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5 Major Mistakes When Buying a Fitness Center or Gym

Owning your own fitness center or gym can be a very financially rewarding experience. The thrill of being the boss and having complete control over your own destiny are the primary reasons people leave the work force to operate their own gym. Owning your own fitness center or gym can easily turn in to a nightmare if you make mistakes. These mistakes are avoidable if you know what to look for in the gym. You have a better chance of becoming a millionaire if you avoid these 5 major mistakes when buying a gym. 1) Due Diligence, Due Diligence, Due Diligence Not everything is as it seems and that is especially true when buying a gym. The owner can produce financial statements that show a gym is thriving. You need to do due diligence to make sure the information presented to you is valid and shows an accurate picture of the condition of the gym. You want to make sure you know what items the gym actually owns, what is leased, what is owed to the gym and what the gym owes to oth…

How Do You Get Gym or Fitness Center Financing From The SBA?

The U.S. Small Business Administration has various loan programs that provide gym and fitness center for small businesses. It particularly caters to new and existing small gyms that are unable to secure business loans from lending institutions on their own. The SBA does not directly provide financing. It works with other lending companies and guarantees that the SBA will pay the loan if the gym defaults on it. This makes the lending company more confident in offering gym loans. Here is some information on these loans. How to Get a Business Loan for your Gym The SBA has a standard set of criteria for loan applicants: 1. The gym should be small with at most $7 million in tangible net worth and a net income of $2.5 million or less. Size limits can vary according and are determined by the number of employees and annual income. 2. The gym must be operated for profit. It should be capable to generate cash flow to repay the loan. 3. The gym should be in the United Stat…

Selling your Gym | Fitness Center | Health Club

Fitness Management & Consulting has buyers for clubs in your area. Call us today for a free broker's opinion of value. We are seeking facilities between 5,000 - 75,000 square feet and can include real estate. We know that selling your gym, fitness center or health club can be an overwhelming process. We can help you with a free broker's opinion of value, marketing to the broadest possible audience and negotiating the best possible return on your investment. We will match our buyers and network with your health club to confidentially market your business to targeted buyers and obtain maximum exposure. With our broker expertise, a proven and well-established marketing approach along with a network of health club and gym buyers...Fitness Management & Consulting will get you the best available sales outcome. Call us today at 800-929-2898, emailjthomas@fmconsulting.net or visitwww.fmconsulting.net orwww.fmconsulting.net/gymsforsale.

Do you have what it takes to Succeed in the Gym Business?

The one trait the majority of all millionaires have in common is that they owned their own business. Every year thousands of people attempt to follow in their footsteps and start their own business. Failure rates are high for new businesses with over half of them out of business within five years. How do you avoid this fate? There are certain things you can do that will let you succeed at your own gym or fitness business. Here are the skills sets that successful gym owners say are critical to have if you want to succeed. Defined Goals The one thing that separates successful gyms from failures is planning. If you want to succeed then you need to have a well-defined plan. This plan should be in writing and it should include step-by-step directions. This plan will be your roadmap that shows the best and quickest way for you gym or fitness center to gain profitability. All actions taken should be measured against your goals to see if they are driving you one step closer to succ…

How Do You Score as a Health Club Owner?

I recently spoke with a health club owner about his business. He had traveled the career path of health club employee to now, the health club owner. He learned that being in the “hot seat” was much different than just being concerned about himself or his department each day.

As we talked, I started thinking about what it takes to be a successful owner of a health club, and some the critical qualities that should be present every day. That said, there is no way to eliminate all the problems that are associated with running and operating a successful health club. You can, however, improve your chances of success with good planning, daily preparation and surrounding yourself with people who excel at what you’re asking them to do. A good starting place is to evaluate your strengths and weaknesses as the owner and manager of the health club. Consider each of the following questions:

How well do you get along with a variety of p…

Buying a Gym or Fitness Center With No Money Down?

