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How Much Cash Should Your Gym Business Have On Hand?

Having enough cash on hand will ensure your gym business can stay afloat and survive even during difficult economic times. However, just how much cash should a gym business have on hand? Read on to learn how to calculate how much cash a company needs.

What Is Cash on Hand?

Cash on hand refers to funds you have set aside for emergencies and other unexpected expenses. Many gym businesses keep money on hand in savings accounts, though choosing the proper high-yield savings account can help you get more out of your money. However, cash on hand can also refer to assets that you can quickly exchange for cash.

In either case, cash on hand shouldn’t be invested into stocks or high-risk investment opportunities. That’s why it’s called “cash” on hand.

Why Your Gym Business Needs Cash on Hand

Having cash on han…

What Is An Unsecured Guarantor Loan and Should You Consider It?

Maybe you received a loan rejection or know you have poor credit. Perhaps you have a startup idea and need a small business loan. Regardless of your situation, an unsecured guarantor loan can seem like the ideal solution.

While these loans are less risky for the borrower, there are still consequences for nonpayment. Learning everything you can about guarantor loans will help facilitate your decision.

What Is an Unsecured Loan?

Secured loans are attached to physical assets the loan borrower can use as collateral. For example, a mortgage loan for a house uses the home as collateral. If the borrower fails to repay the loan, the lender can re-sell the home to make up for nonpayment.

On the other hand, an unsecured loan has no attached collateral. The lender thus has a higher risk of not receiving payment fr…

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 …

Applying for an SBA Loan? When You Should Expect Funding.

When your small business needs funding, an SBA loan may be a great alternative to more common small business loans.

What is an SBA loan?

Simply put, they’re small business loans that are partially backed by the Small Business Association (SBA), a government agency. Because the SBA backs the loan, at least in part, lenders can offer funding on more flexible terms.

Banks and other financial institutions offer SBA loan terms based on the business’s financial records, credit reports, tax returns, and past loan history.

At this point, you might be asking how to get an SBA loan, but you may want to consider a more important question first: how long does it take to get an SBA loan approved?

How Long on Average Does it Take for SBA Loan Approval?

How to Get a Business Credit Card

If you are a small business owner, then you should consider getting a business credit card. A great practice for business owners is to keep personal and business finances separate. One way to do that is to apply for a business credit card. Have you been told that credit cards are more trouble than they are worth? That’s not all true; they can be beneficial. Business credit cards and consumer credit cards have some differences. Consumer credit cards are used to establish a line of credit for individuals. Business credit cards are for business owners—whether that is a corporation, small business, or freelancer—to credit purchases for business expenses. Various institutions offer different options for business credit cards. The key to it all is choosing the right small business credit card that suits your needs. What Is a Small Business Credit Card? A small business credit card is a business credit card that establishes a line of credit to cover business-related purchases and…

5 Personality Traits That Great Business Leaders Have In Common

There are many different leadership traits that can make someone successful. However, some traits are more important than others and can be the difference between a good leader and a great one. Here are five of the most important leadership traits: Integrity: A good leader always maintains their integrity and is honest with those around them. They do not make promises they cannot keep and they always stand by their word. This is what makes them a respected and trusted individual. Maintaining your integrity is essential to being a good leader, as it builds trust among your followers and allows you to lead with confidence. Being honest also demonstrates that you have nothing to hide, which further strengthens your relationship with others. By upholding your integrity, you set an example for others to follow and inspire others to be the best versions of themselves. Passion: A passionate leader is one who truly cares about their cause and the people they are leading. T…

Finding the Best Financing Solution for Your Business

Which entrepreneur doesn’t fantasize about starting a business and see it venture to something big without any mishaps? While this is a great vision, most business owners have one stumbling block: money. In fact, according to SBA (Small Business Administration) in a 2020 report, small business owners borrowed $645 Billion to help support their businesses. When the need for money exceeds the cash-at-hand, many areas are negatively impacted, and you need a plan B. Here is the good news; there are many financial solutions that you can opt for to help you evade the financial hitches caused by inadequate funds. Here are some of the best financing solutions that you can approach. The Different Types of Small Business Financing Solutions You can never run short of small business financing options for businesses. However, each has different policies, and not all of them are perfect for your business’s financial needs. Take time to understand the types of financing for busine…

How to Sell on Facebook Marketplace as a Business Owner

Facebook Marketplace began as a place for users to buy and sell items similar to a garage sale. Since its introduction, Facebook Marketplace has gained popularity over the years. Since our world prefers online shopping over traditional stores, Facebook Marketplace has become a hot commodity among business owners. The in-app platform allows anyone to post items—new or used—for sale, purchase, and shipment through Facebook. In the past, the majority of items sold were from individual sellers. As the individual side of Marketplace gained popularity, business owners have become keen on its benefits and potential. Some benefits of using Facebook Marketplace as a business owner are: Exposure for your business and brand. Based on data from June 2021, 70% of Facebook users visit the app daily. A variety of marketing tools are available. The different tools for advertising help you discover ways to reach your target audience. Opportunity to provide a personal experience…

