Fitness franchise finance
Averan read the 2026 FDDs of 37 fitness brands. Behind them sit 11,270 reporting units out of 13,672 open at year end. 30 of the 37 have a flat annual charge, running $1,428 to $71,500. At one brand that charge takes 24.2% of an average location.
Find a fitness brand
35 brands in this guide, each from its own 2026 FDD. Open one, or pick two and compare them.
Top performers
These are the things that separate top performers in fitness
At the typical fitness brand, the best group of locations sells $991,767 a year. The worst group sells $278,758. That is $713,010 more a year, 3.6 times over, for the same brand on the same agreement. Across these brands, a median of 43% of locations reach their own brand’s average. The average describes the top of a system, not the middle. 32 of the 37 brands here publish bands; the rest disclose no spread at all.
Decided before you open
- What it costs to open.Opening costs run $57,500 to $5,386,000 across the category, and the top of a single brand’s range is typically 2.0 times its bottom. The top group sells $991,767 a year against a build that tops out at $5,386,000, so at the heavy end of the range a location sells $0.18 for every dollar it cost to open. A build that heavy takes years of sales to recover, so the site has to be right the first time.
- What a location sells.Average sales run $531,641 at the middle brand and $991,767 at the top group. Format and site decide most of that before an owner does anything, which is why the same operator produces different results in different trade areas.
- Rent is one number, and it lands twice.Occupancy runs 16.5% of sales at the middle brand, which on median sales of $531,641 is $87,960 of rent a year. That same $87,960 is 8.9% of sales at the top group and 31.6% at the bottom. Nobody negotiated a worse lease. The top performers move this line by putting more sales through the same square footage: longer earning hours, a second daypart, and a site picked for traffic rather than for the rate.
Live operating levers
- 29 of the 36 brands here sell a membership.The owner watches three things. How many people join in a month. How many cancel. What a member spends on top of the plan. The top performers work the cancellations as hard as the joins, because a member who leaves in month four has cost a year of revenue that was already counted.
- 16 of the 36 brands here can widen what they sell without widening the building.Selling a product alongside the service, or moving customers onto a higher tier of it, raises what an hour of the same room earns. It is the only way to lift the ceiling without spending money on more space or more hours.
- 14 of the 36 brands here publish how a new location builds up.Where a brand shows its first year month by month, an owner can see when sales finally cover the costs and how much cash has to be put in before that point arrives. Where a brand does not show it, that curve has to be guessed at, and the guess is usually optimistic.
- Wages. Same labor market, different result.Wages run 32.8% of sales at the middle brand and 26.0% to 43.7% across the 8 that disclose it. These brands hire from the same pool at the same rates, so a 18-point spread is not a pay-rate gap. It is scheduling and productivity: rostering against booked demand hour by hour, managing sales per paid hour as the number, and keeping enough of the pay variable that the line falls when the week is quiet. On the top group’s $991,767 of sales, a point of wages is $9,918 a year; on the bottom group’s $278,758 it is $2,788. The same discipline is worth more where the volume already is.
- Cost of what you sell. The line that compounds.Products and materials take 2.7% of sales at the middle brand, 2.1% to 8.9% across the 3 that disclose it. Buying on the brand program rather than locally, holding the price list instead of discounting to close, and counting waste weekly are what separate the ends of that range, and each of them compounds with volume, which is why the gap widens as a location grows.
- What is left at the end. Where the gap comes from.Of the 9 brands that publish a profit line, the middle one keeps 25.1% of sales, from 15.2% to 40.0%. The cost lines above move by a few points between the best and worst locations while sales move by multiples, so the top performers are not running a cheaper business. They are running the same cost base over more revenue. Hold that 25.1% margin steady and the top group earns $248,438 against $69,829 at the bottom, a difference of $178,609 a year that comes from volume alone.
- What the brand charges. The line that works backwards.Fees run a median 10.8% of sales across 33 brands, from 6.0% to 47.9%. Where a minimum sits underneath the percentage, the weakest location pays the highest effective rate, so the fee line costs most exactly where it can least be afforded. The top performers clear the minimum early and stop thinking about it. At $991,767 the fees cost $107,111 a year; at $278,758 they cost $30,106. The percentage is the same and the burden is not.
