As you’re starting or growing your fitness business, you might be looking for ways to lease gym equipment packages. Chances are, you don’t have all of the cash on hand to spend on property, employees, equipment, and everything else you need to open your doors.
That’s fairly normal for most businesses, unless you already have a well-established business bringing in loads of cash. (Which isn’t most people, of course.)
As you look for ways to generate funds, increase sales, and look for other ways to finance your new gym, did you know that you can get fitness equipment leasing that is designed specifically for physical equipment you’ll use in your fitness business?
The type of fitness equipment to lease will depend on your gym, so check out these different categories and figure out which ones apply to you. You might be able to find some equipment that you plan on purchasing or upgrading that you could include in specially designed fitness equipment leasing.
Strength Training Fitness Equipment
Getting the right commercial gym equipment lease packages can be challenging. You want to make sure that you have all of the “essentials” that common gym-goers will want to utilize. Below is a list of various strength related training equipment that you’ll want to have in your gym, or at least considering adding to your equipment in the future.
- Free weights - barbells, kettle bells, dumbbells, hand weights, etc.
- Resistance bands
- Weight machines
- Flexion machines
- Pull-up bars
- Ab station
- Dip bar
- Lat machine
- Leg curl equipment
- Squat rack
- And more
When picking strength training fitness equipment, you’ll want to consider the weight of each piece of equipment. You’ll want small enough weights to help new gym attendees so that they don’t feel overwhelmed. Make sure that you also have weights that are heavy enough to keep more active and determined gym-goers engaged in your gym, or they may be tempted to go somewhere else.
Another thing to keep in mind is how much space each “set” of equipment will take up. If you find that some of your equipment isn’t being used at all, but is taking up a considerable amount of space, then it may be time to switch it out for something more useful to your usual clientele.
Cardio Exercise Fitness Equipment
Cardio exercise fitness equipment is also important to most gym-goers, right in line in importance with strength equipment. A few examples of cardio equipment you’ll want to consider in your fitness facility:
- Ellipticals - arc elliptical, elliptical bike, etc.
- Exercise Bikes
- And more
Specialty Fitness Equipment
There are other specialty fitness equipment out there in the market that you can consider. The usefulness of this type of fitness equipment will depend on your target market and current clientele. A few types of fitness equipment to consider:
- Aerobics equipment
- Boxing gym equipment
- Gymnastics equipment
- Fitness equipment for kids
- Pilates equipment
- Fitness equipment for the disabled (e.g., wheelchair accessible, etc.)
If you need help finding types of fitness equipment, you could reach out to local fitness facilities and gyms to ask what kind of equipment they utilize.
Getting Started with Start Up Fitness Equipment Leasing
Getting started with fitness equipment leasing is relatively easy. Like most financing for businesses, there are some requirements and financial details that will make it easier or harder to get the commercial gym equipment lease packages you need.
Thankfully, fitness equipment leasing focuses the type of financing on exactly what you need, so financiers will be able to work with you more closely to ensure you get the equipment you need.
When contacting a gym equipment leasing company for fitness equipment financing, make sure that you know how long you’ve been in business, your credit score, how much disposable income you have (e.g., for a down payment), how many pre sales you have and anticipate. Know how much revenue you’ve done in previous years if applicable.
Use our fitness equipment loan calculator to calculate how much your fitness equipment leasing payments could be and use our equipment lease calculator to calculate how much fitness equipment you can afford to lease based on your monthly budget.
Being in the fitness industry, it’s important that your equipment is efficient and up to date. Buying the fitness equipment that you need for your business costs a lot. The application process for getting a bank loan is not easy and it’s time-consuming. That’s why you’ll want to consider fitness equipment leasing to help you get the equipment you need.
What are the tax benefits for Fitness Equipment Leasing?
It's common in the equipment finance industry to structure a fitness equipment lease agreement as a Fair Market Value buy out and write off 100% of your payments off your taxable income. You can cap your Fair Market Value with a 10-20% purchase option and still qualify for this huge tax write off.
Your other option....
Structuring your fitness equipment lease on a $1 buy out lease agreement so you get section 179 tax benefits. With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases to $1,000,000 for 2018 and beyond.
So look at it like this. If you want to spread out your tax write off over time than choose to depreciate the fitness equipment over its useful life or select a Fair market value purchase option equipment lease agreement and get a much larger tax write off each year you have the fitness equipment lease open.
Take advantage of fitness equipment leasing by applying today.
Ready to Apply online for fitness equipment leasing? Feel free to call Trust Capital and speak with a fitness equipment lease specialist that can take your application over the phone at 866-458-4777 Receive a no obligation approval to lease gym equipment packages.