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    • Total posts: 1

    Hi everyone,

    I’m looking at starting a fitness studio. I’d have to get a business loan and I’d like to know what is usually required to get approved? I realise if need a business plan. Would I need some sort of capital or equity or something? I’m hesitant to talk to a bank without having some sort of knowledge on the process first.

    Thank you :)

    • Total posts: 3,171

    Hi PureHealth,

    Firstly, welcome to the forums :)

    Maybe a little introduction might go a fair way? the banks will seek much information from you as well as wanting to know your history (experience in desired business), your current cash/capital/asset basis, your willingness to put $ into the venture, ideas, etc etc…

    As you have thought about this venture, you potentially have enough information to begin discussions with a bank.. just make sure you chat with someone relevant, that is a business specialist rather than just counter staff etc etc.. Have your ideas, costs, etc etc and go and have a general chat to a specialist to be set on the appropriate path..

    Only saying this as the information you provide is not enough for a forum to advise appropriately.. you could even potentially go to a broker etc…

    Fundamentally, banks will want to see:
    a. experience
    b. your money (more importantly hurt money)
    c. your asset base
    d. your ability to repay the loan if all goes south (eg last 2 group certs from your employment period – if the debt is serviceable on this it can sometimes be enough if the rest of the scenario is met)

    Let us know how you go… not that i am an admin or anything, a forum like this tends to work wonders when the community gets to know you and understand you..

    Jason ;)

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    • Total posts: 11,464

    Hi purehealth,

    Jason has given you some great info there to get you started, but as he suggested, it is difficult for anyone to get more specific without knowing you a bit better.

    We’d love it if you’d head over to the New Members section of the forum and introduce yourself to us all, sharing as much about your plans as you’re comfortable with. Please be sure to let us know your name so that we can also give you a more personal welcome!

    Thank for joining us here at Flying Solo – we’re looking forward to getting to know you.

    Best wishes,

    Tony Manto
    • Total posts: 581

    Welcome to the flying solo.

    I think if you actually complete a detailed business plan, most of your answers will present themselves.

    You will definitely need a list of all your expenses, cash available, current assists and a projected cash flow.

    A good business plan will prompt you to answer all these questions, not just for the bank for for you also.

    Don’t forget to budget for marketing. You business will live and die on the strength of your marketing. How do you plan to get members? You will need to allocate X dollars per month as part of your business plan.

    There are plenty off good ones on the net and the banks even provide them on their websites these days. If you can’t find a good one, just let me know and I can send you one.

    Good luck with your venture.

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