Securing Funds for Personal Training Business
Securing funds is almost the most important piece to
starting your personal training business besides of having clients. They both go hand in hand. You need clients for money but you need money
for clients. You can find out more about
different types of loans and other business information on the SBA website. I will go over some of these options but
before discussing these, you should ask yourself a few questions first.
Questions to Ask Yourself
you need the money for?
money do you need?
will it take you to pay it back?
collateral, if any, do you have to put up for the loan?
quickly do you need the money?
The first option that I will discuss is getting a
personal loan or credit card and the second option involves getting a small
business loan form a bank.
Option 1: Getting a Credit Card or Personal Loan
These methods are simple as long as you have an average
credit score. With a great credit score
lets say 750 or higher, your interest rates should be low. The percentage rates vary between 11.9-24%
from excellent to rebuilding credit according to Capitalone.com. The actual rate will vary. You can also choose to get a personal
loan. The amounts and percentage rates
vary depending on your credit score and if the loan is unsecured or secured. According
to the Wells Fargo calculator, the amount you can borrow for an unsecured loan is
$3,000-$1000, 000 and for a secured loan its $3,000-$250,000. These options might be the best way for you
to start if you’re not comfortable going a more conventional small business loan
Option 2: Small Business Administration Loans
There are multiple types of loans that you can apply for
under the SBA. Listed below are the
different types of loans and a brief description. To get more info check the SBA.
Program: These loans are basic and can
be used for general business purposes such as; working capital, equipment, building
program: These loans can be used for
general business purposes such as; working capital, equipment, building
renovation, etc.… but cannot be used to pay existing debts or purchase real
CDC/504 Loan: Program provides
businesses with long-term fixed-rate financing for major assets, such as land
Loans for Women-Owned Business:
If you are a women owned business
you have resources that you can apply for.
More information can be found by visiting the SBA website.
Loans and Funding
There are plenty of other
alternative methods of funding which can be found on these
As you can
read, there are multiple ways to get funding and it all depends on your
business plan. There is no right or
wrong way to achieve funding, just as long as it works for you. If you’re
just starting out in the fitness world, I would suggest to start small and work
your way up. This way if you don’t
succeed with your first business plan, you’re not out too much money, just time
and hard work. Starting your own business
is not easy and you will most likely fail one way or another but always learn
from your mistakes and keep pushing forward. More blogs in Starting a Personal Training Business:
Whats Types of Businesses
Website Design and Search Engine Optimization (SEO)
Marketing and Advertising
In Home Personal Training
Negligence and Personal Injury Lawyer
Online Personal Training
Quickest SEO Results: A Personal Trainers Guide to Increased Sales