Maximizing Hidden Funding Opportunities for Personal Trainers; What You Didn’t Realize Is Available
Brooke was a successful personal trainer who had been running her business for several years. She was doing pretty well, but was always struggling with having sustainable cash flow. That's when she approached me for advice on how to secure funding.
Much to her surprise, I informed her that based on her credit score she was eligible for up to $150,000 in business credit cards with just a credit report and the name of her LLC.
She was thrilled to learn that she had access to this type of funding and was even more surprised at how easy the process was. She had always assumed that only big businesses could access this type of credit. With a credit score of 710, she was able to get approved for $87,056 in business credit cards.
Interested in business credit cards? Apply Today
Brooke's success story is a reminder to all personal trainers that they too have access to funding opportunities that they may not have realized were available.
As a personal trainer, you know that growing your business can be challenging. One of the biggest hurdles is obtaining the necessary funds to invest in equipment, marketing, maybe open your own gym, or other business expenses. But did you know that you can access up to $150,000 in business credit cards that report to the business credit agencies as a personal trainer?
In this article, we'll explain how you can do it and what you need to qualify.
What are Business Credit Cards for Personal Trainers?
Personal Trainers often struggle to secure funding for their businesses simply due to a lack of available information. I mean, you can’t know what you don’t know!
However, this business credit card program is a great funding option that can provide up to $150,000 in business credit cards for Personal Trainers.
This program works by leveraging your personal credit score (starting at 680) and the existence of an LLC. (note: you can get approved even if the LLC is a day old) This means that even if a Personal Trainer doesn’t have collateral, strong business revenue, tax returns, or even a business plan, they can still qualify.
Overall, this business credit card program is an excellent option for Personal Trainers who want to secure funding quickly and easily.
“10 Stats That Explain Why Business Credit is Important for Small Business” - SBA
How Can Personal Trainers Access up to $150,000 in Business Credit Cards?
To access up to $150,000 in business credit cards, there are a few requirements you need to meet. These include:
1. FICO Credit Score of 680 or Higher
A FICO credit score of 680 or higher is required to qualify for business credit cards.
2. Business Entity
You will need to have a business entity, such as an LLC, to qualify for a business credit card. This is because business credit cards are issued to the business, not the individual. The good news is that you can qualify for this type of funding even if your LLC is only a day old.
Why Should Personal Trainers Get Business Credit Cards?
There are several reasons why personal trainers should consider getting a business credit card, including:
1. Get 10 to 100 Times the Amount You Can Get With Consumer Credit
When it comes to securing funding for your personal training business, business credit cards can provide a significant advantage over consumer credit cards. With business credit cards, you can typically access 10 to 100 times the amount of credit you could get with a consumer credit card.
This is because business credit cards are designed to help business owners manage larger expenses, such as inventory purchases, equipment upgrades, and advertising campaigns. In contrast, consumer credit cards are typically designed for smaller, everyday purchases.
In addition to the increased credit limits, business credit cards often offer other benefits that can be useful for personal trainers, such as cashback rewards, travel perks, and discounts on business expenses. Interested in business credit cards? Apply Today
“Business card APR rates are about 2% less on average than general-purpose cards. There is some good news for business credit cardholders! As of October 2020, the national APR average for business cards was about 14%, 2% lower than the average for general-purpose cards.” - Fundera
So if you're looking to access more funding for your personal training business, it's worth considering the benefits of business credit cards.
2. Access to Funds
As a personal trainer, you may need funds for business expenses such as equipment, marketing, and other operational costs. A business credit card can provide you with access to funds to cover these expenses.
3. Rewards Programs
Business credit cards often come with rewards programs that offer points, cashback, or other incentives for making purchases. These rewards can be used to offset your business expenses or for personal use.
4. Building Business Credit
A business credit card can help you build your business credit score, which is separate from your personal credit score. This can be helpful if you need to apply for business loans or other financing in the future.
Accessing up to $150,000 in business credit cards is a great way for personal trainers to invest in their businesses and take them to the next level. By meeting the requirements for business credit cards and taking advantage of the benefits they offer, you can grow your business and achieve your goals.
So, if you're a personal trainer looking for funding options, consider exploring business credit cards today. Want to build your business credit? Apply Today
Advantages of Using Business Credit Cards for Personal Training Businesses
One of the biggest advantages of using a business credit card for your personal training business is the separation of personal and business finances.
By using a separate credit card for business expenses, you can easily track your business spending and avoid commingling your personal and business funds. This can be especially helpful come tax time when you need to calculate your business expenses for deductions.
Another advantage of using a business credit card is the ability to build business credit.
By using your business credit card responsibly and making timely payments, you can establish a positive credit history for your business. This can come in handy when you need to apply for loans or other financing options in the future.
Congratulations!
You've made it to the end of our guide on how personal trainers can access up to $150,000 in business credit cards. We hope that you found this information helpful and are now inspired to take advantage of the credit opportunities available to grow your personal training business.
Let's quickly recap the benefits of securing business credit cards for personal trainers.
First, it allows you to access a significant amount of funding without having to provide extensive documentation or collateral. This can be especially helpful for startups or small businesses that may not have a lot of assets or a lengthy credit history.
Second, using business credit cards can help separate your personal and business expenses, making it easier to manage your finances and track your expenses. This can be especially helpful come tax season when you need to file your business taxes.
Lastly, using business credit cards responsibly can help build your business credit profile, which can open up even more financing opportunities in the future.
So, what are you waiting for?
Start exploring your options for business credit cards and take advantage of the credit opportunities available to you. With the right tools and resources, you can take your personal training business to new heights.
If you’d like to learn more about business credit cards, loans or building your business credit and the benefits.
