BFT franchise unit economics
BFT studios run 2,400 to 2,800 square feet on memberships, which are 92% of revenue. The 36 studios that traded the whole of 2025 averaged $399,433 of sales on 185 monthly active members, $179.92 a member a month. Members leave at 6.6% a month, so an average member stays 15.2 months and is worth $2,726. The average studio has to sign 12.2 memberships a month before it grows at all.
- Primary source
- BFT Franchise SPV, LLC, 2026 Franchise Disclosure Document
- Items read
- Items 5 and 6 for fees; Item 7 for cost to open; Item 19 for sales and any profit figure; Item 20 for the location count
- Population
- 36 of 44 locations
- Our calculations
- Marked on the page with an asterisk. Method
- Last reviewed
- 26 September 2026
Disclosure-based. Not a forecast, not an offer to sell a franchise, and not advice.
A BFT member pays $179.92 a month and stays 15.2 months. At 6.6% leaving every month, the average studio loses 12.2 of its 185 members before it opens on the first of the month, and it signs 19, so 64.3% of a year’s selling goes on standing still.
- A member is worth $2,726 over 15.2 months.$399,433 across 185 members is $179.92 a month, and 6.6% monthly members leaving gives a 15.2-month stay *.
- The average studio signs 19 memberships a month and loses 12.2.64.3% of new selling replaces leavers *; at the worst members leaving on file, 11.6%, those 185 members lose 21.5 a month, more than the average studio signs.
- Thirteen studios closed during 2025 against eight opened.The count fell from 49 to 44, and every one of the thirteen had traded more than twelve months.
- A new studio’s revenue peaks in month six at $35,193 and sits at $31,629 by month eleven.Active members peak at 186 in month six and fall to 165, 21 members and $3,564 a month.
- Brand charges take 22.60% of the lowest-selling studios’s revenue and 11.84% of the highest-selling’s.$44,166 on $195,404 against $120,298 on $1,015,621 *, 245 member-months at the weak end.
How much does a BFT franchise make?
The average BFT unit reported $399,433 of revenue in the 2026 FDD, and the median reported $388,949. The brand’s disclosure document discloses revenue and not profit, so what an owner keeps depends on the cost structure set out below. Fees come off the top first, at about 11.2% of sales across royalty, brand fund and the rest of the stack. Revenue is not income. Rent, wages, cost of goods and the franchise fees all come out before an owner is paid. The figures for the highest-selling and lowest-selling businesses are below.
The member is the unit
$179.92 a month, 92% of it membership dues.
Thirty-six studios traded the whole of 2025. They averaged $399,433 of sales and 185 monthly active members, which puts a member at $179.92 a month. Memberships are 92% of revenue on average and 93% at the median, so this is one price times one count.
| quartile | Studios | Average | Median | Lowest | Highest | Reaching the average |
|---|---|---|---|---|---|---|
| 1st | 9 | $604,138 | $535,833 | $472,637 | $1,015,621 | 3 / 33% |
| 2nd | 9 | $435,324 | $439,432 | $390,222 | $469,190 | 5 / 56% |
| 3rd | 9 | $332,166 | $329,279 | $273,803 | $387,677 | 4 / 44% |
| 4th | 9 | $226,105 | $213,741 | $195,404 | $271,381 | 4 / 44% |
| All 36 | 36 | $399,433 | $388,949 | $195,404 | $1,015,621 | 17 / 47% |
Every figure is as the brand reported it.
| quartile | Studios | Average | Median | Lowest | Highest | Reaching the average |
|---|---|---|---|---|---|---|
| 1st | 9 | 260 | 232 | 221 | 451 | 2 / 22% |
| 2nd | 9 | 202 | 199 | 188 | 214 | 4 / 44% |
| 3rd | 9 | 173 | 173 | 144 | 188 | 4 / 44% |
| 4th | 9 | 104 | 99 | 75 | 129 | 3 / 33% |
| All 36 | 36 | 185 | 188 | 75 | 451 | 20 / 56% |
Every figure is as the brand reported it.
A member pays $179.92 a month. $399,433 over 185 members over twelve months *, and at the 6.6% average members leaving that member stays 15.2 months and brings $2,726.
The highest-selling studios holds six times the members of the lowest-selling one. 451 against 75 *, while revenue differs 5.2 times over, $1,015,621 against $195,404.
Memberships take 92% of revenue and products 2%. Services add 5% and fees 1%, with the widest studio at 11% services. So a retail or personal-training push moves a line that starts at two or five cents in the dollar.
Top performers
What separates the top BFT performers
BFT splits its locations into groups instead of publishing one average. The best group averaged $604,138 a year. The worst averaged $226,105. Both run the same brand, on the same agreement, paying the same fees. The middle location sold $388,949. The average was $399,433. More than half the system is below the number the brand quotes.
