Franchise Financing: 7 Loan Options For Your Franchise

Finding the correct franchise financing is integral to securing a loan for your business. Whether you're pursuing a conventional or business loan, the options available to owners are vast. Lenders provide all these types of loans, making it easier to find a finance option that works best with your needs and ambitions. We discuss seven franchise financing options and how they affect the maximum loan size, amount financed payments, and interest rates. What Is Franchise Financing? Franchise financing refers to how a franchisee pays for franchise fees and business expenses such as initial merchandise, equipment, or value-added products. There are numerous financing opportunities available for all types of franchise businesses. These options vary in structure to determine the amount of the loan. Interest rates also vary based on the size of the loan. How Can You Get Financing for a Franchise? Financing options vary based on the franchise type, location, and financi…
Read more
  • 0

3 Tips for Post-Pandemic Prosperity

The COVID-19 pandemic was tough on individuals, businesses, and economies everywhere. Organizations had to adjust their operations to stay afloat. In a post-pandemic world, companies have to make more changes to secure their growth in the long term. For example, you may have to alter how you approach marketing during a pandemic and after.

 As a business owner, you must take time to regroup and think about running a successful firm in the new world. You might wonder what measures to take to ensure post-pandemic prosperity. Keep reading for a breakdown of actions to take to thrive in the new normal.

Economic Recovery After COVID-19: Trends in 2023

The state of a nation's economy affects businesses and individuals alike. Thus, effective economic recovery after COVID will benefit both these groups. Here are some trends for recovery following the pande…

Read more
  • 0

3 Reasons Why Team Meetings Can Make or Break your Gym Business

Effective team meetings create opportunities for staff to exchange ideas, solve problems together, and get results. The productivity boost from effective meetings can mean more efficiency, higher productivity, and a focus contributing to your profitability and gym business success.

How To Structure An Effective Team Meeting Online Or In-Person

Research shows top employees are three times more likely to work for a company with a strong sense of purpose. Structuring an effective team meeting helps provide focus and a sense of purpose.

As a team leader, it’s critical to ask the most vital question – is this meeting necessary? If so, your job is to create the structure for a productive team meeting in-person or online.

Here are four effective meeting strategies to make team meetings more effective:

Read more
  • 0

4 Tips To Qualify For a Gym Loan When Business is Slow

If you are a gym owner, you know that overnight, financial situations can change.  Now more than ever gyms are aware that financing options are often necessary to get them through tough times such as slow seasons, a recession, or global events like the recent pandemic.

Whatever the case may be, looking into gym business loans and having a plan in place is always a good idea. Below, we will cover tips for people wondering how to qualify for a gym loan, and we will discuss various financing options to help you better decide what is best for your business.

4 Tips To Help You Qualify

If your gym business is struggling, it can be challenging to qualify for a gym loan. Each business situation is different, and each loan has its own requirements. Below are four tips to help you get started if you are wondering how to qualify for a gym loan when business …

Read more
  • 0

Understanding SBA Loans: What is a 504 Loan?

Many entrepreneurs require a small business loan to get started; however, choosing the right business loan can be intimidating. Fortunately, there are several different avenues of business loans to choose from, including an SBA loan.

What is an SBA loan? What is an SBA 504 loan? How does it work? What is the difference between an SBA 504 loan versus other SBA loan programs?

What is an SBA Loan?

With an SBA loan, the US Small Business Administration partners with lenders to get loans for small businesses. Rather than directly giving money to small business owners, the SBA sets criteria for loans.

The rationale behind using this lending model is that it poses less risk for lenders and lending organizations, which makes small businesses receiving a loan a much more straightforward process. Here are some ot…

Read more
  • 0

5 Secret Tips for Successful Negotiation in Business

Negotiation is a necessity for any successful business transaction.

Sometimes, the negotiations shape formal affairs with clear objectives. Other times, negotiation in business is a continuous process that develops to suit parties’ business goals.

Strong negotiation skills are essential if you are looking for success as a small or large business. Let us go through the top five secret tips professionals use for a successful negotiation.

Importance of Negotiation for Your Business

Negotiation can elevate your stand on the success ladder, and it’s also an art. Negotiating allows amplification of the value of your work as a business.

However, it does not benefit a single business or person. The negotiation agreements on any cause address important matters or find…

Read more
  • 0

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

Read more

  • 0

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.

