A Global Wellness Institute report outlines that the health and wellness industry is now worth $4.2 trillion. The industry is all-encompassing as it covers aspects that promote both physical and mental well-being. Part and parcel of this are health and wellness centers. From traditional gyms to barre and yoga studios, there are many options to choose from whether you want something small and intimate, or dream of growing it into something as big as the School of American Ballet one day. If you plan on taking part in this trend, financing your own health and wellness center is one of the most important factors to consider in today’s competitive market.
Here are some alternative options to consider for financing:
Personal Savings
You may have some funds set aside for emergencies or future plans. No capital is too small and whatever you have can help finance your dream, but you don’t have to use all of it. You’ll learn how to grow your money while also using it sparingly. Entrepreneur Bernie Klinder says that this will teach you good business sense, as you can see where every dollar goes and learn some basic accounting simultaneously.
Inner Circle
CEO of the investor online marketplace Covestor in Boston, Asheesh Advani assures that it’s perfectly fine to ask your inner circle to help finance your center. These loans will be relatively cheaper to pay back. If you do plan on asking them for money, you need to clarify whether this is a loan or an investment to avoid any miscommunication and risks down the road. Be as professional as possible and treat them like you would any other lender and investor.
Get a Non-Banking Loan
Getting a business loan approved by the bank can be extremely difficult, as you have to go through several steps and protocols. This is why small- and medium-sized business owners tend to look for alternative ways. Some opt for cash advances, which is a quick but expensive form of financing. For those who need capital fast there are options that allow them to use their assets as collateral, such as car title loans. Most of these loans will be localized meaning it is best to check for offers in the city or state you live in.
Title loans in Columbus presents Ohio residents with a 24-hour approval and a three-year repayment option. This would be ideal for those who are taking on long-term projects like a health and wellness center Taking out this sort of loan can also mean the possibility that you will end up paying less than the initial loan. However, like all loans, make sure you have a good strategy to pay the money back otherwise it is easy to incur extra expenses through fines or lost assets.
Angel Investors
Inc. offers some sound advice in attracting angel investors if you find the opportunity to. Back up your pitch with what makes you competent and credible to run this business. Mention your involvement in the industry and how your idea could disrupt it, and not simply follow a fad. Make sure you’re genuine and passionate and demonstrate your thorough knowledge of the subject. Also, keep in touch with them if you’re initially turned down.
Behind all these alternatives should be your strong conviction that your health and wellness center will succeed. This is the first step in making it happen.