What author Michael Gerber (The E Myth) calls “The Turn-Key Revolution” began in the 1950’s with the McDonald brothers. Ray Kroc took notice of how efficiently and rapidly the brothers prepared their burgers and how fast people lined up to be served. Fast forward about 60 years and there are more than 30,000 Mickey D’s around the world.
What makes this concept so successful...It works!
Every company has a way of doing things. We typically hear this called policies and procedures. In a turn-key business, or franchise, these policies and procedures are extremely detailed. How to run the business is laid out step by step and allows the owner to focus on things like customer satisfaction and retention. Customers of turn-key businesses love the consistency they receive. No matter what McDonald’s you go to, a Big Mac is a Big Mac.
While some of the most successful turn-key companies are in food service, they are not limited to this market. There are several service industries that are turn-key as well. Many can be operated from home, or in a small office space, with minimal employees. Studies show that almost 8 out of 10 franchise businesses will survive 5 years verses start-ups which typically fail in the first 2 years (4 out of 5).
So if you are considering business ownership, consider a turn-key business or franchise. But take note, the success is in you!
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