If you’re opening a gym, there are a lot of decisions to be made. You’ve probably picked a location and have thought through the target audience you’ll be serving. Now it’s time to consider your equipment.
When it comes to outfitting your gym with fitness equipment, you have two options. One option is to buy the equipment outright. The other option is to lease the equipment from the manufacturer. Here are three reasons why leasing equipment may be the right decision for your gym.
1. Offer the latest and greatest equipment
Purchasing your fitness equipment rather than leasing it means you’ll not only be making a large initial investment, but you’ll also have the same equipment for the entire life of the product. The fitness industry is an ever-changing world with new technologies and trends. Fitness equipment can become obsolete after a mere few years.
When you lease equipment, you have the opportunity to upgrade or replace it as new technology emerges. These upgrades will not only give you a competitive edge over other gyms but also keep your members excited and content with your facility. Your upgrades will help keep your maintenance costs and equipment downtime to a minimum.
2. Focus on the value rather than the cost
Leasing gym equipment helps keep your upfront costs and initial investments low. By partnering with a trusted financial institution, you will be able to assess your own unique financial needs and develop a payment solution that works for your gym’s cash flow.
Rather than stressing about how you’re going to pay for your equipment, the leasing solution will allow you some room to breathe. You’ll now have time to focus on getting the best top-of-the-line equipment for your facility that will meet your members’ needs and help them reach their fitness goals.
3. Use tax deductions to save money
When it comes to tax time, leasing your equipment will also help with tax deductions. Generally, you’ll be able to deduct your monthly lease payments for your fitness equipment as an operating expense.
While tax laws may vary in your region, make sure to check out how leasing rather than purchasing your equipment may benefit your tax return.
If you’re still wondering whether leasing or purchasing equipment is right for your facility, get in touch with a Precor Finance and Leasing Professional to get some help. We’ll work with you to explore the best option for your facility as well as assess the many flexible-financing solutions that will fit your needs.