Starting your own fitness business can definitely be an exciting proposition. However, finding funding for it may not be so. In fact, it can be a very stressful task.
Starting a fitness business, whether opening a gym or a complete fitness center, requires a huge outlay of funds. So, before you start looking for funding, the first thing you need to do is prepare a business plan. The business plan must include all the details of your fitness business, from the type of fitness equipment you intend to have to the place you plan to open or rent your fitness center.
Doing this will give a clear idea about the kind of funding you will require. However, starting a fitness business is not the only time you require funding. You will also need it if you plan to expand your existing business.
There are many different types of fitness businesses in existence these days such as full-fledged business centers, one on one personal training, cardio boxing, yoga, aerobics and various others. The kind of funding you require will depend on the type of fitness business you wish to start.
When you think of starting your own fitness business, you should be ready to spend your own money. If you can't put up your own money, try to convince friends and family to invest in your fitness business venture. If you are unable to do that also, don't worry. Today, there are various options available to those who need funding for their fitness business ventures:
1. Banks: Banks usually approve large business loans. Simple loans are an excellent source of funding if you have the appropriate security to borrow against. Normally, banks look for a good business plan, a great credit rating score and security. Once the risk of your venture is assessed, the terms and conditions are laid down. With the current popularity of fitness and health centers, it should not be difficult to procure a loan through a bank for a fitness business.
2. Mortgage: You can also raise funds for your fitness business through your mortgage. The advantage of obtaining funding through a mortgage is that they offer flexible repayment options as per your business needs.
3. Minority Business Grants: You can obtain as much as $50,000 for your fitness business using minority business grants. The main advantage of funding your fitness business venture using these grants is that they don't need to be paid back like conventional loans. Grants are provided by certain government agencies as tax-free cash awards. However, you must have a foolproof business plan to get approved for these grants. To increase your chances of receiving the grant, get them written professionally.
4. Administrations: There are various administrations and agencies that either work under the federal government or privately. They are dedicated to providing loans to people who are interested in starting their own fitness business.
5. Private lenders: If everything else fails, you can approach private moneylenders to fund your fitness business.
Wellness and fitness industries have the fastest growing markets today. Thus, funding a fitness business start up should not be difficult.
Darrell Morris is the V.P. of Business Coaching for the Achieve Fitness USA Licensing Program. He is a dedicated toward helping fitness professionals achieve there goals of running a successful fitness business. For more information contact him at Darrell@AchieveFitnessUSA.com or visit www.AchieveFitnessUSA.com and www.AchieveFitnessCoaches.com