What is a Turnkey Franchise? Is It Right For You?
Imagine unlocking a world of opportunity with a simple lock and key. Opening the door into a new future for you and your family that is laid out, ready, and affirmed. What would this look like to you? For many, a franchise is the answer. They allow prospective franchise owners to own a business without the risks involved in building a business from scratch. All you have to do is turn the key.
What a turnkey franchise is
A franchise described as turnkey is a business model that gives franchisees a proven, built, and successful business with little effort by the purchaser. Similar to a turnkey home, everything is done and ready for the owner to walk in and start a successful life. For a franchisee, this means less effort on the front end of starting a business. It also comes with business models, systems, and mentorship to help the new business and owner thrive. Once the franchise is purchased, the franchisee is given all the tools they need to be successful. Some, like those offered with Home Franchise Concepts, even come with classes and laid-out action plans.
Pros and Cons of a Turnkey Franchise
As with any purchase, especially a business purchase, there are pros and cons to buying a franchise like this. Each buyer needs to weigh these to determine what’s right for them, along with figuring out which type of ownership style is best for their lifestyle and goals.
Pro: It can be quicker to open. It’s usually one of the quicker types of franchises to set up. The franchisor has helped dozens, if not hundreds, of owners set up their new business time and time again. The whole business model is laid out and ready to go. While training and set-up time vary based on the type of franchise and the owner, the new business can be up and running in just a few weeks.
Con: Higher upfront costs. As with a turnkey home, a turnkey business may cost a little more upfront. However, you’re paying for the convenience to start a ready-made business and the training each program provides. These businesses aren’t fixer-uppers; the business model is already proven to work across a wide variety of markets. Like a home, you get what you pay for, and quality comes with a price tag.
Pro: Less stress with big decisions. Opening a business of any kind can be daunting for the new business owner. From decisions on color schemes and location to hiring processes and more, there are many choices to be made. A ready-made franchise takes a majority of those stressful decisions away. The recognized brand name and business model are part of what you buy.
Con: Personalization is minimal. While a ready-made franchise can take away much of the stress of starting a new business, there’s not as much room for personalization within the business. For some people, this is a dream because they can follow whatever works for others. People who have trouble following direction may not thrive with this type of business.
Pro: Work/life balance. Franchise owners are still business owners and have more authority over their own lives. While the model follows a built-in rule book, the business is still yours. That means no asking anyone for permission to go to the dentist or take a vacation or coach your kid’s Little League team.
Pro: A trusted name comes with customers. For many franchises, but especially well-known and popular franchises, a customer base is basically built in. Clients remember the names of businesses they may have worked with in other locations. Customers know they can expect similar service, outcomes, and quality work. Franchises under Home Franchise Concepts have trusted names and work — like Budget Blinds, the largest window covering franchise in the nation.
A catch for convenience?
Convenience costs money, but it takes the headache out of the decision-making process and planning. A turnkey franchise is suited for anyone but tailored to those who don’t want to make the decorating decisions or startup timelines as first-time business owners. They come with proven business models, plans, and mentorship, which set up the individual for success.
Learn more about Home Franchise Concepts
In addition to Budget Blinds, Home Franchise Concepts is also the parent company of several other brands in the home improvement and services spaces: Concrete Craft, Tailored Living, Kitchen Tune-Up, Bath Tune-Up, and more. We’ve got 30 years of franchising experience under our belts, so we’ve figured out all the tips, tricks and challenges — and we’re ready to pass them on to new franchisees.
If you’re ready to build your own business, get in touch with us about franchising opportunities at Home Franchise Concepts.