Buying A Business
Should You Buy a Turnkey Service Business?
Updated September 2024
Buying an existing business comes with many advantages, but managing it successfully can quickly become overwhelming. If you’re thinking about purchasing a small business but aren’t sure if you have the time to take on such a big commitment, a turnkey business model could be the perfect solution. Keep reading to discover if you’re someone who should buy a turnkey service business.
3 People Who Should Consider a Turnkey Service Business
Turnkey opportunities are available in a variety of industries, including painting, cleaning, financial services, and more. Even if you’re not an expert in the field, a turnkey business offers a great way to get started by providing everything you need—except for the staff. That means you can skip the stressful startup and jump right in.
Do you identify with any of the following characteristics? If so, a turnkey service business might be the right choice for you.
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Entrepreneurs Looking for a Side Hustle
Many entrepreneurs look for ways to earn money in addition to their current commitments. Buying a turnkey business typically doesn’t require you to drop your full-time job or any other side hustles to be successful. Once you learn how to manage the company, you’re in control of your schedule and your workload.Compared to a franchise opportunity, turnkey operations often cost more to purchase initially. However, long-term costs are lower because you aren’t required to pay franchise fees, royalties, and marketing fund fees. Plus, a non-franchise, turnkey business doesn’t obligate you to follow regulations and guidelines when running your new gig. Owning and running your service-based turnkey business on your terms can help you achieve financial freedom.
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Seasonal Business Owners
Whether you own an ice cream shop or a window-washing business, your goal is the same. You aim to make as much as you can during your most lucrative months. Buying an established turnkey service business can supplement your income during both your busy season and off-season, creating an opportunity to drastically increase cash flow every year.
With an established turnkey business, the services provided have already been defined and proven, so your startup phase is minimal. You may even be able to find a company that compliments a business you already own. For example, if you own a snow removal service company, consider purchasing a turnkey landscaping business for the warmer months. Not only is this a fantastic way to generate additional income during your off-season, but it also provides more service variety for your existing customer base.
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Retirees Seeking a Job with Flexible Hours and Low Commitment
During retirement, you can appreciate your free time without having any commitments or obligations to attend to. But sometimes, you desire additional activities and responsibilities, or you may want to supplement your savings. Investing in a turnkey business opportunity allows you to create your schedule and work as little or as much as you want. The more you work, the more chances you have to earn money, but a service-based business doesn’t have to require a high level of commitment. If you need a specific day or week off, you can always schedule around your obligations.
If any of the above descriptions make you think that you’re someone who should purchase a turnkey service business, consider working with Sunbelt Business Brokers. Our brokers can help you identify your ideal turnkey business for sale, connect with the current owner, negotiate the purchase price, and explore financing options. To get started, contact your local Sunbelt office.