Read more

  • 0

Why Use a Health Club Consultant, Coach or Mentor

Why Use a Health Club Consultant, Coach or Mentor?

Isolation

Directors of health clubs and owners in particular, may be gregarious and confident, but they can also be very isolated. There are not many people to whom they can turn for help, often no one in their own organization. Uncertainty about trust and confidentiality, personal competition and the slipperiness of the business ladder often make it hard for an Owner or Director or Manager to turn to a colleague about issues that may put into question their performance or tenure.

A Fresh Mind

Perhaps even more common, however, is simply the wish to consult a fresh mind, someone who brings no investment or position of his own, an outsider who is not involved with the orga…

Read more
  • 0

Tedious Gym Management Tasks that Can Be Automated

Reposted from www.abcfinancial.com

There is no longer the time nor the place for tedious, manual tasks involved in managing your gym; automation is taking its place. Time is too valuable to waste, and with the industry growing at 3% annually, integrating efficiency into your gym operations to keep up with competition is imperative to your success. Even the simplest tasks can be automated to save you time and add a layer of professionalism to your gym. With the advancement of gym management technology, it is now an expectation that processes be completed as quickly and easily as possible.

These five tasks can be laborious if done manually, but if you start to automate them, you’ll see these tasks can be a piece of cake!

Member Check-In

Read more

  • 0

Tips for Opening A Gym in New Locations

Reposted from www.abcfinancial.com

Are you thinking of opening a gym in a new location but don’t know where to start — or if you are even ready for it? Growing your business involves a lot of new challenges, from employee management to sales strategy. But do not let these growing pains deter you from expanding! Follow these tips to determine whether you are ready to open in new locations and learn how to approach the process.

Are You Ready for Expansion?

The first piece of the puzzle is figuring out whether you are even ready for the move. There is nothing more damaging to a business than moving too fast at the wrong time — and running a gym is tricky.

If you are currently operating a single gym, make sure you are hitting your yearly revenue targets and making a p…

Read more
  • 0

When Was the Last Time You Submitted a Press Release?

Reposted from www.abcfinancial.com

I’ll bet it’s been a while…if ever. The press release is one of the most misunderstood and underutilized marketing strategies in the fitness industry. By submitting quality press releases to your local media outlets, you’ll get plenty of free publicity for your fitness business.

Press releases are a free form of promotion, and are one of the most powerful. Getting mentioned by a reputable source is much more powerful than a postcard campaign or other advertising you might be planning. Getting mentioned in local news media outlets lends credibility to your health club and will allow your target audience an unbiased way of getting to know you and your business.

First of all let’s discuss what a press release is. It is simply a method of lett…

Read more
  • 0

What is the Cost of Owning a Gym?

Reposted from www.abcfinancial.com

There are several key criteria to consider when calculating the cost of owning a gym. If you know all of the included costs ahead of time, you will be able to plan accordingly in order to maximize your profits.

Location

Location will likely be the largest cost of owning a gym but will also be the biggest factor in gaining foot traffic and potential customers. Rent mainly depends on where you plan on opening a gym; the cost of opening a gym in downtown Los Angeles will be significantly higher than the cost of opening a gym in the surrounding suburbs. In order to make the right decision, you need to balance out the rental cost with the location in the city. Another item to consider related to location is the demographics you want to target for your gym. If you are considering opening a gym…

Read more
  • 0

Gyms Are Expanding and Many are Eyeing Mall Vacancies

https://www.nreionline.com/retail/gyms-are-expanding-and-many-are-eyeing-mall-vacancies The fitness club sector is flexing its muscles. Fitness and health clubs have grown to be a more than a $30-billion-a-year industry, according to research site Statista, with more than 36,000 clubs across the U.S. boasting more than 60 million members. Top players in the health club industry reported steady growth in 2017 and many are expanding through new development or acquisitions. Life Time, LA Fitness, Planet Fitness, 24 Hour Fitness, and Equinox Holdings (with its brands Equinox, SoulCycle, Blink Fitness and Pure Yoga) all had growth years, according to the 2018 Club Industry Top 100 Clubs list. The current environment appears to offer a perfect storm for the fitness center sector  as consumers become more health-conscious and the economy continues to improve. Fitness concepts are also more internet-resistant than traditional retailers—you can’t work out online, though it’s…
Read more
  • 0