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If you are planning to launch a gym or a professional physical training area, you may start off by choosing a good location for your gym and outlining the kind of people you expect to be using the gym facilities. However, in all these planning sessions, have you ever thought about the gym equipment, whether you’d be buying equipment outright or spreading the cost.
The confusion between buying various gym equipment right away or financing can easily be understood with the below 3 valid reasons. We think leasing the equipment is a better idea as it has far more benefits than buying them right way. Let’s see the reasons below:
- Focus less on cost and more on the value of products
The moment one leases something out, the first thought that occurs is that they don’t have to make the whole payment upfront, which is a great relief because fitness equipment can be expensive. There are a lot of financing institutions and entities that lease out fitness machines and have partnerships with the leading fitness equipment firms and manufacturers. Once you connect with them and share you requirement, they will be able to make a comprehensive solution for you and you can always have your say as per your cash flow to make it a win-win scenario.
This means that the most haunting question of financing the equipment is answered already. Now you may focus on the value that your equipment will offer to its users and how it may be able to differentiate from other fitness centers. You may then invest time on building experiences with your members and facilitate them on how they can reach their fitness goals by thinking about value added services.
- Offer your members the latest and greatest equipment
If you spend money on buying the equipment right away, you are confining yourself to the same equipment for years. This means that you have invested a heavy amount of money on the equipment all at once and now you can’t think of changing it. In this world of rapidly changing technologies, this might not be a good idea. If you plan to lease the equipment, you will always have room to change and upgrade the equipment after a while as new machines launch. This will help you gain competitive advantage over other gyms in the vicinity.
- Save Money through tax deductions
Now comes the main point of saving some more money over taxes and investing the same on your gym. There are various financing options that you can opt for to help you benefit from a few tax-related matters. Let’s say one of them be 50% depreciation. Also, if you go by standards, the usual case is that the lease you are paying can be deducted from your tax returns. Doesn’t it sound amazing that you will be able to save this much to invest in making your gym more meaningful for your audience?