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A turnkey business is a business that is ready to use, existing in a condition that allows for immediate operation. The term "turnkey" is based on the concept of only needing to turn the key to unlock the doors to begin operations.
Definition of turnkey project a development in which a developer completes the entire project on behalf of a buyer; the developer turns over the keys to the buyer at completion. Example: Many government-owned public housing projects are turnkey projects.
Some of the few examples of Turnkey Projects include Engineering Projects, large construction projects i.e Construction of Airports, Ports, skyscrapers, Bridges, In IT (turn-key implementation of information systems), and more.
A turnkey, a turnkey project, or a turnkey operation (also spelled turn-key) is a type of project that is constructed so that it can be sold to any buyer as a completed product.
The general definition for turnkey, according to Investopedia, is a product or service that is designed, supplied, built, or installed fully complete and ready to operate; the contractor or provider undertakes the entire responsibility from design through completion and commissioning.
A turnkey computer system is a complete computer including hardware, operating system and application(s) designed and sold to satisfy specific business requirements.
A contract in which a company is given full responsibility to plan and build something that the client must be able to use as soon as it is finished without needing to do any further work on it themselves: The stadium is being built under a turnkey contract.
The word is a reference to the fact that the customer, upon receiving the product, just needs to turn the ignition key to make it operational, or that the key just needs to be turned over to the customer.
A turnkey business may refer to a business that can be purchased without having to make any changes to the business model or products sold. For example, a franchise like Taco Bell is a type of turnkey business.