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A Different Way to Think About Equipment Financing for your Gym Business

Every gym business needs high-quality equipment to get its job done and in the right way. But seldom do gym owners have money set aside to pay for the equipment up front. They may be willing to do so but know that doing so may put a substantial dent in their cash flow. This is where equipment financing comes in.

Equipment financing is a quick and economical way of obtaining financing to replace or upgrade much-needed equipment to keep your gym business running or expand to meet rising demand.

This article provides an overview of equipment financing—how it works, rates, fees, terms, qualification requirements, and where to obtain such a loan.

What Is Equipment Financing?

Equipment financing refers to a loan or lease that a gym business uses to purchase business-r…

Know the Limits: How Much Line of Credit Can I Get for My Gym Business?

Unless you have excellent cash flow or you’re fortunate enough to have plenty of your own money for your new gym nstartup, most entrepreneurs wonder, how much can I get on a gym business line of credit? How to determine how much line of credit you can get for your gym business might seem confusing, but you can figure out an estimate with a calculation or with the help of an advisor. What is a line of credit, and how does it work? Whether it’s a personal credit card or a business line of credit, these are both lenders (either a credit card company or a bank, depending on the type) offering you a set amount of money to spend. With credit, the institution extends a set amount that you, the borrower, can spend. You must make minimum payments, but you can also pay it off in full instead of being stuck with ongoing installments with credit. You can also use the credit line repeatedly, as long as you make payments and do not spend over your limit. What is a Gym Business Line of…

Gym Loan FAQs: Common Questions About Getting Gym Business Loans

Answers to gym business loan FAQs. Gym business loans can be easier to obtain than you might think. Whether banks are the best option for obtaining a gym business loan depends on your gym business’s circumstances. Interest rates are only the start of the considerations for a gym business loan. This information is for gym business owners looking into gym business loans from conventional lenders and alternative lenders. Obtaining a loan for your gym business is a great way to cover important costs or grow your business when the time is right. You might have heard some grumblings about small business loans: They’re hard to obtain; your credit has to be flawless; don’t ask for too much money or you’ll be denied. Fortunately, these prevalent ideas surrounding gym business lending aren’t necessarily true. It’s important to manage debt properly, but doing so can help grow your gym business at a faster rate than scrimping and saving. To help you obtain a small busi…

How to Get a Gym Business Loan in 24 Hours or Less

Do you need a gym business loan as soon as possible? Are you wondering how to get a business loan for a gym? You probably already know that a traditional bank loan is out of the question. With a typical business loan from a bank, you’d be waiting for approval for two to four weeks, which is quite inconvenient when you need funds instantly.

Fortunately, you can access immediate gym business funding within 24 hours from alternative lenders. What exactly are these loans, and how can you get them? Read on to find out how to get a gym business loan in 24 hours.

What is 24 Hour Gym Business Funding?

24-hour gym business funding is a type of alternative financing model where you can access a loan within a day. The approval process for this loan is extremely short, lasting minutes in most cases. Therefore, unlike banks, you don’t need to wait weeks to kno…

How to Qualify for Gym Business Funding When You Have Bad Credit

According to the U.S Bureau of Labor Statistics, approximately 70% of businesses make it to the end of the second year, and the number drops up to 50% at the end of the fifth year. This decline is mainly linked to financial problems. As a gym business owner, you may lack enough funds to meet certain needs such as purchasing equipment, getting inventory, or expanding.

Therefore, you may need to get a loan to keep your gym business going. However, this step can be challenging, especially if you have bad credit. Fortunately, you no longer have to worry because many lenders are now financing entrepreneurs with poor credit. This guide discusses how to get a gym business loan with bad credit. Let’s delve into the details.

Getting Gym Business Loans with Bad Credit and No Collateral

Putting your property up for collateral when you have bad credit can hel…

How to Save Money on Commercial Gym Insurance

Whether you own a big box gym, boutique facility, or a corporate facility you have insurance on your business and property. Like other business owners, you are feeling a squeeze and looking to reduce costs and we are often asked, “How can my businesses save some money without giving up anything?” Get a Quote. Unfortunately, while not an easy answer, there are steps a gym business owner can take to try and reduce their commercial insurance costs. Typically, General Liability rates have been ticking up. That doesn’t stop a smart owner from partnering with a good licensed commercial insurance agent to find ways to save some money. How Do I Start Saving on Commercial Insurance The first step is to examine if you may be able to eliminate double coverage. While we generally advise our clients to get the maximum coverage available, make sure your general liability coverage doesn’t offer product liability coverage while you are carrying a separate policy for product liability …

Revenue-Based Gym Financing: How a Revenue-Based Gym Loan Works

You might have heard people talk about revenue-based gym financing as “royalty-based financing.” Put simply, revenue-based gym financing is a loan with repayment terms based on your revenue. You don’t need to put down any collateral, and you won’t have to worry about your debt-to-income ratio.

Just because you’ve just started your gym business doesn’t mean you have to stay small. There are exciting yet practical financing options out there for you, and one of these is revenue-based gym financing. With these loans, you only make payments when you bring in revenue. Let’s discuss what’s involved in qualifying for a small gym business loan and how these financing options work.

What is Revenue Based Gym Financing?

Perhaps you’ve guessed what revenue-based gym financing is based on the name. Instead of needing collateral (in other words, assets) to sec…

Top Financing Options for your Gym Business

Finding financing for a gym business is always a challenge. In our report, we will show you proven methods for success along with some creative ideas.

