Is a loan viable?

[nerdfit]

Hello! Just a question I wanted to bat around here before I went further into the matter, let me start by describing my situation...

I've been working in the personal training fitness industry for 2 years now, (both the business side, and training side) and I've decided I would like to open up my own private training studio.

My main concern is the start-up capital...I'll require roughly $50,000 dollars to start up and cover primary expenses for a year.

I'm not sure if I'll be able to get an unsecured loan for this amount. I will be able to provide a completely professional business plan, as well as having an excellent credit score. I've been reading around on the internet, and I can't seem to determine the best route to apply for a loan. Any help is greatly appreciated...

[crowdlanced]

There's a small business loan guy in this forum, open a few posts and read the signature

[JKansas]

I'd say you need to look into your local SBA office or local small business development center (SBDC).

Now, by working in, do you mean private contracting? or working for someone else? If you have been private contracting in home or at gyms that allow it, play it up. That is a business. They like to see a business operating vs startup.

You have good credit, but do you have any of the $50k yourself? If not, do you have any equipment? Weight equipment can get pricey fast. Does your 50k include what youre bringing in? Raise what you need to 60 or 70K and show the equipment youre bringing to the table, office stuff, computers, tv, weight stuff, etc. They will expect you to pay into the deal. Providing equipment does count, so if you left that out, rewrite to reflect that.

Are you a minority, woman, or veteran? If so, huge bonus and possible grants.

Have a logo yet? I've found that good presentation also helps a ton. Have some promo materials printed up, make a comercial and post it to you tube. When you hand them the packet, show them what you're capable of. When they see an image that looks like it was put out by a fortune 500 company, it makes them think less about you being a start up.

Just some ideas, hope they help. Definitely check out SBA.gov though.