Have you been wondering what the most profitable turnkey businesses: opportunities or scams are? We’ve prepared a list of turnkey businesses that are so good you may take them for a scam right away.
For those of you who have just started exploring investment options, why don’t we start with the definition of a turnkey business? TheBalance gave a good one and explained its advantages and downsides. A turnkey business is any business that is already prepared and has been operating for a while, and once you pay for it, you simply continue running it like its previous owner. The phrase “turnkey” is chosen to stress how much time you need to prepare for new customers – you just turn the key to your shop, and it’s open for business.
It has become quite common to think of franchises the moment someone mentions a turnkey venture and maybe you have read our Most Profitable Franchises to Buy in 2015. Still, there is much more to it. For instance, renting property or supplying companies with vending machines are also turnkey businesses.
Our title says: opportunities or scams? Basically, a turnkey business can prove to be a wonderful chance to earn easy money. Imagine that you have enough resources to purchase a franchise, e.g. Subway. The business is already in motion. You have the workers, materials, great management and you just need to continue in the same way as the previous owner and the money will keep coming. There’s little stress compared to starting an entrepreneurship from scratch and facing challenges with a vague idea on how successful it will become.
However, whenever there is a lucrative business that has a high level of potential success and sounds too good to be true, similar offers arise which later turn out to be scams. Buying a turnkey business has a good chance of becoming the best or the worst decision you have ever made. There are several risks involved. Firstly, you normally need a substantial amount to buy off the business. Despite the high franchise fees, for instance, you may have less control over it than you had initially assumed. Secondly, if a business is for sale, you should always investigate why it is so. A thorough examination of the finances and accounts is a must in these situations. Unfortunately, there are also instances when a franchiser was giving false reports and fake customer complaints to the franchisee while in the meantime taking most of the profit for himself. The franchisee was afraid of losing what he invested and trying to find comfort in the little that he was earning, while the fraudster was indulging in cash. American Express can tell you the whole (horror) story.
Now let’s see why we chose to present you with these particular options to earn big bucks. We went to the site Bright Hub which specializes in giving advice on various economic topics and businesses. We chose the business project that were listed as the best turnkey opportunities and decided to list them according to their prospective incomes. Since the businesses listed aren’t too specific or limited to one particular job or position (it’s obviously left to your own preferences which exact type of company you wish to start),we decided to explore the markets’ worth for that field. A market’s worth is a great indicator if you’re on the right track or not. Sometimes it is hard to find reliable data for a business you wish to own, but if you are aware of the market and the money invested in it, it is much easier to make the decision which turnkey business to set up. To find exact information on markets’ worth of a business, we consulted with PCGamer, Forbes, Statista and eMarketer. On obtaining the information of the markets’ value at the specific year or its prognosis, all that was left to be done was arrange the opportunities from the least to the most profitable.
Therefore, if you wish to make an investment, here are 6 most profitable turnkey businesses for you to estimate and choose one that is perfect for you.