Turn-key businesses come in several flavors, including business opportunities, franchises and existing businesses for sale. Getting the right fit for you is a matter of personality, but also of cash and your own patience. Here’s how to pick the right path:
Consider becoming a rep, dealer or agent for a well-known brand.
Big companies sell in many formats, including inside large-store chains, from stand-alone kiosks in malls, through vending machines and via independent dealers.Multi-level marketing. Okay, if you play it right
Also called network marketing, multi-level marketing programs have gotten a bad rap because of ponzi-scheme structures and the cult-like attitudes of some who join them. But getting in is cheap (a few hundred bucks) and selling to family and friends is as old as civilization itself. Stick with well-known brands and you’ll turn connections into profits in no time.
Franchising is not out of reach. Franchises can seem pricey, but only if your short list begins and ends with McDonald’s. A decent, growing franchise can be had for $50,000 if you can demonstrate positive net worth and some business experience.Buy an existing store. If you have a good chunk of money to invest, it can be much easier to buy an existing, successful business than to grow one from the ground up.
Photo by a51media.
Noel McKinney on November 1st, 2006 at 3:49 pm
Existing businesses of all types are available… an entrepreneur at any skill level can find a match these days. Beginner entrepreneurs can find a turn-key situation where the seller provides lots of assistance to get up and running. Skilled entrepreneurs can find a growing business in need of talent and capital to hit the big time! Starting a business from scratch can be quite a challenging introduction to the world of entrepreneurship. Thanks for pointing out that there are alternatives such as existing businesses with owners who want to sell them for any variety of reasons.
Greg Balanko-Dickson on November 3rd, 2006 at 6:16 am
This is a unique time in history with so many baby boomer business owners needing to retire - selling their businesses is a great opportunity.
That is exactly what I talk about on my website are the 15 reasons why you should buy a business vs. starting one from scratch. Plus my book will guide you through the process of buying a business step by step, without going bankrupt.