When it comes to setting up a gym there are a number of choices to make regarding the equipment you use. If you’re looking to come across as state of the art there are always advancements being made in treadmills, Stair masters, and weight machines with additional bells and whistles that can make the acquisition price for equipment eye-popping. On the other hand, if your gym is looking to target customers looking for a bargain membership price you may be looking for used equipment that still works but lacks the flair and expense of the best on the market.
Best to purchase?
Purchasing equipment may be the way to go for your gym, particularly if you believe your clientele will be willing to use it for a long time and won’t require an upgrade. Purchasing equipment is the cheapest option in the long run because once it’s paid off the equipment is yours to keep, and the only remaining costs are upkeep and maintenance.
This is usually the way to go if you’re looking for used equipment since used items can often be picked up on the cheap – particularly with exercise equipment. Other gyms will be looking to upgrade their older equipment which is still working and this can be the opportunity to pick up a great deal.
How about leasing?
Leasing is a popular option for new equipment. This will typically cost more in the long run than buying the equipment, but leasing often allows you to get the newest and best equipment on the market with little to no money down. Especially when it comes to having a gym, having the latest equipment can be quite the sales tool in luring in new members. Cutting edge equipment will catch the eyes of potential new members as soon as they walk in the door.
Unlike purchased equipment, leased equipment is kept only temporarily. This provides the opportunity to upgrade equipment again when the lease is up, or oftentimes there is also an option to purchase the equipment as well if you decide the equipment is worth keeping long term.
So you want to purchase now what?
If you’re looking to purchase be prepared to have a down payment – usually 20% of the purchase price. You’ll also need to show your credit rating, so if you have damaged credit you may want to be prepared to explore alternative lending options. Some financers have products designed to cater to business owners with credit issues but these will typically be more expensive to compensate for that. If the opportunity still allows for making a profit this may be a suitable route, and can help towards repairing the credit score for the future. Companies that offer gym equipment purchase options include Fitness Giant, Primo Fitness, and Gym Starters.
Next steps to leasing?
If a lease seems more the way to go in your case make sure to review the options for purchasing the equipment when the lease is up. Options in the future are great since the needs of your company may change. Companies that offer products related to gym equipment leasing include Life Fitness, National Funding, and Gym Source.