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How to Scale Your Gym Business: 6 Tactics to Utilize

What Is Scaling In the Gym Business?

In order to understand scaling in business, it’s important to first understand what it is. Simply put, scaling is the process of growing a company or organization to a larger size. This can be done in a number of ways, but the ultimate goal is to increase profits and create more jobs.

There are a number of factors that go into scaling a gym business, and it’s important to have a clear plan in place before starting the process. One of the most important things to keep in mind is that scaling is not a one-size-fits-all solution; every company is different and will require a unique approach.

There are a number of different methods for scaling a business, and the most effective approach will vary from company to company. Some of the most common methods include growing the c…

How Your Business Can Access a Revolving Line of Credit

What Is a Revolving Business Line of Credit & How Does It Work?

Suppose you're a business owner who could use cash on hand but doesn't have it readily available. This is when a revolving line of credit would come in handy. Let's make clear what these terms mean.

A line of credit is a determined amount of funds available from a financial institution to a borrower. Once the borrower pays back any borrowed money, the line of credit ends. For businesses who repeatedly want to tap this resource, a revolving line of credit works better, though. A revolving line of credit continually replenishes the amount available to borrow once a borrower pays back any amount owed.

A credit card is a prime example of revolving credit. Each month, the cardholder borrows based on a limit. If a cardholder has a credit limit o…

Short-Term Business Loans: The Versatile Loan Option

Finding the right financing options is a major challenge for small businesses. Many small enterprises, including startups, don’t yet have collateral. In some cases, their structure requires a flexible lending option.

This is where short-term business loans come in. Unfortunately, you probably won’t have much luck at the bank. In fact, an average of a minimum of 80 percent of small business loan applications at banks are rejected. Fortunately, however, there are other options.

With a reputable non-bank short-term business loan option, you enjoy accessibility and versatility. Here’s everything you need to know about how to get a business loan without collateral or a stellar credit score.

What are Short-Term Business Loans?

A short-term business loan (also referred…

Reading Federal Funds, Prime, and Discount Interest Rates

When studying the economy, three interest rates control lending to banks, mortgages, and consumer loans. The three terms that often get confused are federal funds, prime, and discount interest rates, which helps with understanding SBA loans.

Anyone wanting to know how the economy works needs to know what the discount rate, the federal funds rate, and the prime rate are and why they are important.

What Is the Discount Rate?

The discount rate is an interest rate the Federal Reserve charges for discount loans. This is the rate the Fed sets, so member banks can borrow money overnight if they need funding. The Fed sets the rate to allow banks to borrow so banks don’t fall below their mandated reserve levels.

The discount rate is also called the primary credit rate. The Federal Reserve sets this rate so banks…

Why Increase Cash Flow for Your Small Business

Cash flow refers to money put into a business and sent out. Cash flow is essentially the movement of funds. When a business receives money, they want to spend it on optimizing its cash flow better. Optimization of cash flow comes from actively making income from these avenues.

What Increases and Decreases Cash Flow in a Small Business?

Do you know how to increase cash flow in a company? Cash flow does not refer to just profits. It's tied to excess funds and expenses. When net income decreases, so does cash flow.

Businesses must first pay their liabilities and expenses such as debt, employees, and administration costs. The excess wealth left can improve the business by investing in better equipment to speed up production, generate more revenue through new projects, or put into a savings account to generate …

What Are Long-Term Business Loans?

When you take out a long-term loan for your business, you gain access to a large amount of money meant for meaningful investments in your enterprise. Most long-term loan repayment periods range from three to ten years. If you get an SBA loan, your term may extend even to 25 years.

Long-term business loans are term loans with a more extended period for repayment than you would get with a short-term option. You get access to more advantageous long term business loan terms and rates than with short-term loans.

Businesses usually get long-term loans for large and expensive acquisitions and purchases. Examples include significant equipment and buildings.

Types of Long Term Business Loans

A term loan with a repayment period of between three and ten years is the main kind of long-term business loan. With this …

Pros and Cons of Buying an Existing Business

Is buying a business a good idea? There is no simple answer, but buying a business can either be a wise choice or a disaster depending on the industry. Buying a business comes with its risk, but typically the significant barrier of entry risk is lowered because of the preexisting establishment.

The start-up costs of a business come with time and money. It takes time to start a business and a significant amount of money for equipment, inventory, and employees. It's not uncommon for start-ups to not see a return on their investment for the first few months or years of operation.

When buying a business, that worry is out the window. Typically, the original business owner has already completed the burden of marketing, branding, and establishing a working strategy for the business.

It may sound too good to be t…

Gross Profit Formula: How to Calculate Your Gross Profit

Managing profit margins when you own a business is crucial to success. It aids you in making decisions that improve the company and lets you adapt to client needs more quickly. You become a leader that is proactive and makes decisions based on facts.

A lot of information about profit refers to net profit. Net profit is the difference between all expenses and revenue. In some industries, knowing gross profit is more pertinent. Either way, knowing the difference is essential.

What Is Gross Profit?

Gross profit is the amount of revenue after removing the cost of the goods. The amount subtracted is sometimes called COGS or the cost of goods sold. Gross profit is sometimes called gross income.

Calculations use no other expenses to determine gross profit. Only the actual cost of the goods or service is us…

What Is Invoice Factoring?

Approximately 82 percent of small and medium-sized enterprises fail due to cash flow problems. Of course, several factors can affect your cash flow. An aging accounts receivable or invoices that are past their due dates may account for a fair share of your cash flow challenges.

Luckily, there are financial tools and different forms of asset based lending you can use to manage your cash flow gaps. Invoice factoring is one excellent solution to your cash flow challenges if you’re a business owner with net 30, net 60, or net 90 terms with buyers.

Read on to find out whether invoice factoring is right for your business and how to compare invoice factoring vs line of credit.

Invoice factoring is the financial solution commonly referred to as accounts receivable factoring. In this form of financing solution, a b…

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…

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…

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…

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.

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…