When an already working business setup or solution is sold, it is considered a turnkey business. At the time of selling, the new owner not only receives the building, equipment and inventory; but also intangible assets like current customer base, established reputation, goodwill and market demand. Turn key businesses are good investment opportunities for entrepreneurs. Such a business is offered by a person or company that established it.
In case of a franchise business model, the parent company offering the opportunity takes care of various things related to the business. It offers complete support in hiring staff and managing business. Most franchise business models are turnkey solutions. From uniforms to the range of products, most of the things are already determined so the new business owner does not have to waste time on these matters. The new owner only needs to put up capital and agree to the terms and conditions of the parent company. A turnkey business can be started quickly because most of the products and solutions needed to start and run it are already available.