WestWon’s Gym Equipment Leasing
If you are looking to start up a gym and are thinking about how to finance it, then read on, this guide is written for you.
How to finance a new start gym?
Let’s take a quick look at how new start gyms are financed in the UK.
1. Your own capital. Most gym owners will use some of their own money to help the project get off the ground. Not only is this the cheapest source of finance, but banks like to see the gym owners putting their money into the business.
2. Friends and family. They will want you to succeed and often they will be keen to get involved
3. The bank. All High Street banks will tell you they are keen to lend to new start companies, but still all too often they do not. Even when they do, you will have to provide personal guarantees, and business plan and financial projections.
4. Crowd Funding. There are crowd funding websites where you can raise money from people who with to make investments into other companies. Read up on Enterprise Investment Scheme (EIS) and SEIS, there are great tax breaks for people investing into a gym company.
5. Your own personal crowd funding. Say that you need to raise £100,000. If you can find 100 people who would invest £1,000 each, or 200 investing £500, you will get to your target. Lots of companies offer free gym membership, or gym membership at a reduced price as an incentive to invest. It improves customer retention and referrals, a great way to start your gym.
6. Gym leasing and asset finance. This is where we come in and let’s be honest, we are biased. Subject to credit acceptance, we can finance new start gyms. Its not just the gym equipment that can be financed. We have financed CCTV, audio visual installations, gym lockers, LED lighting, security barriers, kitchens, computer and gym membership software. Many new start gym owner’s think that a gym leasing company will only finance the actual gym equipment, this is not the case.
Leasing is a very popular way to help finance your new start gym
Leasing and asset finance is a popular method of financing new start gyms. You can use a bank for an overdraft and working capital requirements and friends, family and even crowd funding for advance rental deposits on the building or fit out costs. WestWon can lease other equipment giving you a blend of financing.
Leasing is good for the long term
If you take out a three-year lease for gym equipment as a new start company, you are building up a credit profile with a leasing company. As and when you expand or need to replace fitness equipment, it becomes easier to obtain more leasing finance.
Will I get credit cleared for leasing as a new start gym?
We have helped a number of new start gyms get up and running, leasing a variety of equipment. So yes! There is a good chance we can get you credit cleared. Please call our gym leasing specialist at WestWon for more information and a confidential conversation.
Please give us a call on 01494 611 456 or enquire online below and he will be in touch. Look forward to hearing from you!