I know I am 5 weeks away from my anticipated gym-opening day, but it doesn’t feel like it! This year has gone by so quickly, and it’s crazy to see all my aspirations falling into place. “Falling into place” makes it seem like everything is going well and has been easy, but that is far from true! Granted, I have learned a lot from the obstacles I have faced, but they were challenges nonetheless.
What I am up to now
I am still building my current personal training business, and gearing up for the group exercise classes I will be offering once I open in August. I am looking to take on 2-3 more personal training clients and 2-3 more online personal training clients, so if you are considering training or know someone who is, I hope I stay top of mind! Don’t forget, I only train women and children!
I really really love what I do, and am so happy to have the unwavering support and interest of all my friends, family and clients. I absolutely could not be where I am or doing what I am doing without my support system!
Getting the line of credit
It’s a bit different than a college loan for those of you who have never had to get a line of credit directly from a bank. Interest rates suck if you: don’t have collateral to back it up, don’t have a business that has officially been incorporated for 2 years or more, and don’t have much credit history to look back on. Guess who this describes…ME!
Anyway, a 16% interest rate just didn’t sound fun to me, so I asked about my other options and discovered I could use my parent’s collateral to help me qualify for a lower interest rate. Thankfully I have awesomely supportive parents who are able and willing to help me cosign!
Aside from this line of credit that is available if I need it, I am “bootlegging” the entire venture. I have been saving for this for 2 years now, and am hopeful I won’t need much of my revolving line of credit, but it is there just in case.
The important part, right?! So I have chosen a space with great street-facing exposure, ample parking, a rear entrance, ADA bathroom, spare room, big open space, and great location right off the highway. It doesn’t look too pretty right now, but it will! Obviously, this is not my sign, but mine will soon replace “TAILOR.”
I have quite a few pieces of equipment already, but before I get the lease signed, I can’t buy much more. I have a small storage unit and a third floor apartment–neither suitable for large pieces of gym equipment! I want my gym to be well-equipped and organized, so I am very particular on the items I am selecting.
Source: MJ Fitnatic