When you are considering investing in local franchise opportunities, you are looking for the one that fits your style and will be the most profitable. However, there are so many companies and franchise models to choose from, it can become very overwhelming to know which one is the right one to choose. To help you make a decision that best suits your preferences and goal, it is good to have an understanding of the various options available. Here, we go over what makes turnkey franchises different from any other franchise investment.
What is a turnkey franchise business opportunity?
A turnkey franchise business opportunity is a “total package” franchise opportunity that offers a business owner everything they need to start the business — just turn the key and open the door! A turnkey franchise package offers a franchise investor access to a location, the business model, permits, company name, equipment, and all the inventory you’ll need, except the staff! Typically, franchises offer turnkey business opportunities to new business owners as a win-win. The new business owner benefits because they do not have to build the company from the ground up and the only investment is the up-front cost of the franchise package. The franchise company benefits when a new location opens to help spread their company to new areas.
How a partial turnkey differs from a total turnkey opportunity:
There is a slight difference between a true turnkey franchise opportunity and a partial turnkey. A true turnkey business opportunity is one that provides everything required to open your business, from signing the lease on your new business site to hiring and training your employees. This is the epitome of buying a ready-made business! Most partial turnkey franchise opportunities include most of what you need — equipment, inventory, branding — and leave the hiring of staff and finding the perfect location for your store to you. Either way, a turnkey franchise investment opportunity takes most of the legwork out of the equation for the business owner and only requires the initial investment cost.
How a turnkey franchise differs from a traditional franchise:
A traditional franchise opportunity offers a business owner to essentially buy into a company and gain access to the branding rights and all of the services and products that a franchise company offers. With a traditional franchise, there are different business model options that allow the business owner some variance in how the business comes into operation and day to day functioning. For instance, a conversion model franchise allows a current business owner to take on a franchise branding to expand their own business or services while keeping their own location, equipment, staff and clients.
The world of business franchising is full of opportunity and navigating the options can seem daunting. It is best to collect all the information that you can so that you can make a well-informed decision. Before you invest in any franchise opportunity, it is a good idea to make sure that the company and the franchise model are right for you and your future. If you are looking for a profitable franchise opportunity in your area, contact Sign Me Up Franchise today!