After years of working hand-in-hand with a partner you’ve finally decided to branch off with your own exercise business. Well, congratulations. Your next step will undoubtedly be the bank because you’re going to need not only a place to have people come and exercise but the equipment on which to do so and room enough for it all to fit into. The bank may or may not approve you and it will take an eternity not only to find out the results but to then get the money… if that is, you are approved. What might be easier is a business cash advance from a company that deals solely in loaning business professionals the money they need in order to maintain, improve, or expand their business. Promotional items, such as coasters are a great way to improve your business clientele.
An Exercise in Futility
That may well be what you call requesting money for exercise equipment if you went to your typical bank down the street. It’s not that exercise isn’t a good investment and that all that pricey exercise equipment isn’t worth the money… It might be that you have no collateral with which to secure that will. Loan companies that concentrate on lending business owners the money they need have no collateral requirements. Hopefully, you saved your proof of income from your last partnership and will be able to show this loan company that you absolutely, positively can produce enough sales through credit cards in order to pay back the loan. Rather than collateral this is more likely what these loan companies will use with which to determine your eligibility for a loan. And Lord knows a loan is exactly what you’re going to need to buy all that fancy-schmancy equipment that will be expected by your patrons.
Can’t Afford to Buy the Equipment Outright?
Rather than going in way over your head right away with the purchase of all new exercise equipment you may want to consider the following leases:
- Dollar buyout – this can be an attractive financing option if, at the end of the equipment lease, you know that no value will be lost by the equipment. The true beauty here is that once the lease is up you are given the option to purchase your equipment for something on the lines of one dollar.
- Fair market value - traditionally, the buyout monthly payments are higher than fair market monthly payments but rather than buying the equipment for one dollar these are your options: you simply give the equipment back… You renew the lease on the same equipment… Or you can pay fair market value for the equipment if you wish to purchase it.
So stop exercising your body long enough to exercise your brain when it comes to borrowing the money you may need for your exercise business.