Today’s health and wellness industry has soared to new heights. Estimated to be worth more than $1.5 trillion globally, the movement has been great for #FitTok, social media influencers, and entrepreneurs who are considering opening or renovating a gym. But people won’t wait forever for a fitness facility to be available or make upgrades; this makes it essential for owners to invest in their businesses, often through the use of low-interest financing.
Gym equipment financing is a pragmatic way to create a fitness-focused atmosphere that appeals to today’s health-conscious consumers. What makes a gym stand out is its machines and niche offerings. Some gyms might be geared toward bodybuilders and concentrate the bulk of their equipment on strength-building solutions. Other gyms may provide a spa-like aesthetic with whirlpools, hot yoga classes, and highly personalized training and wellness programs.
Regardless of services and amenities, every gym needs a dependable cash flow to make its concept happen. But cash flow can be difficult to maintain, particularly for startup gyms or those embarking on massive gym renovations to attract prospective members. Seasonality can also factor into the ebb and flow of incoming revenue, as prospects and members are less likely to engage when the weather outside is warm and pleasant.
Bulking Up a Gym’s Cash Flow Through Financing
This is where financing through a lender that serves small businesses makes a world of difference. A small business loan — whether it’s a classic long-term loan or a short-term choice specifically structured for the purchase of equipment or coverage of normal operating expenses — can bridge cash-flow gaps. Plus, it takes a minimal amount of time to apply for most loans in today’s digital universe. Owners can submit for approval online. This makes it much simpler to gain access to money quickly.
Financing isn’t just useful when purchasing materials for a gym facelift, either. Financing can also be a strategic way to lease gym equipment. Many gym owners lease their elliptical machines, treadmills, stationary bicycles, stair climbers, and Nautilus-style equipment. Leasing removes the need to continuously buy new replacements.
Helping Gyms Achieve Financial Fitness With Appropriate Loans
At PEAC Solutions, we’ve spent years helping gym owners build the gym of their (and their members’) dreams. Our portfolio of financing products is designed to enable small businesses to move quickly so they can retain a competitive edge. Most communities have a number of gyms, after all. Our financing opens the door for a gym to stand out and get noticed.
If you’re currently in the process of upgrading or launching a gym, consider the value that a loan could have for you, your business, and the population you serve. You’ll discover many benefits from small business financing with us.
- Flexibility: You don’t have to wait until you have enough cash on hand to transform your gym. With working capital in place, you can run your operations the way you and your members want. You can also add membership advantages to stay ahead of other gyms in your area.
- Appeal: Gym members are vocal about the facilities they use, often going to social media to leave glowing reviews or complaints. By making sure your gym is up to date, you can gain more appeal with those most likely to become members and help spread word-of-mouth.
- Marketing: Did you know that you can use a loan to update your online and offline marketing? It’s true. Gyms often use loan proceeds to freshen up their websites, pay for digital advertising, and cover the costs of working with professional marketers and agencies.
- Safety: You can’t afford for your gym to have anything less than the best quality equipment, and not just for reputational reasons. Newer equipment is generally safer; by buying or leasing gym equipment with PEAC’s financing options, you won’t be jeopardizing the safety of your staff and members.
- Scalability: Perhaps you’d like to scale your operations and enter into growth mode. Financing ensures you can do this right away. If research shows that your market can bear a bigger gym presence than you currently offer, talk with one of our experts about the right type of loan to help turn your vision of expansion into a reality.
An Efficient, Simplified Financing Process
The process to apply for PEAC financing is as streamlined as possible. For instance, if you’re looking for gym equipment financing, you may be able to fast-track an application through your gym equipment supplier. Many leading-edge gym equipment suppliers already have a relationship with PEAC, allowing you to get a rapid pre-approval and — upon full approval — gain access to the equipment you need right away. No need to pay upfront; you’ll pay on the terms that work best for your gym. You may even be able to defer payments for 90 days.
Can it be expensive to start and operate a gym? Yes, but it can also be very lucrative. You just need to find the right partners to take you on the journey to becoming a successful standout fitness organization. Let PEAC’s team help you secure funding so you can get all the upsides that come with being the go-to gym in town.
PEAC Solutions is a DBA of Marlin Leasing Corporation. Equipment financing is provided by Marlin Leasing Corporation. Working capital loans are originated by WebBank.