Turnkey packages should include mentoring

There are 3 key people you can’t afford not to hire when you start a business…a CPA, an attorney and a business coach. We were told this over and over when we started our business, and I totally agree with this statement.

During the start-up phase of our home inventory business, we didn’t think we could afford to hire professionals. We were so wrong! In fact, it cost us more in the long run because we had to go back and redo some of our work. The business coach, though – or lack of one – was our biggest cost factor (in the terms of lost revenue). Of course, we can’t put a dollar amount to it, but we know we would have grown faster, lost less money and received revenues sooner, if we had a business coach from the beginning.

This brings us to the topic of a turnkey package. Often people feel that it’s too expensive to purchase one, and choose to begin with just a start-up kit or entirely on their own. But when looking at the big picture, investing in a turnkey is a cost savings in the long run. It's obvious that a high quality, all-inclusive turnkey package will cost more than a start-up or minimal-value business in a box which just includes a few components. But remember that value isn’t always in the box!

A high-value turnkey package will include marketing tips and tools to help jump-start your business. Without receiving this knowledge, you’ll have to learn it all by trial and error. And during your first few years in business, you’ll have questions, need motivation, want someone to kick ideas around with. The owners of turnkey packages who offer continuing support and consultation will provide that for you. In essence, they will be your business coach.

Now let’s return to the statement about all-inclusive turnkey packages being expensive. What will a business coach cost you? Most charge between $200 and $500 per hour. Just two hours a month, and you’ll have invested between $5,000 and $12,000 your first year. And it is rare that just one year of coaching is all that is needed. Most successful business people retain a coach on a continuing basis. Why not have that cost be included in your startup funding?

The turnkey packages that include consultation or mentoring are in essence providing you with a business coach. The owner who is mentoring you will be providing specific assistance because they know the business, know the industry and have learned it the hard way – by experiencing it.