You have made the bold decision that you would like to start your own business. As you begin to consider all that this move entails, you realize that you might be better off purchasing an existing business rather than trying to make a go of a brand new business from scratch. In doing so, you have come across two different types of businesses that you could purchase.

One option is to purchase a turnkey business. What this means is that the business is already all set up and ready to go. All that you need to do is to purchase the business and take over from there. The name comes from the fact that the new owner simply has to "turn the key" and open the door in order to start the business; no additional work is necessary.

This is similar to - but not the same as - when you purchase a franchise for sale. The franchise situation generally means that you are taking someone else’s basic idea and business plan and using it to start a new business. For example, you would join a restaurant franchise and open up your own store under the franchise name. This requires more work than the turnkey business but may offer you some more decision-making power.

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