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Everything to Know About POS Financing for Your Gym

What is a POS Purchase? Point-of-sale, or POS, refers to the moment a customer purchases your product. A point-of-sale purchase is any transaction. “Point” refers to a location. The point-of-sale is the transaction event itself, while the point of purchase refers to the checkout area. A point-of-purchase strategy entails finding ways to entice customers to make a higher dollar purchase before the point-of-sale or checkout occurs. Not only does POS financing enable point-of-sale transactions, but it also encourages the customer to spend more. What is POS Financing? Point-of-sale (POS) financing is a closed-end credit solution. Like a credit card, it allows the customer to buy now and pay later. But unlike a credit card, the line of credit ends as soon as the customer pays back the agreed-upon amount. POS financing is a solution for high-dollar transactions like personal training that consumers would otherwise not be able to afford or would charge to a credit card. Yo…

Franchise Financing: 7 Loan Options For Your Franchise

Finding the correct franchise financing is integral to securing a loan for your business. Whether you're pursuing a conventional or business loan, the options available to owners are vast. Lenders provide all these types of loans, making it easier to find a finance option that works best with your needs and ambitions. We discuss seven franchise financing options and how they affect the maximum loan size, amount financed payments, and interest rates. What Is Franchise Financing? Franchise financing refers to how a franchisee pays for franchise fees and business expenses such as initial merchandise, equipment, or value-added products. There are numerous financing opportunities available for all types of franchise businesses. These options vary in structure to determine the amount of the loan. Interest rates also vary based on the size of the loan. How Can You Get Financing for a Franchise? Financing options vary based on the franchise type, location, and financi…

3 Tips for Post-Pandemic Prosperity

The COVID-19 pandemic was tough on individuals, businesses, and economies everywhere. Organizations had to adjust their operations to stay afloat. In a post-pandemic world, companies have to make more changes to secure their growth in the long term. For example, you may have to alter how you approach marketing during a pandemic and after.

As a business owner, you must take time to regroup and think about running a successful firm in the new world. You might wonder what measures to take to ensure post-pandemic prosperity. Keep reading for a breakdown of actions to take to thrive in the new normal.

Economic Recovery After COVID-19: Trends in 2023

The state of a nation's economy affects businesses and individuals alike. Thus, effective economic recovery after COVID will benefit both these groups. Here are some trends for recovery following the pande…

The Importance of Delegation in Growing Your Gym Business

As the CEO, you may want to control every aspect of your business and ensure everything is going well. However, as your company grows, having control of every process becomes impossible. Has your company grown? If so, you need to learn how to delegate like a CEO.

First, separate different tasks into specific categories when pursuing delegation in management. Then figure out who can handle which assignment the best. Then, you'll need to delegate the tasks to the best employees. Now, spend your time focusing on complex and big-picture items.

To learn how to delegate like a CEO, read the guide below. Now, let's get started!

What Does Delegation in Management Really Mean?

Delegation is a vital part of a manager's job. However, many supervisors and managers avoid del…

What Is Overhead in the Gym Business?

All businesses must have the necessary funds to drive the cost of production and aid in increasing the overall gross revenues.

However, if the overhead costs, which are the expenses required to keep the business running, exceed the regular amount, the business may suffer a revenue loss.

So, what is overhead? Business owners need to track their business expenses to avoid draining the company’s revenues.

Overhead refers to the working expenses that drive the operation of a business. However, it excludes the costs involved in manufacturing and producing goods and services.

So if you are looking at overhead vs. operating expenses, overheads are the expenses incurred by a business to stay operating regardless of its success in the industry. Unlike operating expenses,…

7 Ways Gym Business Owners Can Save on Taxes in 2022

Taxes can add extra stress to the life of a small business owner. The small business owner already contributes so much to the business. Taxes are usually the last item on the priority list. However, there are several ways a small business can learn how to save on taxes.

How Can Small Businesses Save on Taxes?

Below are seven methods on how to save on taxes in 2022.

Bring a Family Member Aboard

Employing a family member is one way to decrease your small business taxes this year. The Internal Revenue Service (IRS) enables a small business to shelter its income from taxes by hiring family members, including children and grandchildren.

When a small business owner hires family members, they will either pay a lower rate or eliminate taxes paid to their children. A sole proprietor would not need to pay Medi…

Best Marketing Strategies To Help Grow Your Gym Business

Marketing is a buzzword tossed around in business and entrepreneurship circles, but it's often hard to know how to implement the right tactics. Let's look at some of the best marketing strategies that make a profitable campaign.

Why a Marketing Strategy Matters

A proper marketing strategy that involves various methods that are bound to be successful can make all the difference in the world when your business needs more customers and sales. Without one, it is hard for the company to gain traction nd acheive growth.

Here are the reasons you need a marketing strategy.

Set Clear Objectives and Goals

Marketing involves more than just planning what you are going to do. It is about setting clear objectives for a campaign, making strategies to accomplish those goals, and developing plans based on the cir…

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 …