What We Cover In This Episode:
Some of the common ways to fund your fitness business [2:13]
The pros and cons of obtaining funding from outside of your personal savings [5:49]
What to be aware of in terms of equity investments [8:04]
Why are you considered cash flow negative once funded [9:42]
How to ensure that you become cash flow positive, and stay there [12:03]
Quotes:
“Maybe you could do personal income, a grant and maybe an investor, that would probably be the quickest way to get started, because you definitely want to limit the amount of money you're taking from other people, whether that’s the bank or an investor.” [Nick, 5:08]
“So it’s a really scary fine line, of how certain are you that is going to work out? Even if you have credit for a great personal loan, or you have the business plan for the right business loan, if those first two years don't go your way, they don't really care. The second you miss a payment they are coming for you.” [Nick, 7:08]
“So, you’ve really got to figure out, do I have enough capital to start this business and enough runway to get to cash flow positive?” [Nick, 11:42]
LINKS:
fitDEGREE’s Business Portal
https://calendly.com/fitdegree/support
https://www.instagram.com/fitdegree/
https://www.instagram.com/fitspot_guru/
https://www.instagram.com/whycoachingandconsulting/
https://www.fitdegree.com/blog
https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q