Context you underwrite around
- How many brands show a ramp.14 of 37 filings in this category show how a new location builds up. For the rest the first year has to be assumed, and the assumption is usually wrong in the same direction.
- What is not banded.5 brands publish no bands at all, so their spread is unknown rather than narrow. Read a single average as the upper-middle of a distribution you cannot see.
Compare these brands side by side →
Also disclosed across this group: $27,353, $3,243, $36,178, $5,316, $79,268, 147.7, 3.1.
The model
The business model the top performers in fitness are running
What the top performers can do that others cannot
29 of the 37 brands here sell a membership. 3 of them run a recurring plan, and turning a first visit into a standing arrangement is a skill in itself. Filling a fixed building is the constraint: occupancy runs 16.5% of sales at the middle brand, and the rent does not move when the week is quiet. Rostering against demand is the constraint: wages run 32.8% of sales at the middle brand, more than any other line.
What the customer is buying
The customer buys a plan they pay for monthly whether they show up or not. At 4 of them the model is different: the customer buys a place held week after week, which asks something else of the owner. A location at the middle brand sells $531,641 a year; the top group sells $991,767. The offer is the same at both ends of that range, so the difference is volume rather than product. At 16 of them the top performers widen the offer rather than the building: retail and higher service tiers raise what an hour earns without adding an hour.
Who the customer is, and how often they come back
This is a retention business. The money is made in the second year of a customer, not the first month, so the number that decides the year is how many stay. A median 43% of locations reach their own brand’s average, so most of the system is below the number the brand advertises, and the gap is usually a demand gap rather than an effort gap. The top group sells $991,767 against $278,758 at the bottom. Trade area and site set that range before an owner takes a booking.
How the money works
Opening costs $57,500 to $5,386,000 across the category, and inside one brand the top of the range is typically 2.0 times the bottom. At the middle brand the cost stack runs wages 32.8%, occupancy 16.5%, cost of sales 2.7%, franchise fees 10.8% of sales. What is left runs 25.1% at the middle brand, which is $248,438 a year at the top group and $69,829 at the bottom. The percentage barely moves between them; the dollars do. Cash and earned revenue arrive in different periods here, so the cash forecast matters more than the profit line in any given month. 14 of these brands publish how a new location builds up, so the first year can be read out of the document instead of guessed at.
A member is worth $30.32 to $56.42 a month at an access gym, $150.55 to $187.94 at a boutique group studio, and $347.79 in small-group personal training. A personal training member is worth 11 times a gym member.
- What a member is worth sorts into 3 tiers spanning 11.5 times. $30.32 to $56.42 a month at the access gyms, $150.55 to $187.94 at boutique group fitness, and $347.79 at Alloy’s small-group personal training *.
- 5 boutique group-fitness brands land between $150.55 and $179.92 a member a month. Orangetheory, Pure Barre, Burn Boot Camp, Yoga Six and BFT, a 19.5% group across average revenue from $393,761 to $802,145 *.
- The flat charge takes 24.2% of an average GYMGUYZ location and 0.2% of an average Little Gym. $34,404 against $142,273, and $1,428 against $658,446 *, the same kind of line, doing a hundred times the damage at one brand than the other.
- Eight of the 37 publish a profit figure, running 15.2% to 34.1%. Median 22.5%, at The Camp Transformation Center and Crunch Fitness respectively, against revenue underneath it running from $277,584 to $3,134,867.
- 9ROUND gave up 29.1% of its system in one year and Orangetheory 5.8%. 58 studios of 199 against 74 of 1,283 *. The larger headline loss is the smaller event, and 13 of the 37 shrank.
