Why your gym needs finance
Financial security is a top priority for gyms and fitness studios, more so now than ever. It is vital to establish a strong cash flow to see your money go further, and continue to make a profit, whilst keeping costs down. We all know, this isn’t as easy as it seems, and unexpected circumstances often dictate what comes in and goes out of your business. Smart decisions are a must, and CYC can help bring those to fruition.
We work with business owners throughout the fitness industry who want to increase their memberships and revenue, minimise costs and retain clients. This can be a tough balancing act, but the benefits of financing or leasing, whether it be a treadmill, squat rack or improvement loan, can all contribute to achieving those aims. Here’s how finance could work for you:
Cash is king
It is important to have money in the bank for rainy days, emergencies and unexpected events. By using finance for your next piece of equipment, to invest or improve your fitness studio or gym, you can keep the money in your bank and your cash flow strong. Regular monthly payments are more manageable and allow you to maintain a healthy bank balance for business strength in the long term.
Affordable quality and increased revenue
Financing a new piece of equipment, or taking a loan to secure it, gives you the ability to afford the best quality. Your gym relies on memberships, which depend on goals that are attainable with innovative and plentiful high quality equipment. With finance, you can upgrade your gym to have the latest kit, without restrictions. This allows you to improve quality without touching your cash reserves, or having to save up, as this could be costly in the long-term.
Finance helps to broaden the range of products in your gym and increase capacity. With more on offer, you may be able to charge more per member or increase client numbers to generate profit. Catering to wider needs and goals, at value for money, will allow you to retain existing members and attract new ones.
Higher quality products make for greater efficiency, with lower running costs. Your profit margins will rise, as costs will decrease, due to having reliable equipment. The better your kit, the longer it lasts, and the lower your maintenance or replacement costs in the long run. Finance gives you unlimited options to grow your business, keep you in the black and maintain client satisfaction.
For a gym loan, equipment or asset finance, contact our team here at CYC.
tel: 01691 888050