Definitions
- Referring to a complete and ready-to-use product or service that requires no additional work or effort. - Describing a project or solution that is fully designed, built, and installed by a single company or provider. - Talking about a business model where a company provides a complete solution or service to a client, including design, construction, and maintenance.
- Referring to a person or company hired to perform a specific task or project for a client. - Describing a professional who provides specialized services, such as construction, plumbing, or electrical work. - Talking about a self-employed individual or small business owner who works on a contract basis for various clients.
List of Similarities
- 1Both turnkey and contractor involve providing a service or solution to a client.
- 2Both can be hired by individuals or businesses to complete a specific project or task.
- 3Both require expertise and specialized knowledge in their respective fields.
- 4Both can be involved in construction or renovation projects.
- 5Both can be used in the context of real estate or property development.
What is the difference?
- 1Scope: Turnkey refers to a complete and ready-to-use solution, while contractor may only provide a specific service or task.
- 2Responsibility: Turnkey providers are responsible for the entire project, while contractors are responsible for their specific area of expertise.
- 3Ownership: Turnkey solutions are often owned by the provider until they are handed over to the client, while contractors do not own the project or property they are working on.
- 4Risk: Turnkey providers take on more risk as they are responsible for the entire project, while contractors may have limited liability for their specific area of work.
- 5Business model: Turnkey is a business model where a company provides a complete solution to a client, while contractors are typically self-employed or work for a small business.
Remember this!
Turnkey and contractor are both terms used in the context of providing a service or solution to a client. However, the difference between them lies in their scope, responsibility, ownership, risk, and business model. Turnkey refers to a complete and ready-to-use solution provided by a single company, while contractors provide specialized services or tasks as self-employed individuals or small business owners.
