What Exactly is the Difference Between a Traditional Franchise and a Turnkey Business?
A traditional franchise is a business in which authorization has been given to an entrepreneur to sell and/or distribute an established companys goods or services in a particular area. The term franchise is also used to refer to a business or group of businesses that operate under such conditions.
With a traditional franchise, the franchiseethats the individual business ownerpays the franchisorthe corporationa franchise fee for the right to use the franchisors name and business model. Start-up materials and ongoing support are often provided by the franchisor, but there are still many aspects of operating the business that are the responsibility of the franchisee.
A turnkey business, however, is one in which everything an entrepreneur requires to open a franchised unit is provided. The term turnkey comes from the idea thatusing one of these packagesall one would have to do to open for business is turn the key.
Recently, the realm of Internet business has seen a boom in the number of turnkey websites. This is the same thing as a brick-and-mortar turnkey business...
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