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…

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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…

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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…

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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…

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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…
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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

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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 …
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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.

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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…

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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

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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…

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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…

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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…

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FLAT FEE FULL SERVICE GYM BROKERAGE FIRM

Welcome Welcome to the premier resource for all gym brokerage information and services across the USA. I hope you enjoy your visit and explore everything our gym brokerage website has to offer, including gym and fitness center listings, information for gym buyers and sellers and more.

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