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    9 Replies Latest reply on May 10, 2008 9:45 AM by kagwo57

    How to acquire start up funds

    hitter3 Newbie
      Greeting my community, I am new to the valley and have a terrific business plan that provides training to the community as it relates to basketball skill development. I have been using LA Fitness Gym, however I need start up funds so I can acquire my own gym. I have discovered a perfect location; however the money required for leasing the property is beyond my budget. I estimate that I would need at least 100k. I welcome any advice and preferably donation.
        • Re: How to acquire start up funds
          Matthew Wayfarer

          Welcome to the board! There are going to be a nice amount of people who will send you messages or posts about helping you out. Beware though....there are a ton of lenders from overseas locations that I just dont know about and others have warned me to be wary. Also there are a ton of people who will lend you money, and only if you allow them access to your credit card transactions if you have any...if you dont deal with credit cards often say a retail store or something like that then they wont bother. So if you open up a gym for your plan (which I think sounds like a lot of fun) they wont want anything to do with it.

          Its not easy! 98% B.S'ers out there, and only a few true investors or opportunist. Too many loan shark types out there as well it seems like(short term high interest).

           

          If you have any questions send me a private message. I posted some paragraphs a while back about seeking capital and people from the UK and Australia sent me messages. Then I got messages from telemarketer types who couldnt answer tough questions I had, and slid around the important ones.

           

           

          Hope you get that gym! Have you tried getting some assistance from the government on this? Some cities would see this as something very progressive and would offer some benefits/tax breaks/funding.

           


          SBA gets thrown out there a lot, and has a lot of paperwork for you to fill out so if you dont have a great credit score and you want something soon then you will want to look elsewhere. You can go to SCORE to get advice, and when it comes to funding they pretty much refer you to SBA which brings you back to square one when it comes to funding. They can help you write up some good plans though and make it look great.

           

          This is all my personal opinion based off my experiences and from what others on this board have posted. I LOVE hearing success stories about people getting the funding they need.
          • Re: How to acquire start up funds
            NscopeMedia Newbie
            I recommend establishing business credit as a means of financing in addition to, seeking business loans.
            www.creditboards.com business credit forums
            Good Luck
            • Re: How to acquire start up funds
              LUCKIEST Guide
              How to acquire start up funds, Welcome and good luck

              How soon do you plan on starting?? Do you have a Business Name??
              Can I see the Business Plans?? How long will you need the FUNDS??
              And how will you pay me back??

              LUCKIEST
                • Re: How to acquire start up funds
                  hitter3 Newbie
                  Yes I have a business name, I currently have a large customer base with a waiting list. I provide basketball training to athletes from the ages of 3+. Yes I have a business plan that is already in action. I have a need for funds due to the fact that my business is growing faster then LA Fitness gym hours allow me to me to serve my clients. I will need the funds to intially sign a short term lease as I build my companys' credit to purchase a building. I estimate I would need the funds for a period of 24 months. I would make monthly payment 6 months after my gym is up and running.
                • Re: How to acquire start up funds
                  caffeinated Scout
                  hello hitter3 and welcome,
                  100k seems very modest to start a gym. have you considered franchising? franchises already have a proven formula and can give you training, education, human resource software, established vendors, initial and ongoing support and turnkey marketing....which would also include your own website. although the upfront costs are more, you'll save in the long-run.

                  best of luck i'm sure you'll do well!
                  • Re: How to acquire start up funds
                    Spamfork Wayfarer
                    These folks run a good site on the topic. I'm in no way affiliated with them either... just happen know it's a great site.
                    http://www.gobignetwork.com/
                    • Re: How to acquire start up funds
                      Mergent Adventurer
                      Hitter3

                      Business Loans and start-up capital actually isnt that hard to come by, but you need two things. A rock solid business plan, and a good concept.

                      Gyms are definetly a great concept, and if you have the right business plan, I dont doubt that you will be able to get money.

                      If you already have some type of a plan, I would be more than happy to look at it free of charge. I am a professional business plan writer, and I own Mergent Planning. We specialize in writing business and marketing plans, and I deal with this on a day to day basis.

                      Feel free to shoot me an e-mail at brian@mergentplanning.com, or call me directly at 702-538-1798. Lets go over your plan, and see what we can come up with. You may need our services, or you may not, but I'de still like to help in anyway I can.

                      Best Regards,

                      Brian Mosko
                      Mergent Planning
                      702-538-1798
                      brian@mergentplanning.com
                      • Re: How to acquire start up funds
                        kagwo57 Newbie
                        Where are you located? Which 'Valley' ?

                        I'm looking for a location too, to start a Wellness Center.

                        Not just another gym, ; including but not limited to; all or most of the Holistic exercises or modalities concentrating on low impact and alleviating stress, a few forms of meditaion, massage therapy, Yoga, Thai Chi, etc.
                        It won't look like a gym, smell like a gym, or be intimidating. It will even offer things that other centers would never think of.

                        The foundation of the center is strength training, cardio, stroke & heart disease prevention working with local coalitions, i.e. AHA, and the members physicians and physical therapists. It will promote strengthening the heart, but calming it as well............

                        Social Marketing and education about health & fitness at the elementary school level is at the forefront of the plan. I have come up with approaches to tap into several markets, as well as the targeted markets too.
                        It is now going on 17 years in the planning, because things change so fast, as well as me going through several career changes. Even the disease prevention education program was added in after my Mother had a severe stroke in '99. So severe, her doctors don't even know how she survived.

                        I'm located in Central Pa., but willing to move south or west, maybe even a little north, (even to another state) for a more conducive area, environmentally speaking. The fitness trends are important to watch. So part of the plan is geared towards a 'environmentally friendly' area.

                        kagwo