Skip to main content
Blog > Gym For Sale

5 Financing Options Every Fitness Coach Should Know Before Buying a Gym

5 Financing Options Every Fitness Coach Should Know Before Buying a Gym

Fitness coaches looking to purchase a gym have several financing options available to them. Understanding the pros and cons of each method is essential to make the best financial decision for their business.

In this article, we will explore different financing options available to fitness coaches looking to purchase a gym.

Buying A Gym With Traditional Bank Loans

One of the most common ways to finance a gym purchase is through a traditional bank loan. This loan involves working with a lender, such as a bank or credit union, to secure the necessary funding. Bank loans can be an excellent option for fitness coaches with good credit and a long credit history. These loans have a low-interest rate, and repayment periods are generally longer.

Pros: Low-interest rates, longer repayment periods, fixed payments, and the ability to borrow a large amount of money.

Cons: Stringent qualifications required such as having a good credit score and history, and providing proof of ability to pay back the loan. The process can also be time-consuming and requires a lot of documentation.

Buying A Gym With Small Business Loans

Small business loans are specifically designed for small businesses and are offered by various lenders, including the Small Business Administration (SBA) and private lenders. These loans can have more flexible qualifications than traditional bank loans, and the repayment period can be longer.

Pros: Flexible qualifications, longer repayment periods than bank loans.

Cons: It can be hard to qualify for a small business loan, and the process can take a long time. Additionally, many small business loans require collateral, which can make it harder for some fitness coaches to qualify.

Buying A Gym With Owner Financing

In owner financing, the current owner of the gym finances the purchase. This method is becoming popular because it's a quicker and more straightforward process than traditional financing options, and the buyer may negotiate more favorable terms with the owner.

Pros: Quick and straightforward process, more favorable terms can be negotiated with the owner.

Cons: Owner financing can come with a higher interest rate.

Buying A Gym With Partner or Investor Financing

In this financing option, the buyer works with a partner or investor who provides the financing for the gym purchase. This method can be a great option if the fitness coach does not qualify for traditional loans or does not want to go through the hassle of securing financing on their own.

Pros: Partner or investor provides financing.

Cons: Partner or investor may want a share of the gym or have a say in how it's run, which can be a risk.

Buying A Gym With Retirement Account Financing

This financing option involves using funds from a retirement account, like a 401(k) or IRA, to finance the gym purchase.

Pros: It's a way of using personal savings to purchase a gym without paying taxes or penalties.

Cons: It's a risk because the buyer is using their retirement savings, which could impact their long-term financial goals.


When it comes to financing the purchase of a gym, it's essential to understand the different financing options available to you. From traditional bank loans to owner financing, each method has its own set of pros and cons. It's crucial to weigh each option and consider which one is the best fit for you and your business.

It's important to consult with a financial advisor before making any decision, and always keep short-term and long-term financial goals in mind. You should also think about if you will rent your space or purchase it. By understanding the various financing options available and considering their advantages and disadvantages, fitness coaches can make the best financial decision for their gym purchase.