Now though, a load of small to medium sized gym companies have sprung up, seemingly from nowhere that offer cheap, monthly payments to customers and in return provide cutting-edge equipment, a trendy environment to post gym selfies and regular classes that help boost your fitness.
This change in the gym industry mirrors the change in leasing and it's increasing popularity. Buying outright large, expensive gym equipment is great… for about two years when the newer, fancier model comes along and your customers flock to your competitor because they have them.
The solution to this is leasing.
Acquiring your gym equipment on lease ensures you’re getting the best product now and for the future. Below are just a few of the many benefits of implementing gym equipment as-a-service to your business.
Entering into this new period for gyms, it can be daunting for a start-up what with seemingly extortionate start-up costs (after all, you’ve gotta fill this empty room up with some form of equipment). Leasing gym equipment means those start-up costs vanish and replaced with a manageable payment that repeats once a month.
It's the perfect start to your business, your initial outlays are reduced dramatically and on day one of your business, you know you have all the latest equipment installed and ready to go. This gives the peace of mind and reassurance needed to focus on other parts of your business like branding, customer service and hell, enjoying the fact your gym is doing well!
Going out there, purchasing thousands and thousands of pounds worth of gym equipment means that it's going to be sat around for a long time becoming older and not as cutting edge. That might have been alright a few years ago but the rate at which gym technology is changing you simply cannot afford to have out-of-date equipment lying around because of how easy it is to swap from gym to gym.
By leasing, the worry of obsolete equipment is gone, your business will always be ahead of the curve because the equipment is replaced every two years or so, about the rate that new tech, in general, is released.
Leasing also gives you a competitive edge over your rivals, you’ll be able to offer new customers the chance to use the newest gym equipment whilst at the same time retaining your existing base by ensuring that this gym, your gym, will always be better and more modern and more cutting edge than your rivals who are stuck with bland, out-dated gym equipment.
No one likes paying tax, it's the price we pay for living in the society that we do, but if we can afford to save a few quid now and again it helps. As a rule, your monthly lease payments can be deducted on your tax return as an operating expense which helps drive down the overall cost of your lease.
Gym equipment, as a service.
The as-a-service model is something that has seeped into the consumer world, monthly phone contracts, music services and streaming sites like Netflix all work on a flexible basis. Gyms are exactly the same like we mentioned. So why shouldn’t getting your gym equipment, as a business owner, be any different?
We at Love Finance have pioneered the as a service model for gym owners looking to move, and keep, their equipment in the 21st century, we’re calling it GAAS. GAAS can wrap all of the managed services that would usually be separate and difficult to keep a track of into one simple plan that involves just one monthly payment. Think about it, as well as the state of the art gym equipment you’re getting, you’re also getting dedicated maintenance for any problems that may occur along with training and installation.
GAAS works around you, hopefully, the growth of your gym outperforms your wildest expectations and you want to go about scaling up your business, buy new equipment, invest in new facilities like changing rooms or hire an instructor to offer more specialist classes. GAAS can be easily scaled up to match whatever level of growth your business is experiencing.
This isn’t financing in a traditional sense. This is the modern way of acquiring the most up-to-date gym equipment for your business, to push it forward, to expand it, to change it, to transform it. It’s a package, a 360 degree, holistic approach to making sure your dream of a successful gym empire is achieved through the right gym equipment.
See just how quickly we can approve you (spoiler: it takes seconds) by checking out our application form.
