When it comes to business funding, it can be a lot more challenging to get funding for a gym as opposed to other small businesses. A gym requires expensive exercise equipment, shower facilities, and sometimes even a spa or swimming pool, depending on your business plan.

Just like with any other small business, the business owner should invest as much of their capital as possible if they want to remain independent. However, due to the capital requirements, an outside investor a small business loan will likely be required.

If you need to get startup funding for your gym, follow these steps:

5 Steps to Getting Funding for Your Gym

Below, we’ll explore the 5 steps to getting business funding for your gym.

Develop a Business Plan

The first thing you must do is to draft a business plan that begins with your vision, describes your expertise/experience in the industry, and describes the combined experience of your management team, key employees, and partners. This helps investors and lenders learn more about your competence and prospects for growing a successful business.

Calculate Startup Costs

Next, it’s important to determine costs for up to 3 years. This includes:

Startup costs
Capital expenditures
Operating costs
Revenue from various sources

Potential investors and lenders will want to see these projections based on industry research correlating with your business model. The numbers need to align with how you plan to run your business. You can find demographic and competitor information at your local small business development center, chamber of commerce, or economic development corporation.

Gather Financial Information

The third step for getting business funding is to gather financial information from all owners and investors. You will need to send this documentation with your applications. The lender is going to want documentation of personal assets and anything that is being allocated to the gym. This includes:

Bank/investment statements
Real estate holdings
Life insurance
Retirement accounts
Miscellaneous personal assets

You will also be required to provide a 3-year history of business and personal tax returns for all partners. Finally, if there are any current or previous loan applications, you’ll need to include that information as well.

Get a Business Partner

Next, you may want to consider getting a business partner. This will mean that you will likely have to give up at least part of your control of the business. When bringing a partner on, you should choose one with skills and an attitude that are complementary to your own- as well as the ability to offer business financing.

Create an agreement based on your business needs. You will also need to make sure that you are ready to reimburse your business partners/investors whether the business is successful or not. This is critical if you plan to pursue business opportunities in the future.

Reimbursement should be negotiated based on the type of partnership that is formed. If the business does fail, negotiate a re-payment agreement if you can’t pay it all upfront.

Solicit Sponsorships from Local Businesses

Businesses often solicit sponsorships from other local businesses to help offset operating expenses or to increase income. These should be negotiated before opening to show your investors that you have a secondary revenue source. This may include things like logo placement near gym equipment or ad spots on gym brochures/flyers. Choose businesses that offer complementary services, such as sports medicine practices, nutritional supplement companies, health food stores, etc.


Getting funding to open a gym is a bit more challenging than other types of businesses- but it can be done. Contact Achieve Capital Advisors to learn more about getting business funding to open your gym.