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Forum nameBiz Ideas
Topic subjectRE: Womens Fitness
Topic URLhttps://www.businessownersideacafe.com/forums/dcboard.php?az=show_topic&forum=103&topic_id=727&mesg_id=736
736, RE: Womens Fitness
Posted by bizdev, Fri Feb-02-07 02:51 PM
>>I've pretty much written a business plan and the SBA loved it
>but they kind of ran out of ideas really quickly when it comes
>to funding. I have some funds ($75K) but they are mostly tied
>up in retirement and I think to do this how I want would
>require 750K to 1M startup.

Wow! What a plan. Very ambitious. Very well thought out. But as you've discovered, very costly.

I don't quite understand your statement that you've pretty much written your business plan and the SBA loved it but ran out of ideas. Did you take an incomplete business plan to an SBA representative? Do you mean the SBDC? Normally you need to work through a bank loan officer, and they decide whether or not to forward to the SBA. But I've never known them to do that with an incomplete business plan. Maybe I misunderstood your statement?

Anyway, since you are well aware that to start a gym of the caliber that you have in mind, takes mega bucks. Your figures are probably correct and with "only" $75K to work with (and remember you will lose 30-40% off the top if you cash in your 401K acct) you may need to scale back your idea.

There is nothing wrong with starting smaller. You can aim for the same high class feel, but smaller. As your busines grows you can add the 4 star hotel ammenities and health bar and laundry service. You don't need to, and likely won't be able to, start on such a grand scale. It's wonderful to dream big, but to make the dream a reality, you may need to take it down a notch. Think about it. It's better to start smaller and actually start, than to have to give up the dream because you can't get funded. Good luck to you!