$100 Million dollars of funding approved annually (680+ credit score and 50K in income required).

82% of gym businesses that fail do so because of lack of funding. Qualify for up to $300,000 today — → Click here.

Apply for Gym Business Funding Up To $250,000 in Unsecured Lines of Credit — → Click here.

Are you seeking financing to open a new gym or expand your current gym business and wondering where to turn to for funding? As a gym owner, you now have more financing options than ever before — thanks to a number of creative web-based businesses offering new alternatives such as crowdfunding and peer-to-peer lendin…

The Gym Funding Playbook

Term loan

Similar to traditional bank style financing. A Term Loan is a set amount that a borrower pays back at a fixed amount. The common uses for these types of loans are business expansion, working capital and equipment purchases.

Benefits of a Term loan

Interest on loan is tax deductible No prepayment penalties Lower cost options Stable daily, weekly monthly payments Reported to the credit bureaus which can improve credit Flexible options

Qualifications

6+ Months Time in Business

$120,000 Annual Gross Sales

No Minimum FICO

Loan Amounts: $10,000 - $5 Million

Tips On How You Can Grow A Gym Business & Secure Business Financing

Accessing sufficient capital is difficult for independent gym businesses because traditional lenders like banks consider them risky ventures.

Raising small business capital is also a drawn-out process, especially with poor credit. While many gym business loans do not have a minimum credit score, most lenders work with a range they consider acceptable for their small business loan requirements.

So, how do you navigate the financial world and figure out how to grow your small business and secure gym business financing?

How To Select the Right Funding for Your Gym Business

There are plenty of business loans available, but you should know how to get the best rates on financing to grow your small business.

You need to unde…

Gym Financing: Qualify for up to $300,000 today

Million dollars of funding $100 approved annually 82% of businesses that fail do so because of lack of funding. FUNDING PROGRAMS Term Loans Business Credit Card Program Personal Credit Card Program TERM LOAN PROGRAM Rates range from 5.49%-14.99% No minimum length of time in business Fixed monthly payment No upfront fees Full liquidity Immediately Funding in 7-15 business days REQUIREMENTS 680+ Personal Credit scores in all 3 bureaus 2 years personal tax returns showing $50,000 or more of taxable income BUSINESS CREDIT CARD PROGRAM 0% Interest for 6-12 months No minimum length of time in business Stated income No upfront fees Reports only to the business REQUIREMENTS 680+ Personal Credit Scores on all 3 bureaus -Established Business Entity PERSONAL CREDIT CARDS Build Credit with National Lenders. “A” tier Access to additional working capital Become eligible for future funding options Maximize amount of funding received REQUIREMENTS 680+ Persona…

5 Things to Consider Before Owning a Gym

Reposted from www.abcfinancial.com

Congratulations, you’ve decided you are ready to become a gym owner. The global fitness and health club industry generates more than $80 billion in annual revenue. However, just because the market is great does not mean you should dive into the industry without proper research and planning.

You need to create a plan to ensure you have the proper certifications, a streamlined process to collect membership dues, know how many employees you’ll need to hire and have an automated way to simplify administrative tasks. Ensuring that you have everything you need to run a successful gym is critical before you make that leap. Below we have outlined 5 things to consider before owning a gym:

Certifications

How to Create a Sales Culture in your Gym

When a gym commits to creating a sales culture in order to increase sales and profits, there are some fundamental rules that should be the foundation of any successful implementation. Once these rules are established other items can be addressed as the health club moves toward the full adoption of the new sales culture. All staff in your facility must be involved. Any successful gym sales culture needs to include each and every employee from the owner to the lowest paid person. No one can be exempt. Some gym owners think that the idea of a sales culture is a membership sales department function that doesn’t affect other club departments. However, a true sales culture means that everyone takes responsibility for increasing sales by adopting a member and guest-centered attitude in doing their individual jobs. All staffers must have a real stake in the game when it comes to the performance of the gym. No matter how much your staffers hear about a sales culture in your gym …

So, You Want to Be a Successful Gym Owner?

Let’s start with these simple questions

As with anything that has an upside, there will be risk. You can’t avoid it. However, you can help mitigate this risk with proper planning and preparation and surrounding yourself with industry experts. A place we always like to start by asking ourselves these 2 questions; what am I good at? And where do I struggle? Review the following questions to see where you need some help to improve your business;

· Are you a self-starter? The big failure I see in this area is we become content quickly. We don’t really start to push until the pressure is on. So many gym owners wait and wait, hoping things will change and then it’s too late. I think it was Mark Cuban that said it, “work each day like someone is trying to take it all away from you.

Why hire a Membership Sales Coach when I already have a Sales Manager in my Gym?

Most health clubs already have a membership sales manager or someone who is in charge of membership sales production in some capacity, so why hire a sales coach for the membership department? Many sales managers are not trained in the subtleties of effective gym sales training nor have they developed the necessary skills and tools to be effective sales leaders. The most common way to hire a gym sales manager is to simply promote your best sales person in the membership department. This logic suggests this person is the most qualified to lead the membership sales team based on their past membership sales achievements. This type of promotion by necessity is common, but not commonly successful. In the process you may even lose your top membership sales performer when their leadership abilities fail to match their sales ability. The key reason being: Great gym sales people don’t often make great gym sales managers.