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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…

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 …

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 …