yourself from the shackles of the day to day running of the business. The business profits become 'passive income'. Passive income ideas are also a key theme in the writings of Robert Kiyosaki.
There are three basic ideas:
- Turnkey systems - you start a business with ready made turnkey systems - procedures you are confident you can rely on. These might cover different aspects such as sales, money and customer interaction.
- Buying a turnkey business - you buy a business, turn the key, the money making engine purrs, and cash flows your way. The problem here is that if you buy an asset that brings you say $1,000 a month, it's going to be expensive to buy. It's not really a business - it's an investment. If you want a low cost option, this is probably not for you.
- Buying the turnkey knowhow - OK, the business may come in a more affordable 'kit form', but you are given instructions or guidance on a business idea which has worked for other people.
Once you know the basic idea and the potential problems, you can start to research different opportunities.
TURNKEY BUSINESS OPPORTUNITIES
Looking at the broad range of possibilities, I think you can place opportunities into three categories.
Essentially, you buy a passive income stream. For example, when the real estate market was in better health, some people were buying houses to rent them out.
The problem with investments is the purchase cost. They are very unlikely to be low cost unless they are low income or high risk.
Franchises / MLM
Here the idea is to buy into a set system where you do some of the work, while the franchisor or network marketing company does the rest. These 'buying into a system' options come in all sorts of shapes, sizes and costs.
Show Me How To Do It
With this option you buy a manual, DVD, book - or something similar - that sets out how to build a successful home based business - in a specific industry.
To be worth anything, this 'show me' guidance must be provided by someone who has already made money with the business idea that they're telling you about. Some experienced and well regarded industry mentors can provide guidance on highly valuable turnkey systems - at least in kit form.
One possible starting point is to look at the expert interviews on this web site. We have only interviewed experts who have a track record of success.
Here are a few suggestions:
Skip McGrath on starting an eBay business
Debra Gould on starting a home staging business
Sylvia Jaumann on starting a bookkeeping business
I have three recommendations for exploring turnkey business opportunities:
First, I thoroughly recommend anyone looking to work from home to identify a tried and tested formula that has been proven to work for others.
Second, you can often buy the 'secrets' of these tried and tested opportunities in specific small businesses - from people who have already built a successful home based business. If you can benefit from their experience at low cost and within budget, that seems a great investment to me.
Third, you still need to put in hard work. Buying the secret is like obtaining a recipe. You still need to cook the meal.
If you're still not sure what turnkey business opportunities are all about you can take a look at my article on the definition of turnkey businesses.
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