5 Successful Gym Retention Strategies

Whereas many businesses focus more on customer acquisition, customer retention is equally important. Customer retention is your business's ability to make your customers come back for a given period. It is also how to survive inflation as a small business.

When you retain your customers, that indicates that your product or service pleases them. Your customers don't see the need to turn to your competitors. So, how to boost client retention?

Why Is Customer Retention Important?

You spend a lot of resources to get new customers, so you wouldn't want your efforts to go down the drain. Customer retention is a vital aspect of business strategy and helps your business gain a competitive advantage.

Customer retention is how to adapt to inflation and aims to maintain your business customer base and improve loya…

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Why Was My SBA Loan Declined? What to Do After a Denial.

If you have credit troubles, it can be frustrating to try and get approved for a small business loan. You may have tried applying for an SBA loan only to find out that it didn't go through. You may wonder why your SBA loan was denied, or what you should do next.

We will help you answer these important questions, so you know what to do next time you apply for an SBA loan.

What is an SBA Loan?

Understanding SBA loans is the first step in learning to apply. The U.S. Small Business Administration (SBA) offers several loan programs that support small businesses and entrepreneurs by providing financing to those who may not qualify for a traditional loan on their own.

SBA loans have longer repayment terms than conventional bank loans. They serve one purpose – to help small business owners start, grow, and succ…

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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?

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New Gym Start Up and Franchisees: Personal Business Loans and What You Need to Know

Being an entrepreneur is challenging, and one of the biggest hurdles is getting the financing needed to start a business. The best small business loans can give entrepreneurs the funds to start a company, but approval isn’t always easy. Some entrepreneurs consider personal loans as a way to get the seed money to start their businesses. Is that a smart move financially? Let’s look. What is a Personal Business Loan? A personal business loan is a personal loan that’s used to start a business. These loans are based on the entrepreneur’s credit, and the entrepreneur is personally responsible for paying the loan back as agreed. This loan will show up on the entrepreneur’s credit report and not the business’ books. Benefits of Using Personal Loan to Start a Business  Using a personal loan as fuel to power a startup has its advantages. Among them are: Flexibility  Personal loans can be used however you’d like. This gives a business owner options in how to spend the money from …
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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…
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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 …
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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…

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4 Ways To Receive a Business Loan Without Collateral

Getting a business loan can be tough. You need collateral to secure the loan and if you’re just starting out or a small business owner that hasn’t accrued collateral yet, this can be an issue. Assets that can be used as collateral buildings, equipment, vehicles, or even accounts receivable. If you aren’t able to pay back your loan, these assets may be seized and used to subsidize the loan.

Not having collateral doesn’t mean your business is out of the game though! Keeping your business on the move with an SBA loan is feasible if you know about the four ways to receive a business loan without collateral.

Small Business Administrations Loans

Administered by the Small Business Administration (SBA) and designed to help business owners in need of working capital, SBA loans are generated by a network of traditional lenders and guaranteed by federal …

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How Does a Business Line of Credit Work – Benefits for Small Business

A business line of credit can be a handy tool for small businesses. Not only does it offer you the flexibility to get through financially sticky times, but its borrowing power is much more forgiving than a traditional business loan. In this article, we’ll walk you through everything you need to know about a business line of credit, including the best things it can do for your small business. How a Business Line of Credit Works How does a business line of credit work? Well, a business line of credit is actually more like a credit card than a loan – hence a “line of credit.” Firstly, it’s a revolving loan, meaning you can borrow from and repay the loan as you please, as long as you don’t exceed your credit limit. You’ll also need to pay interest on whatever portion of the loan you’ve borrowed with each payment, just like a credit card. There are two different types of business lines of credit. The first is a secured line of credit, and the second is an unsecured line of cred…
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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…

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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 …
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