Read This Before You Buy a Turnkey Service Business
There are plenty of benefits to purchasing an existing business, but running a successful business can quickly become overwhelming. If you’re considering buying a small business, but don’t know if you have enough time to commit to a significant venture, then a turnkey business model might be the right fit for you. Continue reading to discover if you’re someone who should buy a turnkey service business.
Three People Who Should Consider a Turnkey Service Business
Turnkey opportunities exist in a variety of industries including painting, cleaning, financial services, and more. Even if you’re not an expert in the industry, a true turnkey business provides everything except for staff. That means you can skip the stressful startup and jump right in. If you identify with one of the following characteristics, a turnkey service business might be the right choice for you.
Entrepreneurs Looking for a Side Hustle
As an entrepreneur, you’re continually seeking ways to earn money in addition to your current commitments. Buying a turnkey business doesn’t typically 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.
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 offseason, 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.
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.
Brian Knoderer is the President of Sunbelt Business Brokers. He has over 20 years of experience as a business owner and managing business transactions. As a seasoned intermediary, Brian has successfully represented companies in a broad range of industries helping business owners achieve their desired exit strategy or growth initiative.
Brian is also co-owner of Sunbelt Indiana and Managing Director of MMI Capital Partners, a franchisor focused investment banking firm.
Previously Brian was involved in several entrepreneurial ventures as well as having held corporate roles in Franchise Development for Prime Hospitality and Choice Hotels.
Brian is a graduate of Ball State University with a degree in Management Information Systems and earned his MBA from Butler University. He has received the Certified Merger & Acquisition Advisor (CM&AA) designation, holds both the Series 7 – General Security License and the Series 63 – Uniform Securities Licenses, and is a licensed Real Estate Broker. He has been affiliated with several organizations including the Entrepreneur Organization, a Member of the International Business Brokers Association, Venture Club, and a Board Member of The Entrepreneur Institute.