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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…

Know the Limits: How Much Line of Credit Can I Get for My Gym Business?

Unless you have excellent cash flow or you’re fortunate enough to have plenty of your own money for your new gym nstartup, most entrepreneurs wonder, how much can I get on a gym business line of credit? How to determine how much line of credit you can get for your gym business might seem confusing, but you can figure out an estimate with a calculation or with the help of an advisor. What is a line of credit, and how does it work? Whether it’s a personal credit card or a business line of credit, these are both lenders (either a credit card company or a bank, depending on the type) offering you a set amount of money to spend. With credit, the institution extends a set amount that you, the borrower, can spend. You must make minimum payments, but you can also pay it off in full instead of being stuck with ongoing installments with credit. You can also use the credit line repeatedly, as long as you make payments and do not spend over your limit. What is a Gym Business Line of…

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…

How to Save Money on Commercial Gym Insurance

Whether you own a big box gym, boutique facility, or a corporate facility you have insurance on your business and property. Like other business owners, you are feeling a squeeze and looking to reduce costs and we are often asked, “How can my businesses save some money without giving up anything?” Get a Quote. Unfortunately, while not an easy answer, there are steps a gym business owner can take to try and reduce their commercial insurance costs. Typically, General Liability rates have been ticking up. That doesn’t stop a smart owner from partnering with a good licensed commercial insurance agent to find ways to save some money. How Do I Start Saving on Commercial Insurance The first step is to examine if you may be able to eliminate double coverage. While we generally advise our clients to get the maximum coverage available, make sure your general liability coverage doesn’t offer product liability coverage while you are carrying a separate policy for product liability …