How to get funding for your gym

You may be thinking about fulfilling your dream and need a source of Financing to open your own gym . Or perhaps you already have one, or several, and need to completely renew all your fitness equipment because it's become obsolete. Fortunately, nowadays there are many options to obtain the necessary liquidity to do either.

Did you know that at Bodytone we have our own Looking for a financing system to help you cover the cost of your gym equipment ? In this post, we'll explain how you can benefit from them. Financing options for Bodytone gyms , as well as a comprehensive guide to obtaining other external funding sources. Shall we begin?

How can I finance my gym?

In this post, we'll show you 5 ways to finance your gym , whether you're opening a new one or upgrading all your equipment. You can do it quickly (in some cases) and with more or less flexible and favorable terms depending on the source of the funding. These are:

• Finance with Bodytone.
• Obtain a bank loan.
• Apply for a grant.
• Get private investors.
• To start a crowdfunding campaign.

Let's look at the details of each of these financing options for your gym so you can make the right decision.

Finance with Bodytone

Many businesses are currently experiencing financial difficulties and finding it hard to invest in new equipment; gyms are no exception. Often, the desire is to renew the machinery to stay up-to-date and attract new clients, but it is complicated due to the high cost of professional equipment.

All of this, at Bodytone ( Gym equipment manufacturers and distributors ), we are aware of this. For this reason, we want to make things easy for you by giving you the opportunity to obtain financing .

Whether you are a Whether you're an entrepreneur starting from scratch and opening a gym , or looking to renovate your existing one, we have the solution for you. We'll take care of securing the necessary financing so you can pay it off in manageable installments with minimal effort.

It's very simple. You just have to worry about choosing. Choose which machines you want to equip your gym from our wide range of catalogs and contact us to apply for your financing.

Obtain a bank loan

Bank loans are the most common source of financing for entrepreneurs, including small self-employed individuals who need, as in your case, open a financed gym or any type of business.

We don't need to explain too much about what a bank loan is: you receive a sum of money in exchange for repaying it over a certain period with a certain percentage of interest. From there, you should inquire at each bank about the terms and conditions they offer, keeping in mind that these vary based on many factors.

• The socio-economic context.
• The amount requested.
• The return period indicated.
• The bank where it is requested.
• Whether the interest rate is fixed or variable.
• The business project.
• The financial situation of the business or the entrepreneur…

Apply for a grant

Many national, regional, and local governments offer financial support programs for existing and new businesses. These programs generally involve... non-refundable grants or grants refundable at a very low interest rate.

In Spain, the country where Bodytone is headquartered, you can find information about grants and subsidies for opening a gym at the following organizations:

• The City Council or the Autonomous Community The organization you belong to can inform you about the current aid programs at the time you apply. It's a good idea to try to get information from their staff to try to obtain funding.
• The Chambers of Commerce in each city are business organizations that offer advisory and support services to entrepreneurs and business owners. You may also find it very helpful to contact them for information.
• In Spain, the Official Credit Institute (ICO) is a public entity that offers long-term financing programs for companies with potentially profitable projects. Consider using them as well.
• Through the The Ministry of Finance and Public Administration can also provide information on potential business financing or grants. If they don't offer these, they can refer you to other organizations that might be able to help.
• Browse the internet . There are specialized websites that aggregate or offer search engines and alerts about grants and subsidies. Examples include the Entrepreneur Portal, the Spanish Chamber of Commerce, and business grant portals from official organizations.

Securing private investors

There are always people willing to invest money in a business in exchange for a stake in it. That's what we call private investment and depends on the viability of the project and your ability to demonstrate that a gym can become highly profitable. To do this, it's advisable to draft a business plan for your gym so they can assess whether it's worth investing in.

Within this sector, there are several ways to find financing that may be helpful:

• Business incubators: An incubator is an organization or company that helps businesses turn projects into realities. It does this through things like management, training, consulting, networking, or securing funding.
• Business accelerators: An accelerator is dedicated to selecting projects that are already under development in order to boost them, promoting their development, among other things, with greater funding.
• Angel investors: These are private, individual investors who are willing to invest in a business if they consider it viable and believe it can be profitable. These investors can be accessed through networking or on various online investment platforms.
• Peer-to-peer (P2P) lending: There are platforms where you can obtain loans funded by other individuals. In these cases, interest rates are usually somewhat lower than on conventional loans.

Launch a crowdfunding campaign

Although it is also a source of private funding, we wanted to separate crowdfunding in another section due to its particular nature. Crowdfunding is a type of Crowdfunding , which has been booming in recent years, consists of the collective raising of funds to achieve a project .

Those who contribute to this fundraising effort receive some benefit if the project is ultimately successful. This could be a percentage of future profits, a percentage of their initial investment (similar to a loan), or special customer benefits if the project is approved.

In the case of your gym, a good crowdfunding option would be a campaign among local residents. In return, if the project is ultimately successful, Investors can get gym perks or special membership rates. There are many crowdfunding platforms: Kickstarter, Indiegogo, Crowdcube, Seedrs…

Gym equipment financed

You may not need Financing for your new gym to cover things like the premises, the equipment, the initial marketing efforts… perhaps you already have your business and just want upgrade gym equipment And for that, you need your gym equipment to be financed .

At Bodytone we have financing options designed also for equipment upgrades: strength training machines, fitness equipment, free weights, accessories…

Bodytone is a reputable company that is constantly innovating technologically in terms of design and functionality, so you can be sure you're buying a quality product. Our fitness equipment and weight training machines They are of high quality and will add value to your company without requiring a large initial outlay.

Furthermore, choosing our machinery also means peace of mind in the future, since the after-sales service we offer has a wide variety of spare parts and short waiting times.

Don't sacrifice competitiveness for economic reasons and guarantee the best service to your customers. A satisfied customer will lead to greater customer satisfaction and, therefore, increased profits. Now you no longer need to impose high registration fees or raise dues for existing members. being able to pay for those new treadmills . This way, the customers will benefit… and so will your gym.