The formats inside fitness
- Gyms and clubs 9 brandsAnytime Fitness · Crunch Fitness · Fitness Premier · Planet Fitness · Snap Fitness · The Little Gym · UFC GYM · Workout Anytime · World Gym
- Group training studios 8 brands9ROUND · BFT · Burn Boot Camp · D1 Training · F45 Training · Orangetheory Fitness · SWEAT440 · The Camp Transformation Center
- Pilates, barre and yoga 6 brandsBar Method · barre3 · BODYBAR Pilates · Club Pilates · Pure Barre · Yoga Six
- Personal training 5 brandsAlloy Personal Training · Discover Strength · Fit Body Boot Camp · Fitness Together · GYMGUYZ
- Swim schools 5 brandsAqua-Tots · Big Blue Swim School · British Swim School · Goldfish Swim School · SafeSplash Swim School
- Assisted stretching 3 brandsStretch Zone · StretchLab · StretchMed
- Other 1 brandThe Exercise Coach
Wage, rent and billing-rule changes are in the franchise cost and rules update.
Every brand in this guide
The costs that never change
What a member is worth each month
| Brand | Format | Average revenue | Average members | Revenue per member a month |
|---|---|---|---|---|
| Alloy Personal Training | Small-group personal training studio | $394,981 | 93 | $347.79 |
| StretchLab | Assisted stretching studio | $511,265 | 159 | $267.96 |
| Bar Method | Barre studio | $422,969 | 143 | $246.49 * |
| Club Pilates | Reformer Pilates studio | $987,810 | 438 | $187.94 |
| BFT | Functional and strength training studio | $399,433 | 185 | $179.92 |
| Yoga Six | Boutique yoga studio | $531,641 | 272 | $162.88 |
| Burn Boot Camp | Camp-format group fitness | $732,444 | 378 | $161.47 |
| Pure Barre | Barre fitness studio | $393,761 | 205 | $160.07 |
| Orangetheory Fitness | Heart-rate group training studio | $802,145 | 444 | $150.55 |
| Anytime Fitness | 24-hour gym | $446,814 | 660 | $56.42 |
| UFC GYM | Mixed martial arts gym | $3,971,640 | 6,006 | $55.11 |
| Workout Anytime | 24-hour access club | $516,823 | 1,327 implied * | $32.46 |
| Snap Fitness | 24-hour gym | $277,584 | 724 | $31.95 |
| Crunch Fitness | Big-box gym | $3,134,867 | 8,617 | $30.32 |
Revenue and member counts are as the brand reported it by each brand; the ratio is marked. Dividing average revenue by average members and by twelve.
6 boutique brands land between $150.55 and $187.94 a month. Orangetheory, Pure Barre, Burn Boot Camp, Yoga Six. BFT and Club Pilates, across formats as different as heart-rate circuit training, barre, functional strength, outdoor-style camps, yoga and reformer Pilates. Across average revenue from $393,761 to $987,810. Whatever an owner thinks they are selling, the market prices a boutique fitness membership between $150 and $190 a month. Bar Method’s filed dues of $152.58 land at the bottom of that same group.
StretchLab and Alloy sit above the group at $267.96 and $347.79. Both sell something close to an one-to-one service: assisted stretching is delivered by a practitioner to one person at a time. Alloy’s memberships buy one, two or 3 coached small-group sessions a week. That is what the premium buys, and it comes with a far smaller book, 159 and 93 members against 444 at Orangetheory. Alloy earns $394,981 from 93 people; Crunch earns $3,134,867 from 8,617.
The access gyms charge $30.32 to $56.42. Crunch, Snap Fitness, Workout Anytime and Anytime Fitness. Against the boutique group that is a fifth to a third of the price. The trade is volume. 8,617 members at a Crunch club and 724 at a Snap club, against 205 at a Pure Barre studio. Both models work; they are entirely different businesses to run, and they fail for entirely different reasons.
What labor and occupancy cost
| Brand | Average revenue | Profit margin | Labor | Building costs |
|---|---|---|---|---|
| Crunch Fitness | $3,134,867 | 34.1% | 26.8% | 19.1% |
| Goldfish Swim School | $1,994,169 | 28.1% | 35.3% | 11.4% |
| British Swim School | $432,912 | 25.05% | 32.91% | 16.80% |
| The Little Gym | $658,446 | 25.7% | n/a | n/a |
| Fitness Premier | $698,258 | 22.5% | n/a | n/a |
| SafeSplash | $1,058,090 | 21.3% | 32.7% | 20.0% |
| Burn Boot Camp | $732,444 | 17.0% | n/a | n/a |
| The Camp Transformation Center | $464,777 | 15.2% | 36.9% | 16.0% |
| Bar Method | $422,969 | n/a | n/a | 16.29% |
| Alloy Personal Training | $394,981 | n/a | n/a | 7.3% to 28.0% by quartile |
| Discover Strength | $872,951 | n/a | 43.7% | 12.0% |
As the brand reported it by each brand, and the profit definitions differ enough to matter.
