If your goal is to run your own gym, you’ll likely need business funding to make it happen. Unlike other small business types, it can be extremely difficult to get a loan for a new gym. This is generally because so much expensive equipment is needed that lenders get nervous about the amount of money you need.

Because the process can be difficult you’ll need to follow a few important steps in order to acquire the business funding you need to open your gym. The first step is to devise and write down a solid business plan. The plan must include your vision for the gym and talk about why you are qualified to run one. But it also has to mention why your staff is qualified to provide gym services to the public. Lenders want to see that you are set up for success before taking a risk on your business.

The second step is to calculate the cost of starting your gym and maintaining it. You’ll have to include revenue and expenditures as well. Lenders will want to see your financial projections through the first three years. It is necessary to perform market research to incorporate into your business model and plans. This tells lenders that you are familiar with the industry. 

The third step is to gather relevant financing information about the business. If you have any co-owners or partners, ensure that financial information is provided for everyone. You will have to show proof that you have personal assets, like retirement accounts, real estate, automobiles, and life insurance, among others.

Finally, the fourth step is to reach out to relevant local businesses and see if they will sponsor your gym. By obtaining advertising from these businesses you will be able to better pay for operations costs. Sponsors can also help you increase the income your business brings in. Potential sponsorships should include stores that sell health foods or supplements, and even medical centers and doctors’ offices that offer sports pain management.

Following these steps will help increase your business funding. Contact Triport to get the medical financing you need.