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Hello, I would like to open my own GYM or kind of training center and I have to buy equipment. But I don't have enough money, so I'm forced to take a loan to implement my dream, so, I'm going to take a loan after 5 months and I would like to know your opinions, what kind of loan I have to take and what loan company to use to benefit?
and why do I have only 1 post? I've posted here already previously...
You should take a loan for it only if you're sure that you'll have customers and you'll be able to return the money from the income that you make there
Taking a loan is not that hard, you can even do it online, or at least we in Finland can. There are credit companies that offer a good interest rate for the momey you take. I don't know how much money you need to open a Gym, but here you can get an interest rate around 5% and 50%. Think about the placement of the Gym before opening it, this will be the key for the succes.
First and foremost my recommendation is not to get a loan to start a small business. I’m a small business owner myself, and getting loans is a very dangerous game. Think about this practically and go slow, let your business build slowly and you’ll be better for it in the long run; as a locational business (Business that people come to as opposed to a retail business that sells a tangible product) it’s much, much better to outgrow your location than it is to try to grow in to a location because you’re going to be paying for the overhead of that empty space regardless.
So you live in the US, which gives you some options as far as small business goes; find your local small business development center, usually they’re around a community college. This is a free program that is paid for by the government to help you launch a small business; I can’t express this enough, they’re paid to HELP YOU launch your business. They get grants based on how well they do, so they have a vested interest in helping you. The basic startup course is solid (at least mine was), they’ll hit you with ideas and thought processes that you haven’t thought of yet and will make you question your business; that’s a good thing. They might seem like they doubt you, but they’re trying to make sure you don’t go all in and fail. Plus they’ll help you with market research, help you find your competition and see how saturated a neighborhood is. You might be able to open your school 4 blocks down from where you had originally wanted and open yourself up to an entire untapped market because of it. Seriously, you need to hit these people up.
Don’t let yourself get tunnel vision for this training center and facility; find a place you can rent out for the couple hours a week while you build clientele; Crossfit gyms normally have open mat space and have dead hours for you to come in and run a small class any day of the week. A local YMCA or Rec Center would also be a solid option. Try to think small and then grow big.
If you don't know where to take the loan from, search online, there you'll see different offers and you'll have where to choose from. Or go to a broker and he's gonna suggest the best for your situation. Don't forget that the broker will have to be paid. Another solution is to ask and that way you'll find the best that your area has to offer. I don't know where you're from, but we, in Norway, have a site where you can apply for a loan on multiple banks, so with a single request you get multiple offers. Plus, on the same site (Lånemegleren.no) you can apply for refinancing if you're (for some reason) unable to return the loan.
You are so right, dude. Less of money shouldn't let your dream come true. But you should take good loan, that won't have great credit rate and will be the most profitable for you. Frankly speaking, I took the loan only once. It was in 2017 and I took it for buying the car. I was very glad, that I chosen the company Lånemegleren.no, that made taking the loan easier and quicker. Moreover, they compared suggestions of 19 banks before advising me the loan, so, I can recommend it for you. You have to read about their work's quality, at least.
what's the interest rate of that loan company?Quote:
Originally Posted by Demixl
And how possibly man can be sure that he will have customers? It's a pure lotery. It doesn't matter, where do you obtain money.Quote:
Originally Posted by brainstorm214
Well, this is not a rocket science. The man needs a good business plan. If so, that won't be a problem. And he can obtain a loan easier, if he has a good business plan.Quote:
Originally Posted by Jason1991
The business plan has nothing to do with profitability of business. It needed only for one thing - for borrowing money from the banks. But there are a lot of other solutions in this case. For example, you can borrow money from a loan company such as Expert Payday Loans or other one. Loan companies, mostly don't care about what you want to do with money. And so, it's a perfect option for those who have an idea of starting a business, but it isn't convincing enough. I think, if Bill Gates tried to borrow money from the bank in order to open Microsoft, the bank would refuse to give him money.Quote:
Originally Posted by brainstorm214