Occupancy cost runs 11.4% to 20.0% of revenue across the 6 brands that disclose an average. Goldfish at 11.4%, The Camp Transformation Center at 16.0%, Bar Method at 16.29%, Crunch at 19.1%, and SafeSplash and Snap Fitness at 20.0%. Set that beside the health and wellness brands in this library. Land between 9.68% and 11.3%, and fitness has roughly twice the occupancy cost burden, because these formats need floor space. The two brands publishing a range show how far that moves inside one system. Bar Method runs from 9.44% to 32.68% and Alloy 7.3% to 28.0%, on the same box in both cases, so the percentage is revenue.
Labor runs 26.0% to 36.9%, with a median of 32.7%. Snap Fitness at the bottom and The Camp Transformation Center at the top. The pattern follows the member ratio: access gyms need staff to open a door and clean a minimum. Coached formats need an instructor in front of every class. So the two disclosed cost lines move in opposite directions, and the total lands within a few points either way.
7 brands publish a profit figure and they run 15.2% to 34.1%, median 22.5%. That is a far tighter range than the revenue range underneath it, which runs from $277,584 to $3,134,867. The size of a fitness business and its margin are close to unrelated. That is the single most useful thing an owner can take from this comparison.
Sales
How far apart the brands are
Average revenue runs from $277,584 to $3,134,867 across 25 brands, with a median of $516,823. Snap Fitness at the bottom and Crunch Fitness at the top, an 11.3 times range. Half the brands in this guide average under $516,823, which is the number worth holding when a concept is described as high-volume.
The median unit bills less than the average unit at every one of the 19 brands that publish both. The median runs 93.6% of the average at the typical brand, from 84.5% at Snap Fitness to 99.0% at Club Pilates. Every one of these distributions is pulled up by a few strong units. So the median is the planning number and the average is the marketing number.
The top group bills 2.93 times the bottom group at the typical brand, across 24 brands. From 1.57 times at BODYBAR Pilates to 12.07 times at Goldfish Swim School. That range is itself informative: a tight range says the format travels and the outcome is largely set by execution. A wide one says site and market selection do most of the work.
Between 39% and 48% of units reach their own brand’s average. Across the 13 brands that publish an attainment figure. Club Pilates is highest at 48%, Anytime Fitness lowest at 39%. Put plainly, roughly 3 units in 5 bill below the figure their brand leads with, which is what a right-skewed distribution looks like from the inside.
9 brands publish a measured ramp. Club Pilates, StretchLab, Pure Barre, Yoga Six, Goldfish Swim School, Crunch Fitness, StretchMed, Alloy Personal Training and BFT. The shapes differ sharply: the boutique studios reach something close to steady state inside 3 to four months on the back of a pre-sale. Crunch's member count is effectively fixed after year one and its growth comes from selling more to the same people. An owner reading a ramp should ask which of those two shapes the format is.
5 brands publish a churn figure. StretchLab at 9.5% a month, BFT at 6.6%. Club Pilates at 6.4%. Alloy at 9.67% implied by its 90.33% monthly retention. Burn Boot Camp implicitly through its member-count groups. At BFT a member stays 15.2 months and at Alloy 10.3. So 64.3% of BFT’s new selling replaces leavers and Alloy turns over its whole book inside 11 months. At 9.5% a studio replaces its whole base in ten and a half months; at 6.4% it takes fifteen and a half. Against new memberships of 15 and 38 a month respectively, the first system is standing still and the second is growing by ten members a month.