Decided before you open
- Trade area and site.A 2.7× gap between bands is not an operating gap. Catchment, daytime population and what sits next door set the ceiling before the first customer arrives.
- Capacity, fixed at build.Locations run 2,400 to 2,800 square feet. capacity is 36 studio floor multiplied by hours multiplied by how full they run. What you can sell is set by the build, and the build does not change after opening.
- What you spend to open.Opening costs $691,372 to $1,151,135, a 1.7× range inside one brand. The high end usually buys more capacity, so the cheapest build is not always the cheapest route to the top band.
Live operating levers
- Members, the operating driver.This model bills on members. The owner watches how many people join, how many cancel, and what a member spends beyond the plan. It is worth watching every week, because by the time it turns up in a monthly close the quarter is half gone.
- Service and retail mix.Attachment rate on retail, and the share of customers on the higher service tiers, lift what each hour earns without adding an hour or a room. It is the only lever that raises the ceiling without spending capital.
- Fees, and where the minimum bites.Fees run about 11.2% of sales. A minimum sits underneath the percentage, so the low-volume location pays the higher effective rate. The brand charges the weakest locations the most. Work out the sales level where the percentage overtakes the minimum and know which side of it you are on, because the answer changes what an extra dollar of sales is worth.
- The first year.This filing shows how a new location builds up, so the ramp can be underwritten from the document rather than assumed. Read two things out of it: the month sales cross the point where costs are covered, and how much cash you fund before that month arrives. Everything before break-even is paid for by you.
Context you underwrite around
- The reporting screen.36 of 44 locations are behind these figures. Locations open less than the full year, brand-owned, or not meeting the reporting criteria are excluded, as are locations under the brand’s current size standard, so the numbers describe locations that cleared that screen, not the system as a whole.
- What the disclosure leaves out.Item 19 publishes no profit or cost data for franchised locations. Anything below the sales line has to come from the franchisor or from owners you call.
The first year
Month six is the high point.
Studios opening during 2025 climb to $35,193 of revenue in month six and then settle lower across their first eleven reported months. Active members follow the same shape, peaking at 186 and ending at 165.
| Month | Studios reporting | Average revenue | Median revenue | Active members | New memberships | Revenue a member * | Annualized * |
|---|---|---|---|---|---|---|---|
| 1 | 8 | $15,216 | $12,969 | 170 | 64 | $89.51 | $182,592 |
| 2 | 8 | $30,055 | $28,739 | 168 | 33 | $178.90 | $360,660 |
| 3 | 7 | $33,557 | $30,061 | 182 | 32 | $184.38 | $402,684 |
| 4 | 7 | $33,541 | $31,852 | 188 | 21 | $178.41 | $402,492 |
| 5 | 5 | $33,103 | $26,787 | 184 | 25 | $179.91 | $397,236 |
| 6 | 5 | $35,193 | $25,492 | 186 | 18 | $189.21 | $422,316 |
| 7 | 4 | $28,578 | $25,169 | 165 | 20 | $173.20 | $342,936 |
| 8 | 4 | $28,237 | $25,178 | 165 | 23 | $171.13 | $338,844 |
| 9 | 3 | $31,579 | $30,753 | 168 | 16 | $187.97 | $378,948 |
| 10 | 3 | $28,746 | $24,432 | 159 | 12 | $180.79 | $344,952 |
| 11 | 3 | $31,629 | $26,284 | 165 | 14 | $191.69 | $379,548 |
Revenue, members and new memberships are as the brand reported it; the last two columns are marked. Dividing revenue by members and multiplying revenue by twelve.
A studio arrives with 170 members in its first month. 64 new memberships in month 1 falling to 33 in month 2 *. The pre-sales phase does the heavy lifting, and the count changes littlefor the rest of the year.
Month eleven annualizes to $379,548. 95.0% of what the 36 mature studios average *, so the curve flattens close to the system figure within a year.
A new studio bills $191.69 a member against $179.92 across the mature 36. $11.77 more a month *. The newest book is the best-priced one, which is what a member base that turns over every fifteen months should produce.
Running to stand still
Twelve out the door before anyone walks in.
