The obvious ways to start your fitness center aren’t usually the best. Many people are put off by the sheer amount of time and resources to get the loans, hard money, or federal finances. What if we told you that there is a much more expedient way to access the business funding that you need? It will aid you in the expansion, growth, or simply starting-up of your fitness center.
Business Funding via Equity Financing
The major benefit of this type of business funding is that you needn’t worry about taking a hit on your cash flow. You can entice family/friends, angel investors, private equity firms, and venture capitalists to receive equity in your company in exchange for their prodigious funds. The benefit to them, of course, is that their investment grows with your business. The benefit to you is the capital, as well as the business expertise that some of them can provide.
Traditional Business Funding Through Debt Financing
This refers to your run-of-the-mill credit card, loans, merchant cash advances, and others. Many types of debt fall under this umbrella; you can even employ a home equity line of credit to fund your business. Another option that isn’t talked about as much is vendor credit. You borrow products that have a quick turnaround, sell them as per the agreement, and then use the profits to pay the vendor. There’s essentially no money upfront.
The Increasingly-Popular Crowdfunding Method
The crowdfunding industry has been growing for over half-a-decade now – and shows no evidence of even slowing down. You’ve doubtless heard of Kickstart campaigns, Indiegogo campaigns, and others. As more and more people take advantage of the legions of consumers that are excited enough about a product/service to help fund it from inception to market. You can go for either equity crowdfunding or rewards crowdfunding. In either, your risk is very low; you just need to make a compelling case for your product/service and place the idea before the waiting public.