34% Of fitness businesses plan to apply for financing in the next six months

88% Have expanded their services to invest in integrative health offerings

44% Of business owners say they’re ready to start growing again

Favad Malik

Favad Malik moved from London to the US five years ago with an investor visa and a dream to develop a network of wellness businesses, which eventually led him to open Yoga London.

Inspired by a career in wealth management, he says he knows how interconnected the dimensions of wellness are – financial wellness included – and through this lens, saw an opportunity to bring a modern workout to a rural community.

Yoga London became the first hot yoga studio in Idaho Falls and Malik made it Yoga London’s mission to provide a safe community for ‘every body’.

Opening only five months before the start of the COVID-19 pandemic, Yoga London experienced challenges from the beginning and from months of shutdowns and quick pivots to online classes, Malik says growth hasn’t always been easy.

One challenge he faced was securing capital. As a UK passport holder, he’s often ineligible to apply to American lenders, however, he was able to borrow from Mindbody Capital. Because Yoga London was viewed as a growing business and he quickly received flexible funding that he says empowered him to be nimble in executing creative ideas. “You’re having to make decisions, but sometimes you could miss the boat because you’re waiting on someone to help finance or fund it. Mindbody Capital helps facilitate those ideas and creativity,” he says.

“The speed of the process is great. I applied on a Thursday evening and it arrived on Friday afternoon. It’s almost like dipping into an existing bank account.”

Repayment was also straightforward, with a percentage of daily deposit deducted each day. Weekly reports show a summary of the repayments and a timeline of when the funds will be paid off.

Growth is Yoga London’s top priority. Mindbody Capital has enabled Malik to market to a wider audience, increase recruitment efforts and bring in more staff. With Mindbody as a partner, he plans to open additional locations and continue growing his community.

More: www.hcmmag.com/malik