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Wednesday
Mar012017

Upgrading Your Health Club’s Equipment? Consider Creative Lease Financing

This is an associate feature post, sponsored by Iron Grip.

What are the main reasons members stay loyal to a health club? Friendly and knowledgeable staff; trainers and instructors who keep members feeling welcome and engaged; a convenient location; a clean, well-maintained environment that feels like a relaxing refuge from the hustle of daily life.

Of course you’ve got these things covered on daily basis.

But did you know that one of the top drivers of member loyalty is new, high quality fitness equipment—and plenty of it?

If you’ve been occupied with the day-to-day business of managing your club, it’s possible you’ve overlooked the wear and tear creeping up on your most often used equipment. Although it may still technically function, it’s most likely not as exciting, advanced, safe, or aesthetically pleasing as new equipment would be. Even worse, shabby and worn out equipment can reflect poorly on your entire operation, no matter how clean your facility or friendly your staff.

If you’re at the five or 10-year mark since your grand opening or last major renovation, then investing in new equipment is probably on the horizon for you. You might even already have a budget set aside for intermittent upgrades. But before you pull the trigger on your purchase, you should consider all the opportunities that creative lease financing can afford you. Leasing allows you invest a small amount up front and pay what you can easily afford over time, all while enjoying the benefits of having your new equipment available to members.

The right leasing deal allows you to:

Think big. When you realize the time is right to inject some new life into your facility, you don’t want your current budget to constrain your timing or your vision. Don’t have the extra cash flow readily on hand to move quickly or get exactly what you want? Leasing programs that offer deferred payments for the first 90 days can get your equipment up and running (and attracting new memberships) right away, so your club is ready now for the growth ahead.

Make your equipment work for you. New equipment not only helps you retain existing members, but it also attracts new members. Leased equipment can in fact “pay for itself” by helping you grow your business. As a bonus, you may qualify for additional working capital when you apply for equipment lease financing, which can help cover incidental costs such as interior remodeling or purchasing accessories. 

Stay fluid. Maybe accessing your planned cap-ex to buy the equipment you want isn’t holding you back. But if you put it all towards a big purchase, have you lost out on other opportunities? Leasing allows you to pay in affordable installments, so you can keep the bulk of your operating capital liquid. Cash reserves enable you to keep your options open, so you can hire more staff, improve your building, or cover emergencies comfortably. 

Save money. Your old equipment may be paid for, but is it still costing you money? If you’re constantly repairing or replacing broken items, you’re not only wasting money that could be better spent elsewhere, but you may also be disappointing your members. By financing new premium equipment, you’ll be able to minimize maintenance costs. Plus, the right type of lease financing may help you save money through tax deductions. (Consult your tax professional regarding your individual situation.)

Make the smart investment. When it comes to upgrading your fitness equipment, one of the most economical and visually powerful improvements you can make is new premium dumbbells and barbells. Free weights are relatively inexpensive when compared to the average cardio or strength purchase, and yet they can be seen throughout a large part of the facility and used by many members at once. Free weights also sell and support personal training, a critical revenue generator for many clubs. Thanks to the many benefits of lease financing, there has never been a better time to upgrade your facility.

Iron Grip Barbell Company, the world’s largest manufacturer of exclusively American-made commercial free weight equipment, has been focused on customer service for over 24 years. Now they’ve partnered with Pinnacle Business Capital to give their customers more flexibility and choices when it comes to investing in free weights. To learn more about Iron Grip and Pinnacle’s special financing offers, including deferred payments, seasonal payments, and fast and simple approvals, please visit IronGrip.com.