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  1. #1

    Array

    School
    10th Planet New York
    Posts
    5

    Loan question/Companies that provide loan services

    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?

  2. #2

    Array

    School
    10th Planet New York
    Posts
    5
    and why do I have only 1 post? I've posted here already previously...

  3. #3

    Array

    School
    10th Planet Los Angeles
    Location
    USA
    Posts
    23
    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

  4. #4
    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.

  5. #5

    Array

    School
    Grove City BJJ Academy
    Posts
    69
    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.

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