Members leaving averages 6.6% a month across the 36 studios, with a median of 6.2%, a best of 2.9% and a worst of 11.6%. Applied to 185 members that is 12.2 cancellations every month. The average studio signs 19 new memberships in the same month, so it nets 6.8.
| Members leaving scenario | Monthly rate | Members lost a month * | New memberships a month | Net * | A member stays * | Lifetime revenue * |
|---|---|---|---|---|---|---|
| Best on file | 2.9% | 5.4 | 19 | +13.6 | 34.5 months | $6,204 |
| Average | 6.6% | 12.2 | 19 | +6.8 | 15.2 months | $2,726 |
| Median | 6.2% | 11.5 | 19 | +7.5 | 16.1 months | $2,902 |
| Worst on file | 11.6% | 21.5 | 19 | −2.5 | 8.6 months | $1,551 |
The members leaving rates and the 19 new memberships a month are as the brand reported it; the other four columns are marked *.
The gap between the best and worst members leaving is worth $4,653 of lifetime revenue a member. $6,204 against $1,551 *, on 185 members that is a four-fold difference in what the whole book is worth.
A studio at the worst members leaving on file shrinks while selling 19 a month. 21.5 out against 19 in *. Getting from 11.6% to the 6.6% average frees 9.3 memberships a month, the same as lifting new sales by half.
New memberships run 8 a month in the bottom quarter of studios and 32 in the busiest. A four-fold range against a member base that spans six-fold, so selling and holding move together.
What the fees come to
11.15% to the brand, and a minimum marketing charge on top.
Royalty is 7% of gross sales, the brand development fund is 2%, and technology is $715 a month. Local advertising is a spending requirement of the greater of $1,500 a month or 2% of the prior month’s sales. Reaches 2% only at $900,000 of annual revenue, a level one studio of the 36 passed.
| Sales | Royalty at 7% | Brand fund at 2% | Technology | To the franchisor | Share | Local advertising | All in |
|---|---|---|---|---|---|---|---|
| $1,015,621, the highest studio | $71,093 | $20,312 | $8,580 | $99,986 | 9.84% | $20,312 | 11.84% |
| $604,138, the 1st quartile | $42,290 | $12,083 | $8,580 | $62,952 | 10.42% | $18,000 | 13.40% |
| $399,433, the average studio | $27,960 | $7,989 | $8,580 | $44,529 | 11.15% | $18,000 | 15.65% |
| $226,105, the 4th quartile | $15,827 | $4,522 | $8,580 | $28,929 | 12.79% | $18,000 | 20.76% |
| $195,404, the lowest studio | $13,678 | $3,908 | $8,580 | $26,166 | 13.39% | $18,000 | 22.60% |
Rates, the technology fee and the revenue figures are as the brand reported it. Every dollar figure and share is marked *, applying the filed rates to the filed revenue and taking the greater of 2% and the $1,500 monthly minimum on the local line.
The technology fee alone is 4.39% of the lowest-selling studios’s revenue and 0.84% of the highest-selling’s. $8,580 either way *, 48 member-months at the weak end.
The whole brand charge at the lowest-selling studios is 245 member-months. $44,166 at $179.92 a member a month *, twenty members carried for a full year purely to cover the brand.
The minimum local advertising charge reaches 2% at $900,000 of revenue. One of the 36 studios billed above that *, so for the rest it is a fixed $18,000, 9.21% of the lowest-selling studios’s year.
$691,372 to open, and 42% of it is the fit-out.
| Line | Low | High | Share of the low column * |
|---|---|---|---|
| Building work | $288,275 | $513,719 | 41.7% |
| Fitness equipment and initial fit-out package | $146,501 | $228,519 | 21.2% |
| Initial franchise fee | $60,000 | $60,000 | 8.7% |
| Real estate and lease | $54,200 | $69,000 | 7.8% |
| Audio, visual, computer and related | $43,000 | $43,000 | 6.2% |
| Initial marketing and advertising spend | $36,800 | $50,200 | 5.3% |
| Additional funds, three months | $24,000 | $78,000 | 3.5% |
| Pre-sales and soft opening retail kit | $11,700 | $12,300 | 1.7% |
| Signage | $8,000 | $37,000 | 1.2% |
| Technology and software fees | $5,019 | $5,019 | 0.7% |
| Initial training program fee | $5,000 | $5,000 | 0.7% |
| Initial instructor training fee | $5,000 | $5,000 | 0.7% |
| Insurance | $3,877 | $13,878 | 0.6% |
| Travel and living while training | $0 | $2,500 | 0.0% |
| Sourcing fee | $0 | $28,000 | 0.0% |
| Total | $691,372 | $1,151,135 | 100% |
Amounts are as the brand reported it and the share column is marked *; both columns add to their stated totals exactly.
The build costs 1.73 times what the average studio bills in a year. $691,372 against $399,433 *, and $3,737 to $6,222 for each of the 185 members an average studio holds.
Revenue runs $142.65 to $166.43 a square foot. $399,433 across 2,400 to 2,800 square feet *, 13.0 square feet a member at the smaller prototype.