Cash-Poor Entrepreneur Many of us have dreams of owning our own gym or fitness center. Opportunities abound for people who have ready cash to spend, although it can take close to six figures ($100,000) to do a proper job of it - what with the initial fees, start-up or build-out costs, inventory, supplies, and so on. But what about those entrepreneurs who have a self-employment wish but little or no money to sink into the venture? Breathe a bit easier, folks, because it CAN be done. The Real Estate Model In all kinds of financial times, but especially when things are a bit tight, there are plenty of stories about people who buy houses with "little or no money down." Although this article is aimed at actual gym businesses - "flipping" houses by buying, fixing up and reselling them is clearly a business, but outside the scope of this discussion - many of the techniques used by budding real estate magnates are applicable here as well. And the secret to buying a gym or fitness …

Starting a Gym | Fitness Center | Health Club Beats Looking for Jobs

The Economy A job search under any circumstances is no treat - rewriting your resume at least a dozen times, job searching on the Internet day after day, and landing maybe two interviews for every hundred gym openings you dig up - but in a shaky economy it can be downright brutal. Business revenue declines, which causes companies to cut payroll, and then the lack of personnel drives frustrated customers away. It’s a vicious cycle. But why get trapped in that rat race if you don’t have to? Starting a Gym | Fitness Center | Health Club Trumps Job Searching Looking for jobs can be a very shortsighted process. Long gone are the days when people worked at the same company for decades and retired with a nice pension. Since at least the 1980s, most professionals change jobs every three to four years, and it’s usually the employer’s choice rather than the worker’s. Starting a gym or fitness center can be a scary proposition - especially if you come to the process with a lot of…

What is a Hidden Market or Hip Pocket Gyms | Fitness Centers for Sale Listing?

A Hidden Market or Hip Pocket Gyms for Sale Listing is Broker terminology that a gym, fitness center or health club is for sale but is not formally advertised. The only way to know that the gym or fitness center is for sale is through a Gym Broker who is aware that is available through their networking connections. To find out about these opportunities, a buyer needs to be in touch with the Gym Broker about these unique opportunities. Remember, the knowledge of these gyms or fitness centers is “hidden away” in the broker’s “hip pocket” and the buyer needs to be sure and ask. You will typically find these opportunities in such hot markets as the Northeast and west coast. Ask us about hidden market and hip pocket opportunities.

Health Club, Fitness Center and Gym for Sale Broker

A health club broker is a professional business intermediary brokerage organization specializing in Health Clubs for sale. They perform business evaluations, Mergers and Acquisitions serving Texas, and represent clients on a nationwide basis in both the small closely held business up through the large private and corporate holdings. Email us today with details on your club. When is it Time to Sell? Owner’s of Health Clubs all reach a point in the history of their enterprise when it is time to “hang it up.” Many factors will tell you when it is time: Owner’s “burn out” Owner’s or key employee’s health problems Business relocation or rerouting of expressways Lease expires and you do not want to renew for another term Changing technology Get estate in order Not interested in investing long-term capital Children do not want to enter family business Under-capitalized Largest accounts in financial difficulty Bank unwilling to renew credit lines Supplier…

Secrets to Buying a Gym or Fitness Center for Sale

Will you achieve your dreams or plans for the future by buying a gym or fitness center? Will this fit the lifestyle that you want? Buying an existing gym or fitness center is advantageous because both have an established member base and ongoing operations. Financing from traditional sources is also easier. Below are tips in finding the right gym or fitness center opportunity. 1. Are you familiar with the products or services offered by the gym or fitness center? What type of gym do you want? Does it match your background and experience? Having some understanding of the type of gym will lessen the amount of time you spend familiarizing with the product service, market and industry. 2. Do you have the support of your family? Running your own gym requires a lot of time and effort. There are some tasks that you cannot delegate to your employees. Share your plans with your family, so they understand and support your commitment to the gym. 3. Did you research the market an…

How Do You Quit Your Job & Buy Your Dream Gym?

