Franchise or business opportunities come in all shapes, sizes, colors, and risks. For the new and aspiring entrepreneur we’ll explore yin vs yang with respect to both and then ‘you’ decide! Who wins the battle for an entrepreneur?
Trying to figure out which way to go? Franchise or business opportunities come in all shapes, sizes, colors, and risks. For the new and aspiring entrepreneur we’ll explore yin vs yang with respect to both and then ‘you’ decide!
This really has not been a big topic of discussion in the past as the phrase ‘Turn Key’ used to relate to the franchise business only. Only in the last 5 years has turn key business opportunity’s become a major competitor to franchise ownership. But really, what’s the difference?
Well the most obvious difference is in the price to get started. Typically franchise business startups, cost more to get involved in, whereas the turnkey system is a bit less expensive. Franchises take a little longer to get started (usually months) and turnkeys can be rolled out very quickly (days our hours in some cases).
Franchise openings are much like closing on an expensive piece of property with lawyers involved and boiler-plate language with page after page of contracts. Turnkey opportunities can usually be agreed in writing with a few pages and less legal issues (or no attorney fees). Some often have agreed language when the purchase is made like on the receipt or posted on their websites. So which is better? Who reigns supreme? Well let’s discuss a little bit more before those questions are answered.
The way I like to look at the difference between a franchise and turnkey opportunity is like David and Goliath! With David being turn-key and Goliath being franchise business. Or maybe a better way to…