Every Entrepreneur Needs an Attorney in Their Contracts

If you want to start a business, you need to surround yourself with the right people. One of the first professionals you need on your team is a business planning attorney. A legal advisor can assist you with various aspects of starting up your business. He or she will be able to offer legal advice to avoid problems down the road. It is essential for you to understand the value of hiring a business attorney because this decision can have a big impact on the future of your endeavors. You Should Really Speak with a Lawyer Before You Sign That Starting a business requires a lot of paperwork. Before you sign anything or enter into any type of agreement, you need a business planning attorney to look over the paperwork. FindLaw explains you will need to have a lawyer assist you with everything from choosing your business entity to drawing up contracts. You want legal advice as you register your business and to help ensure you get every permit or license you must have to ope…

7 Actionable Ways to Develop and Maintain Client Relationships That Last

Client relationships are the key to long-term success in any business, and they take time to build. Developing and maintaining client relationships requires constant attention to stay on top of potential opportunities and ensure that you provide excellent service at all times. Most of your sales will come from repeat customers and referrals, so it’s essential to ensure you’re doing everything possible to foster these relationships. This article outlines how to develop and maintain client relationships for business success. Why Is It Important To Build Relationships With Clients? Customer relation refers to a relationship between a company and its customers. The company may be a retailer, wholesaler, service provider, or manufacturer. Enlightened businesses know how to utilize customer relations management (CRM) effectively. CRM is a process of managing customer relationships to build customer loyalty. It can be used by businesses of all sizes, from small local shops …

Actively Seeking Gym Sale-Leasebacks

We’re partnering with a national commercial real estate firm to identify and acquire the underlying real estate of gym locations. The locations are then leased back to the fitness operator on a long-term basis. We are interested in acquiring single-tenant properties for private, corporate, and franchised locations. How does a sale-leaseback transaction work? We will pay a negotiated amount for the real estate asset and then lease the premises back to the operator on a long-term basis. This provides the operator with freed-up capital while, at the same time, allowing them to continue to operate their business exactly as they always have. What are the benefits of a sale-leaseback to a fitness center operator? v Significant capital, previously tied up in the real estate, is freed up. These funds can be used for a wealth of purposes including fueling future growth, paying down debt, purchasing new equipment, and aiding in succession/buy-out scenarios. v The fitness c…

How Do Small Business Loans Work?

The question of “How do small business loans work” is the natural question when deciding on growth possibilities or starting a small business. Maybe you’ve come up with that product that has the market beat. Or, maybe you need a piece of equipment that would tip your business’s growth over the top. Or, maybe outstanding invoices have you in need of funds for operating costs. Whatever it may be, it may be time for a loan. What is a small business loan? So, what is a small business loan? Simply put, a small business loan is any funding option specifically designed for a small business. Are small business loans a good idea? Small business loans are designed specifically for the small business owner. So, minimal requirements, friendly qualifications, and flexible terms make a small business loan a great idea for the growth-minded business owner. What Are The Requirements? Quite often, this is the next question after “How do small business loans work?” Loan types have diffe…

8 Tips for Securing a Cash Advance When You Have Bad Credit

If you're looking for a cash advance with bad credit, you may be feeling a bit hopeless.

It can seem tough to find lenders who will work with you if your credit score is low. However, there are still options available to you.

In this article, we will discuss eight tips for how to get a cash advance with bad credit. We'll help you understand what a cash advance is, what bad credit is, and where you can go to get cash advance loans with bad credit.

So, don't give up yet. There are still ways for you to get the cash that you need.

What Is a Cash Advance?

A cash advance is a short-term loan that you can use to cover emergency expenses. It's a great option if you need cash quickly. Cash advances are typically unsecured loans, which means that you don't need to put…

Veterans Guide to SBA Loans – Know Your Options

Veterans looking to launch their own brands should know about the Small Business Administration. President Dwight D. Eisenhower founded this agency in 1953. For decades, it’s helped countless aspiring entrepreneurs get their businesses off the ground, including special guidance for veterans. In this article, you’ll learn everything you need to know about SBA loans for veterans. What Types of SBA Loans are Available for Veterans? While the SBA isn’t the only place providing small business loans for veterans, they still offer lots of great options. The loans listed below assist veterans in different situations. SBA Veterans Advantage 7(a) Loan SBA 7(a) loans are enormously popular, even for those who haven’t served. Veterans Advantage loans can provide you with as much as $350,000 in loans. Plus, veterans who own 51 percent or more of their business receive lowered fees for other SBA loans. To qualify for a Veterans Advantage 7(a) Loan, a veteran must have been honorably d…

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…