5 Components of a Turnkey Business

I want to share with you today how to create a turnkey business, specifically the 5 Components of a Turnkey Business.

Great business leaders build great businesses that can run without them. That’s what I encourage all the business owners I work with to work toward. To create a business that can function and perform consistently and predictably, without their constant presence and their constant attention.

The 5 Components of a Turnkey Business

• Marketing
• Selling
• Customer Fulfillment
• Admin
• HR

Every business needs these 5 basic systems. You might call them the 5 major systems of a turnkey business.

If you’re a solopreneur or a small business owner with just 1 or 2 employees, you may want to take HR and make it a sub-component of Admin and only have 4. But if you have multiple employees and you’re going to grow even more, you definitely want a separate HR component.

This area covers things like talent acquisition, training and development, coaching and correction, conflict resolution, and performance management. All of those things are key pieces of your HR system.

Admin is typically the back office type things like bookkeeping, accounts payable, accounts receivable, inventory control, data management, compliance issues related to taxes, personnel law, and issues like that. They come under the Admin system, and you want all of that documented and running very well.

The 3 Core Systems of a Business

But the 3 core systems of a business are these first 3: Fulfillment, Selling, and Marketing.

The Marketing System

Marketing is lead generation. You want to generate a certain number of qualified leads for your business. So you build a marketing engine or marketing system to do just that. This will include all of your major marketing media:

• traditional advertising
• referral marketing strategy
• digital marketing
• relationship marketing
• social media marketing

All of those systems make up your marketing system. You want to document them all and make sure it’s measurable so it produces the number of quality leads you want.

The Selling System

Then we move to selling. This is lead conversion. Marketing is lead generation, and selling is lead conversion. In your business, your selling system may be transactional, like in a retail business, consultative, like in professional services, or bidding or quoting. Whatever it is, define it, document it, and refine it. Build it out as your selling system.

The Customer Fulfillment System

The third core system is customer fulfillment. This is where you deliver your product or service. And you document here exactly how you do this, so that every time it’s done with excellence and quality, regardless of who delivers it.

These are the five major systems of a turnkey business. I want to encourage you as a business owner to build it, document it, and train people to operate it. If you document it well with checklists and measurable outcomes, you can train people to do it with excellence every single time.

As a business coach, this is what I help people do. This is what business owners hire me to help them with. In fact, we have a program called the Business Acceleration Process that systematically guides business owners to create turnkey businesses.

I hope you found this helpful and that it elevates your vision and mindset about what your business can be!