Fees and the money needed
Flat charges and minimums, on top of the royalty
| Brand | Average revenue | Percentage rate | Flat or floored charge a year | Share of average revenue |
|---|---|---|---|---|
| GYMGUYZ | $142,273 | 7.0% | $34,404 | 24.2% |
| StretchMed | $301,873 | 8.0% | $44,400 | 14.7% |
| D1 Training | $552,329 | n/a | $63,128 | 11.4% |
| Snap Fitness | $277,584 | n/a | $30,323 | 10.9% |
| Stretch Zone | $310,219 | 9.0% | $30,620 | 9.9% |
| British Swim School | $432,912 | 10.0% | $42,000 | 9.7% |
| Anytime Fitness | $446,814 | n/a | $34,705 | 7.8% |
| F45 Training | $480,832 | 9.0% | $36,000 | 7.5% |
| Burn Boot Camp | $732,444 | 8.0% | $46,320 | 6.3% |
| Pure Barre | $393,761 | 11.0% | $21,648 | 5.5% |
| StretchLab | $511,265 | 12.0% | $26,100 | 5.1% |
| Big Blue Swim School | $1,636,545 | 6.0% | $71,500 | 4.4% |
| Yoga Six | $531,641 | 11.0% | $22,008 | 4.1% |
| Alloy Personal Training | $394,981 | 9.0% | $14,868 | 3.8% |
| Orangetheory Fitness | $802,145 | 13.0% | $30,000 | 3.7% |
| The Camp Transformation Center | $464,777 | 6.0% | $15,900 | 3.4% |
| Goldfish Swim School | $1,994,169 | 10.0% | $63,600 | 3.2% |
| Club Pilates | $987,810 | 12.0% | $24,600 | 2.5% |
| UFC GYM | $3,971,640 | 4.0% | $90,000 | 2.3% |
| BFT | $399,433 | 9.0% | $8,580 | 2.1% |
| barre3 | $432,575 | 6.0% | $5,844 | 1.4% |
| Bar Method | $422,969 | 8.0% | $5,700 | 1.3% |
| Fitness Together | $534,267 | 6.0% | $5,220 | 1.0% |
| SWEAT440 | $689,037 | 7.0% | $11,940 | 1.7% |
| SafeSplash | $1,058,090 | 10.0% | $11,400 | 1.1% |
| BODYBAR Pilates | $766,821 | 9.0% | $6,000 | 0.8% |
| Discover Strength | $872,951 | 6.0% | $7,188 | 0.8% |
| Fitness Premier | $698,258 | 11.0% | $3,588 | 0.5% |
| Aqua-Tots Swim Schools | $1,138,797 | 6.0% | $5,580 | 0.5% |
| The Little Gym | $658,446 | 14.0% | $1,428 | 0.2% |
Applying each brand's filed rates to its own average revenue.
The flat charge is 3.75% of average revenue at the typical brand and 14.7% at the highest. StretchMed costs $44,400 against $301,873 of average revenue, D1 Training $63,128 against $552,329 and Snap Fitness $30,323 against $277,584. 5 brands have a flat charge above 9% of what an average unit bills. At every one of them the lowest-selling units are paying a multiple of that.
The percentage rate runs 6% to 15% across 22 brands, median 9.5%. The Camp Transformation Center at the bottom on a 6% royalty with zero fund contribution charged today, Planet Fitness at the top. But the percentage is the smaller half of the pattern. A 6% royalty with a $63,128 flat stack costs more at $400,000 of revenue than a 13% rate standing alone.
Where a minimum binds, it usually binds on almost the whole system. F45's $2,500 monthly minimum royalty starts at $428,571 of sales and the median studio bills $429,222. StretchLab's and Yoga Six's $1,500 monthly minimum advertising charge binds below $900,000, above their top quartiles. Orangetheory's $2,500 minimum binds below $1,500,000, above its top quartile too. These are set at levels most units stay below.
What it costs to open
Opening an unit costs 0.40 to 2.11 times a year of its own brand’s average revenue at the low end. Median 0.69 *. At the high end of each range it is 0.90 to 4.46 times, median 1.52. Burn Boot Camp is cheapest relative to what it earns and Workout Anytime dearest, at $1,091,700 to $2,305,400 against $516,823 of average revenue. SafeSplash’s Hosted format sits outside that range entirely at 0.05 times, because it rents pool time.
