Hiring Gym Equipment
Gym equipment hire can provide many benefits, and for some business models can be integral to the commercial success of the gym.
Whether you are purchasing replacement equipment, adding to an existing fitness facility, or looking to set up procurement for a brand new facility, naturally you will need to give some thought to how you are going to pay for your gym equipment.
Of course, the benefits to a business of acquiring commercial gym equipment do not come from owning it, but from utilising it, and therefore the method of funding used is often vital to commercial success.
Gym equipment financing options
There are usually a number of procurement / funding options available to you, but the most common are:
- Pay from your own cash resources - This gives you some initial flexibility but it also ties up your cash in the fitness equipment for the next five years or so.
- Take out a bank loan - Whilst this is often a viable option, it can be difficult to find a bank willing to lend in the current financial climate. It may therefore make more sense to keep any bank funding lines available for other financing needs, such as providing working capital, funding fit-out costs or other intangible costs.
- Gym equipment hire (often referred to as ‘leasing’ or ‘rental’) - Paying for the use of the equipment over time, drawing upon the income it generates, is often the most logical solution and accordingly leasing is a commonly used method of funding fitness equipment purchases.
Many businesses turn to leasing / financing as their preferred method of acquiring equipment, as it is flexible and overcomes many of the drawbacks of outright ownership. Once you’ve tied up capital in fitness equipment it is locked away forever. By contrast, fitness equipment rental allows you to pay for the asset over its useful working life and means that you can utilise capital more efficiently and effectively.
Precor – Here to help
Precor is committed to helping our customers source the best finance options in the market place and to providing unbiased assistance, with complete transparency. Precor has a built a wealth of experience in securing finance solutions across many markets and established numerous contacts within the finance sector.
We can often help with the task of seeking out the best finance options for your business. Our guiding principle is flexibility in approach, providing tailor-made solutions to meet individual requirements. We are passionate about health and fitness and want you to be successful.
For more information, and to find out what gym equipment hire options are available in your locality from Precor, please contact us.