With the country slowly but surely opening up, millions of Canadians are seeking to get back into shape. What better time, then, to start your own gym or fitness studio?
This is easier said than done, however. Launching your own business requires significant upfront costs, which you may not be able to afford out of your own pocket. Fitness centres are highly competitive businesses too, with competitors regularly trying to undercut one another. To ensure your survival to this cutthroat industry, you will need a sound financial model at the ready.
The first step of your financial planning is to become acquainted with your financing options, of which there are plenty. First Capital Leasing can help you with that. As a premier leasing and financing company in Calgary, we have the resources to get you any piece of equipment you need for your gym or fitness studio at a rate that does not exceed your budget. Our 95% approval rate speaks volumes about our leasing and financing options. Call 403-255-5508 or fill out the online contact form to kickstart your fitness business with First Capital Leasing.
Before thinking about the many ways in which you can finance your new gym or fitness studio, you may want to jot down your necessary expenses. Knowing what you will need to pay or finance can help you make the financial decisions to get your business off the ground.
Here are the basic necessities that clients have to come to expect at every respectable gym or fitness studio:
All these costs are non-negotiable if you want your fitness centre to be competitive. Thankfully, you have a range of financing options available to make ends meet.
Whether you are starting a classic gym centred on gaining mass or a modern studio offering the trendiest fitness programs, you have numerous choices to finance your business venture.
As you can see, just like your necessary expenditures, your financing options for your new fitness venture are myriad. The trick is to figure out which financing option works best with which expenditure.
For instance, equipment loans can be excellent for covering your equipment. Meanwhile, a cash advance can give you what you need to build this steam sauna that would set you apart from your competitors. A line of credit can be invoked in case your equipment breaks and you need to pay a maintenance worker to come in as soon as possible.
Of course, financing gets more complicated than that. That is why you can partner with First Capital Leasing to help you survive the first years of your business. Our unbeatable financing and leasing terms for the most coveted fitness equipment, combined with our financial counselling, provide you with a clear edge over your competitors. See what we can do for you by calling 403-255-5508 or filling out the online contact form.
How do I get a good rate for my business loan?
Ways to secure a good business loan rate include making your payments on time, maintaining a low debt-to-income ratio, and providing collateral to your lender. You should also use a loan comparison website to see what each lender can offer you.
What if I have bad credit?
If you have trouble getting loans approved, you may get in touch with us by calling 403-255-5508 or filling out the online contact form. Our 95% approval rate means you are almost certain to receive financing from us.
What interest rate can I expect when applying for a business loan?
While this heavily depends on your financial situation and your business’ outlook, a 2018 study found that the average interest rate for businesses was 5.7%.
We'd love to have the opportunity to understand your business and develop a strategy customized to your business' short-term needs and long-term goals. We boast a 95% approval rate through our vast network of underwriters (including a robust private portfolio).
Contact us at 1-888-251-3644 or complete the online contact form below. We look forward to connecting with you.