5 brands can be built for less than a year of average revenue even at the top of their range. BODYBAR Pilates, Burn Boot Camp, Stretch Zone, StretchMed and The Camp Transformation Center. 3 cost more than two years even at the low end of the comparison: Anytime Fitness, Fitness Premier and Snap Fitness. The gap between those groups is roughly a factor of 3 on the same revenue.
In absolute terms the range is $57,500 to $5,386,000. A SafeSplash Hosted location at the bottom, a Planet Fitness club at the top, ninety-four times, and $129,892 for StretchMed’s one-table studio is the cheapest purpose-built box. Fitness is the widest capital category in this library. The range comes almost entirely from floor space. The formats that need 20,000 to 49,000 square feet build for millions. The ones that need 300 to 1,500 square feet build for low 6 figures.
SafeSplash shows the choice inside a single brand. A Dedicated location with its own pool costs $961,200 to $1,348,785. A Hosted location renting pool time costs $57,500 to $81,000, 6% as much. Returns 33% of the profit at a higher margin. It is the clearest illustration in this category of what the building is actually buying. What it costs in durability. 14 Hosted locations closed permanently in 2025 and zero Dedicated ones did.
Operating levers
What each brand’s top performers actually work on
The levers the filing supports, brand by brand. Three to five each, read from that brand’s own 2026 FDD. Filter by type of business, or open a brand for the figures underneath.
36 brands
9ROUND
Group training studios
- 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.
- Fees, and where the minimum bites. Fees run about 18.8% 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.
Alloy Personal Training
Personal training
- 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.
- Fees, and where the minimum bites. Fees run about 12.8% 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.
Anytime Fitness
Gyms and clubs
- 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.
Bar Method
Pilates, barre and yoga
- Occupancy, the line that does not flex. Rent and building costs take 16.3% of sales. Sales per square foot and the hours the space is earning are the only two ways to move it, since the rent itself is fixed at signing.
- 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 9.5% 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.
barre3
Pilates, barre and yoga
- 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 9.5% 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.
BFT
Group training studios
- 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.
Big Blue Swim School
Swim schools
- Enrolment, the operating driver. This model bills on enrolment. The licence fixes how many places exist, so what is left is how many are filled, what each is priced at, and how long a family stays. It is worth watching every week, because by the time it turns up in a monthly close the quarter is half gone.
- Fees, and where the minimum bites. Fees run about 15.0% 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.
BODYBAR Pilates
Pilates, barre and yoga
- 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 9.0% 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.
British Swim School
Swim schools
- Wages, the dominant line. Wages take 32.9% of sales, against 25.1% kept at the end. Staff productivity, scheduling against demand hour by hour, and the balance of base pay to commission are where this is won. Small movements here move the result more than anything else, because nothing else in the structure is that large.
- Occupancy, the line that does not flex. Rent and building costs take 16.8% of sales here. Sales per square foot and the hours the space is earning are the only two ways to move it, because the rent itself is fixed at signing.
- Enrolment, the operating driver. This model bills on enrolment. The licence fixes how many places exist, so what is left is how many are filled, what each is priced at, and how long a family stays. It is worth watching every week, because by the time it turns up in a monthly close the quarter is half gone.
- Fees, and where the minimum bites. Fees run about 12.0% 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.
Burn Boot Camp
Group training studios
- 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 8.0% 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.
Club Pilates
Pilates, barre and yoga
- 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 12.0% 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.
Crunch Fitness
Gyms and clubs
- Wages, the dominant line. Wages take 26.8% of sales, against 34.1% kept at the end. Staff productivity, scheduling against demand hour by hour, and the balance of base pay to commission are where this is won. Small movements here move the result more than anything else, because nothing else in the structure is that large.
- Occupancy, the line that does not flex. Rent and building costs take 19.1% of sales here. Sales per square foot and the hours the space is earning are the only two ways to move it, because the rent itself is fixed at signing.
- 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 7.0% 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.
D1 Training
Group training studios
- 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.
Discover Strength
Personal training
- Wages, the dominant line. Wages take 43.7% of sales. Staff productivity, scheduling against demand hour by hour, and the balance of base pay to commission are where this is won.
