Turnkey Business defined.
A business that is ready for use and allows for immediate operation in its current condition is a turnkey business. So Is Mini Golf a Good Turnkey Business?
A business idea is the first stepping stone in the building of a successful business. It’s a concept that is usually centred on a service or product that can be offered for money and can therefore be used for financial gain. A good business idea is unique, innovative, profitable, understandable and solves problems. A great business idea is the first spark of becoming an entrepreneur.
A business opportunity involves the selling or leasing of any service, product or equipment that enables the licensee or purchaser to start a business. The seller or licensor of the business opportunity will usually declare that it will secure or offer assistance in finding a suitable business location or provide the necessary products to the licensee or purchaser. The sale of an independent business is different as there is no continued seller relationship.
A turnkey business opportunity will provide everything you could possibly need to start operations. Help with location selection, provide necessary training, offer support and supply start-up stock.
Turnkey Business Opportunity Advantages
- Usually requires a lesser initial fee than a franchise.
- Tested and tried system of operation or product. Past experience leads to maximising returns and efficiency and minimising problems.
- Intensive training provided ensures you hit the ground running.
- Better options for finance. Financial leverage is important in any investment.
- Professional promotion and advertising creates a better marketing campaign.
- Ongoing support, training and counselling.
- Assistance in site selection and negotiation for contracts and leases.
- Purchasing power can get services, products and equipment at much lower prices than an independent.
- No ongoing royalties, unlike a franchise. Any profits are yours.
Turnkey Business Opportunity Disadvantages
Business opportunities are usually a good way to start a business with low risk and a high chance for success. Nothing is perfect, if things don’t go to plan you could expect:
- Site selection was poor. Look the location over thoroughly yourself, don’t just accept the chosen location. A better location could mean millions of dollars in profit over the next 20 years of operation.
- Lack of support. You may not have recourse if the seller does not supply guidelines or information that could help once your business is operating.
- Exclusivity clauses. Your business may be restricted to selling only merchandise supplied by the manufacturer. Negotiate the agreement to stipulate supply sources in case product inconsistency or quality.
- Bankruptcy of Parent company. Thoroughly investigate the business opportunity you are looking into.
What is the right business for you?
- Honestly evaluate your abilities and yourself. Are you comfortable selling or working behind a desk?
- Can you run the business with enthusiasm? How to create excitement of new products, etc.
- Do you have knowledge of the service or product? How much training and information has the seller given you?
- Evaluate the market for the service or product you plan to offer.
- Contact other buyers to see if they are satisfied with purchase.
- Do you require experience or certain training to operate the business?
- Evaluate the business profit to sales ratio, time, service and financial leverage requirements. Is this the best business to invest in?
- Will you have to work harder and longer to make the same money as you do now? Is there a better return on investment?
- Check in with current operators to see if they have problems.
- Research the company your are purchasing from. Year experience? Different fields?
- Does the business opportunity have strong credit and financial strength?
- Get an expert to check out the company before purchasing.
- Visit the headquarters of the seller.
Is Mini Golf a Good Turnkey Business Idea?
Golf businesses are very popular. The mini golf business (in the United States alone), is valued over $1 billion per year.
Mini golf is a worldwide success story, regardless of age, culture, or gender it is a social activity that all can enjoy and participate in. Mini golf is a great source of family entertainment, it can be very profitable and it is an all-weather business. To ensure success with your mini golf business you will require a great theme, the perfect location, and amazing landscaping and design.
A mini golf business type usually shows strong and immediate investment returns due to the profitability, popularity, and additional income streams. Consider adding:
- a food and beverage area
- a golf swing professional instructor
- virtual reality golf driving range
- a games arcade
- functional website to pre-book games and purchase merchandise and vouchers
- Merchandise and souvenirs for sale in a store
- A mini golf course that glows in the dark to open up night time games
Contact Mini Golf Creations, we would love to discuss turnkey mini golf business ideas and opportunities with you.