Health Club Consultant
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…
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…
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 CollateralPutting your property up for collateral when you have bad credit can hel…
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…
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…
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 optionsQualifications
6+ Months Time in Business
$120,000 Annual Gross Sales
No Minimum FICO
Loan Amounts: $10,000 - $5 Million
Read more about The Gym Funding Playbook
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…
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
Read more about 5 Things to Consider Before Owning a Gym
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.
Read more about So, You Want to Be a Successful Gym Owner?
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.
Read more about Why hire a Membership Sales Coach when I already have a Sales Manager in my Gym?