Often, fitness SMEs and personal trainers can’t compete with the big gyms that are kitted out with new, transformative machinery. Getting such equipment can be a leap of faith if you aren’t sure they can bring in the profits to cover the cost. InBody, however, wanted more up-and-coming brands to give themselves an edge in the market through their body composition analysis kit. To do so, they needed an alternative finance expert who knew the sector inside out…
InBody is a global company that have been selling fat, muscle, water and mineral measurement devices in the UK for over 13 years. But, until recently, they’d only supplied more established fitness clients.
It could cost up to £13,000 for a personal trainer to make a one-off purchase of the InBody machine. Leasing, on the other hand, can spread the cost out over several years.
Box-fresh businesses and solo trainers were often seen as too much of a risk for lease payments. Startups are traditionally barred if they don’t own a home, for example. Francesca Cooper, InBody’s UK Regional Sales Manager, knew we could break the barriers to a wider range of leaseholders. With the right checks and consideration, we could help hundreds of PTs and SMEs get approval.
This formed the crux of our conversation when Francesca spoke to Sim from the Johnson Reed team.
We focused initially on sole traders – the hardest fitness professionals to finance. Over an 18-month period, we met with Francesca six or seven times, whilst remaining in constant contact by phone, text or email.
Our approval rates are very fast. Typically, it takes an applicant two to three days for sign-off – sometimes it can be within 24 hours. Then they’re looking at weekly payments of £100 or less, making the InBody investment much more manageable. This enables PTs and young fitness companies to more accurately forecast their cash flow, get more clients, and easily cover the repayment terms.
Today, thousands of people are using InBody’s medical-grade machinery. And, thanks in part to Johnson Reed, that potential is there for anyone – from luxury gyms to traders working out of the boot of their car.
“Most of our independent operators are leased through Johnson Reed. Sim and the team are always on hand for a chat. The last 18 months have been incredible, as we’re giving a load of new businesses the chance to cement themselves in the sector and build a reputation. There’s a lot to look forward to on the horizon!”