Finimpact

Conclusion

It is in fact possible to learn how to open a gym with no money. You need to be patient, offer exceptional service, do your research, and really utilize as many free resources as you can find. You may need to teach some classes yourself and start small, but it’s better to start small than to not start at all.

Frequently Asked Questions

What’s The Average Cost to Open a Gym?

Like with any business, the associated costs depend on a variety of factors including the location and size of the facility. The type of gym will also determine your cost. Keep in mind that the average cost to open a gym ranges from $245,000 to $400,000. Buying real estate will increase that cost and renting in a low cost area will likely decrease that cost. 


Is Gym Equipment Leasing or Financing Less Expensive?
It’s typically less expensive to lease gym equipment. You can lease the newest and most updated gym equipment for the lowest monthly price. Some lenders will also allow you to lease the equipment with no money down. However, at the end of the lease, you won’t own the equipment, unless you agree to pay more to purchase it outright. But, if you’re trying to save costs upfront, gym equipment leasing is the way to go. You can read more about differences between equipment leasing and financing in our article.
How Do You Get a Gym Loan?
There are so many different gym loans available on the marketplace today. First, check out your current financial institution where you have built a relationship. See what loan rates and terms they offer. Then compare them with what SBA loans offer. Lastly, check out online lenders. These lenders tend to have the most lenient qualifications but in turn charge higher interest rates and terms that may be less attractive to borrowers.

About the Author

Allison Bethell

Allison Bethell

Real Estate and Finance Expert

Allison Bethell is a content writer, real estate investor, small business owner, and consultant. She has a B.A. from Villanova University in Sociology and Business. She also holds several graduate certificates in early childhood development, screenwriting, and contract law.

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