A personal trainer who has been running a gym in the northeast for the past several years suffered a fall from a ladder that forced him to hang up his kettlebells for a while. This small business owner, Joe, was unable to train, teach or collect revenue from his clients in the meantime. Fortunately, he had a staff of personal trainers who would continue to generate revenue for the business, but it wasn’t enough. He needed funding, and he needed it fast to maintain the payroll, continue marketing, and keep the lights on at the private studio.
The gym, with years of operating history, generated about $150,000 monthly from training, classes, and memberships before Joe’s injury. Clients pay by either credit or debit card. The business owner was looking to access $150,000 in funding to cover his expenses while recovering.
Joe required immediate cash to cope with difficulties. He agreed to give up part of his future earnings for it. He decided to get the financing he needed from a merchant cash advance.
Joe simply had to provide a few months of bank statements and an application. He knew quick approval meant fast document preparation.
In less than a full business day, Joe was approved for $150,000 and the funds were in his account the next day. MCA funding helped Joe financially. It gave him mental space to focus on healing. Now he didn’t have to worry about being able to pay his top-notch trainers, canceling HIIT classes, or the cleaning crew, all of which are essential. Not to mention the new clients he attracted with an affordable promotion – three free training sessions with a yearly membership.
Joe urgently needed funding and did thorough research to avoid any surprises with his cash advance. Plus, he fully expected to have the funding repaid in 18 months or less. Sales didn’t skip a beat, and Joe was able to keep the doors open without interruption. Without any other financial setbacks, he gets back to doing what he does best – running the gym. Not to mention getting back to his own personal workout every day, which is one of the perks of owning a gym to begin with.
Gerelyn is a financial journalist who has reported for some of the top trade publications on investment banking, fintech and cryptocurrency. Gerelyn graduated from Campbell University with a B.A. in Mass Communications and currently resides in New Jersey.
