A turnkey business opportunity is a business model where a company provides all the necessary equipment, materials, training, and support for a customer to start and operate their own business. The term turnkey indicates everything is already in place for the customer to start their business and generate revenue.
The customer or franchisee typically pays an initial fee and ongoing royalties to the franchisor or the company owning the turnkey business. In addition, the franchisee is expected to operate the business according to the franchisor's established systems and procedures.