As promised in this post, here's my interview with fitness equipment leasing expert Joe Schmitz from F.I.T. Leasing. During the interview Joe provides answers to many of the questions you might have if you're planning a new Indoor Cycling studio, or are considering an upgrade to any of the new Indoor Cycles with power; FreeMotion S11.9, Keiser M3i, Schwinn AC Performance or Star Trac Spinner® Blade Ion.
It was interesting to me that, depending on your financial situation & credit history, I might be possible to include some of the other component parts of your business (AV system, furniture, specialty technology, etc…) into your equipment lease.
Joe has provided some additional information that you can use for business planning and/or preparing to qualify for a lease.
Listen to our discussion below or contact us for more information on equipment leasing.
Here are a few questions about leasing we discuss during the interview:
When does leasing make sense for a new studio – or an existing studio looking to upgrade to new equipment?
When doesn’t it?
Should I lease my indoor cycles directly from the manufacturer?
What other costs can be included, besides new Indoor Cycles?
What is the approval process?
Is it more difficult to get approved for a lease vs. a bank or SBA loan?
What documentation will you need?
Is there anything you want to do, or prepare for, in advance of needing your lease funds?
How long is a typical lease?
What happens at the end of the lease?
Explain any tax benefits of leasing vs. conventional financing or paying cash.
You can use this contact form to submit your questions at any time.
John is a member on the AFS (Association of Fitness Studios) Advisory Council.
Holding certifications from; Schwinn, Heart Zones, Team ICG and Life Time Fitness, John's held regularly scheduled cycling classes between 1998 and 2015 when he moved to Florida.
When the weather permits, you'll find him riding and leading outdoor groups by himself or with his Tandem partner (wife) Amy.