The count fell from 49 to 44.
| Year | At start | Opened | Terminated | Ceased for other reasons | At end | Transfers |
|---|---|---|---|---|---|---|
| 2023 | 2 | 30 | 0 | 0 | 32 | 5 |
| 2024 | 32 | 21 | 2 | 2 | 49 | 0 |
| 2025 | 49 | 8 | 2 | 11 | 44 | 4 |
Every figure is as the brand reported it, and start plus openings less departures reconciles to the year-end count in all three years.
Openings fell from 30 to 21 to 8 while departures rose from zero to four to thirteen. The system opened 30 studios for every closure in 2023 and 0.6 in 2025 *.
Thirty-four agreements are signed against two studios projected for 2026. Seventeen signed franchises for every projected opening *.
Questions we get asked
Questions owners ask.
What does a BFT studio bill?
The 36 studios open the whole of 2025 averaged $399,433 of sales with a median of $388,949, ranging from $195,404 to $1,015,621. By quartile the averages run $604,138, $435,324, $332,166 and $226,105, and 17 of the 36 reached the all-studio average.
What is a member worth?
$179.92 a month, from $399,433 across 185 monthly active members. At the 6.6% average monthly members leaving a member stays 15.2 months and brings $2,726 of revenue. At the best members leaving on file, 2.9%, the stay is 34.5 months and $6,204; at the worst, 11.6%, it is 8.6 months and $1,551.
How many members does a studio hold?
185 on average and 188 at the median, ranging from 75 to 451. By quartile the averages are 260, 202, 173 and 104. The average studio signs 19 new memberships a month, with quartile averages of 32, 20, 14 and 8.
What happens in the first year?
Revenue starts at $15,216 in the opening month, reaches $30,055 in month two and peaks at $35,193 in month six. Then settles between $28,237 and $31,629 through month eleven. Active members start at 170, peak at 188 in month four and end at 165. New memberships run 64 in month one and fall to 14 by month eleven.
What does the brand take?
A 7% royalty and a 2% brand development fund, both on gross sales, plus $715 a month of technology. Local advertising is a spending requirement of the greater of $1,500 a month or 2% of sales. At the average studio that is $44,529 to the franchisor, 11.15% of revenue, and $18,000 spent locally, 15.65% together.
What does it cost to open?
$691,372 to $1,151,135 for a studio of 2,400 to 2,800 square feet. Of that, building work are $288,275 to $513,719 and the equipment and fit-out package $146,501 to $228,519. The franchise fee is $60,000, falling to $50,000 for a second studio and $40,000 for a third or later.
- No profit figure. The filing reports sales and not earnings, so what an owner keeps is not disclosed.
- No cost lines. Wages, rent and cost of goods are not broken out, so margin cannot be rebuilt from the document.
Questions worth putting to BFT
The filing answers what it answers. These are the gaps an owner or a buyer should close directly.
- What do locations at the median spend on wages and rent as a share of sales? The filing reports sales only.
- What separates the highest-selling locations from the lowest: trade area, years open, size, or the owner?
- How long does a new location take to reach the average you publish, and what does the build-up look like month by month?
- At what level of sales do the minimum charges stop applying and the percentage take over?
- How many BFT locations closed, were sold, or changed hands last year, and why?
Run your own numbers.
The Franchise Finance Diagnostic runs the same checks on your own numbers. It scores where you stand and compares you with Item 19 of your brand’s FDD. It works out what one location earns and spends, and builds a 13-week cash forecast. Checks whether you are ready to open another one. It is free and it runs in your browser.
Launch the diagnostic →What is your members leaving actually costing?
A structured review of your unit economics, cash forecast. Reporting, built around members in and members out each month, revenue a member, and the fixed charges measured in member-months.
Request the reviewthe franchise library, all 243 brands · how franchise unit economics work · running the books across several locations · what Averan does for franchise owners
BFT reads against the rest of the group training studios group: 9ROUND · Burn Boot Camp · D1 Training · F45 Training · Orangetheory Fitness · SWEAT440. The group training studios guide compares all of them on the same figures.
Questions owners ask next
The figures above raise these, and each one is answered on its own page.
- At what level of sales does a minimum fee stop costing me more than the percentage?How royalty, ad fund and minimums actually work on a monthly statement.
- How much cash do I fund before a new location covers its own costs?A 13-week forecast for the months before break-even.
- My payroll percentage keeps climbing. Is that a payroll problem?Usually it is a revenue problem wearing a payroll costume.
- What does this location earn on the money I put into it?Payback period and cash-on-cash return for one unit.
- How much of Item 19 can I rely on?What a financial performance representation does and does not tell you.