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I'm looking to open a small business, that would require a small business loan.?
I am trying to open a local gym. Not only will we offer just about all the equipment that all other gyms including optional personal training, but the unique thing about this gym is it will be more geared toward martial arts. I have never ran a gym myself, but have a good idea of customers needs. I also have a background in small business ownership and have ran two small businesses before. I also have a great location picked out for rent, for around $1200.00. My question is, with insurance and all of the things besides lights and utilities needed to get a business up and running included... What would it take financially to get this thing going? Round about to know what I'm looking at for the loan. I do realize that "industrial" training equipment can be expensive, not to mention the safety equipment needed for the intense MMA training. But as I've never purchased gym style exersize equipment, I really dont know what the initial cost is going to be. I am still in the early stages for getting this all together, but i figured maybe some out there has some knowledge on the subject. ANY ADVICE IS GREATLY APPRECIATED!!! Thank you.1 year ago - 2 answers
Depends on how much equipment you purchase. Contact a fitness equipment dealer (find them online) ... but you can generally get a good sense of costs by just doing a search on Amazon for example for the type of equipment you're planning to offer. You might get a small discount if you purchase multiple pieces of equipment, but that will give you a ballpark.
But there are other costs too ... that all add up. Telephone equipment, counters and storage, and more ... create a spreadsheet and add it all up. Write a simple business plan too ... you'll need both financial projections and a biz plan to show potential lenders.
Contact SCORE.org or your local Chamber of Commerce for assistance.
Go to www.score.org/template_gallery.html... and download the Excel template for estimating startup costs.
Go to www.score.org/mentors and enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a volunteer SCORE mentor. They will guide you through the process and you can meet with them as many times as you need to.