If you’re opening a gym, you have a lot of decisions to make. Beyond finding your location and deciding your target market, choosing your equipment – and how you’ll pay for it – should be at the top of your list.
There are two options when it comes to outfitting your gym with its necessary equipment – leasing it from the manufacturer or buying it outright. Leasing your equipment may be the best option for your facility and here are three reasons why.
1. Be Outfitted with the Latest and Greatest Equipment
If you purchase your equipment outright, upgrading to the latest on the market is a huge expense that may be out of your budget. Instead, what if you’re able to offer your members with new, top-of-the-line machines every few years? When you lease your equipment, that’s exactly what you’re able to do.
The fitness industry is continually getting more advanced and technological. In fact, machines can become obsolete in only a number of years. Leasing your equipment allows you to upgrade to the newest on the market. Continually equipping your gym with the latest machines will help keep your members content while also giving you a competitive edge over the other gyms in your area.
2. Focus on Value, Rather than Cost
You have a lot of expenses as you set up your gym. From location to marketing to hiring a staff, the upfront costs of a new gym are immense. Adding your equipment costs into that can be purely overwhelming. However, leasing your equipment allows you some breathing room with your finances.
In addition to managing your costs, leasing your equipment also provides an important value to your club’s experience. Your members will be able to reach their fitness goals with state-of-the-art equipment and stay motivated to keep coming back to your facility.
In order to keep your costs down, it’s important to find a financing institution that can help you consider your financial needs and develop a flexible payment solution that works for you and your gym’s cash flow.
3. Save Money on Your Yearly Taxes
Making the decision to lease your equipment may save you some money as well. While it’s important to check with your local tax laws, as a gym facility, it is likely that your equipment’s monthly lease payments can be tax deductible. Your accountant will be able to help you determine if you can claim your lease payments as an operating expense.
If you’re still unsure whether leasing gym equipment is the best option for your gym, get in touch with a Precor Finance and Leasing professional. We can work with you to discover the best financing solutions to fit your facility and budgetary needs.