Starting a new gym is a daunting prospect for anybody, whether you are a budding entrepreneur or just an ordinary individual that wants to do what you love for a living. Whilst we all dream about quitting the day job that we hate and working for ourselves, there are many factors to consider and the process has to be fully thought through if you want to stand a chance of succeeding with your dream gym. There are certain things that you should think through and processes you should complete before quitting your day job and buying your dream gym. The eight steps below will provide you with a quick guide as to what you are supposed to do and help set you on the path to quitting your day job and buying your dream gym. Step One - Play To Your Strengths If you are considering the possibility of acquiring your dream gym then the last thing you want to do is to rush into buying any gym that seems cool. You must have a passion for the gym if you want it to be your ultimate dream …

How to Buy a Gym the Right Way

Buying a gym or health club is a big and life-changing decision that also involves your family. You have so much at stake – your savings, energy and time – that the buying process could be overwhelming. Buying an existing gym is less risky than starting a new one. Its advantages include an existing market, trained employees, ongoing revenue and a proven working system in place. With these conditions in place, the question now lies on your capability to run the gym. Are you ready to be an entrepreneur? How can you avoid making the wrong decisions when buying a gym? How to Buy a Gym for Sale 1. Choose a gym you are not only interested in, but one that matches your skills and experience. Not knowing anything about the gym will entail spending valuable time and possibly costly mistakes to acquire the necessary knowledge. What type of gym matches your skills? The gym should thrive from your strengths. Choose a gym that you enjoy and find fulfillment. 2. How much cash …

Can Accountants Value a Gym For Sale?

Short Answer ... Yes. The Concept of Gym Valuation Whether you own a gym, fitness center or health club and want to sell it, or else you're an entrepreneur who desires to buy an existing gym, somehow or other you need to know what the gym is worth. On the selling side, the plan is to make the price low enough to attract a bevy of buyers, while making sure you're not giving away potential profits. From the buyer's standpoint, you want to assess the value of a gym in comparison to its posted cost. The price you pay for a gym can seriously affect months or years of down-the-road profits, so this factor is not to be taken lightly. In many cases, a seller will engage the services of an expert to determine a reasonable market value. Buyers oftentimes hire their own experts to assess the price of a gym they wish to acquire. These dueling experts may arrive at vastly different figures. Their ability to compromise can result in a mutually satisfactory transaction for both buyer and…

Owning a Gym – From Dream to Reality

Is owning a Gym or Fitness Center in Your Future? At one time or another, nearly every gym employee dreams of owning a gym. Perhaps you’re tired of all your hard work ending up helping someone else achieve his or her entrepreneurial success, or you may fear for losing your job in a weakened economy. Whatever your motivation, the compulsion to own a gym is strong in many of us. But the risk involved in turning that dream into reality has, all too often, acted to derail even the best-laid plans. How to Own a Gym Every prospective gym owner is forced to wrestle with many different kinds of questions. Concerns about money certainly lead the pack, but knowing what kind of gym best suits you is even more important. The best place to start is by examining the reasons why you want to own a gym. Here are some benefits to consider: Take advantage of all those years of work experience for your own benefit, not for the sake of others. A flexible schedule allows you to spend more…

How Do I Get Advice on Buying a Gym?

Buy a Gym Today - Profit When? There's an old saying that states, "Free advice is worth [only] what you pay for it." While this is true in many situations in life, how does this homily apply to buying a gym? After all, anyone who wants to buy a gym will need some serious advice on the matter. They will want answers to such questions as, "What kind of gym should I buy?" and "What's the advantage of a franchise over an existing gym?" and "How do I know it's a good price?" and so many more. Additional concerns arise once the reality of buying a gym starts to sink in. Then buyers will want to know, "How much money do I need to operate the gym properly?" and "When will I start to show a profit?" The novice may not even know which questions to ask, not to mention having a clue about the answers. In this situation, free advice is both available and worthwhile. Even the cost of paying for such advice is nominal. Advice on Buying a Gym So do you settle for free advice, or pay som…