- Occupancy, the line that does not flex. Rent and building costs take 12.0% of sales here. Sales per square foot and the hours the space is earning are the only two ways to move it, because the rent itself is fixed at signing.
- Suites rented, the operating driver. This model bills on suites rented. The suites are built once and then let, so the business is how many are occupied and how long each tenant stays. It is worth watching every week, because by the time it turns up in a monthly close the quarter is half gone.
- Membership and rebooking. A recurring plan turns a high-fixed-cost business from an appointment book into a subscription, which smooths the utilisation that drives the wage line. Rebooking before the customer leaves is what builds it, not marketing spend afterwards.
- Fees, and where the minimum bites. Fees run about 10.8% 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.
F45 Training
Group training studios
- 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.
- Fees, and where the minimum bites. Fees run about 9.0% 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.
Fit Body Boot Camp
Personal training
- 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.
- Fees, and where the minimum bites. Fees run about 12.0% 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.
Fitness Premier
Gyms and clubs
- 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.
- Fees, and where the minimum bites. Fees run about 11.0% 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.
Fitness Together
Personal training
- Visits, the operating driver. This model bills on visits. The owner watches how many visits happen, what each one is worth, and how many customers book the next one before they leave. It is worth watching every week, because by the time it turns up in a monthly close the quarter is half gone.
- Membership and rebooking. A recurring plan turns a high-fixed-cost business from an appointment book into a subscription, which smooths the utilisation that drives the wage line. Rebooking before the customer leaves is what builds it, not marketing spend afterwards.
- Fees, and where the minimum bites. Fees run about 9.0% 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.
Goldfish Swim School
Swim schools
- Wages, the dominant line. Wages take 35.3% of sales, against 28.1% kept at the end. Staff productivity, scheduling against demand hour by hour, and the balance of base pay to commission are where this is won. Small movements here move the result more than anything else, because nothing else in the structure is that large.
- Occupancy, the line that does not flex. Rent and building costs take 11.4% of sales here. Sales per square foot and the hours the space is earning are the only two ways to move it, because the rent itself is fixed at signing.
- Enrolment, the operating driver. This model bills on enrolment. The licence fixes how many places exist, so what is left is how many are filled, what each is priced at, and how long a family stays. It is worth watching every week, because by the time it turns up in a monthly close the quarter is half gone.
- Fees, and where the minimum bites. Fees run about 10.0% 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.
GYMGUYZ
Personal training
- Wages, the dominant line. Wages take 29.8% of sales, against 40.0% kept at the end. Staff productivity, scheduling against demand hour by hour, and the balance of base pay to commission are where this is won. Small movements here move the result more than anything else, because nothing else in the structure is that large.
- Customers, the operating driver. This model bills on customers. The owner works on how many customers are won, how many are lost, and what each spends in a year. It is worth watching every week, because by the time it turns up in a monthly close the quarter is half gone.
- Membership and rebooking. A recurring plan turns a high-fixed-cost business from an appointment book into a subscription, which smooths the utilisation that drives the wage line. Rebooking before the customer leaves is what builds it, not marketing spend afterwards.
- Fees, and where the minimum bites. Fees run about 47.9% 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.
Orangetheory Fitness
Group training studios
- 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 13.0% 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.
Planet Fitness
Gyms and clubs
- 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.
- Fees, and where the minimum bites. Fees run about 15.0% 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.
Pure Barre
Pilates, barre and yoga
- 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 11.0% 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.
SafeSplash Swim School
Children's swim school, dedicated and hosted formats
- Wages, the dominant line. Wages take 32.7% of sales, against 21.3% kept at the end. Staff productivity, scheduling against demand hour by hour, and the balance of base pay to commission are where this is won. Small movements here move the result more than anything else, because nothing else in the structure is that large.
- Occupancy, the line that does not flex. Rent and building costs take 20.0% of sales here. Sales per square foot and the hours the space is earning are the only two ways to move it, because the rent itself is fixed at signing.
- Enrolment, the operating driver. This model bills on enrolment. The licence fixes how many places exist, so what is left is how many are filled, what each is priced at, and how long a family stays. 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 10.0% 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.
Snap Fitness
Gyms and clubs
- Wages, the dominant line. Wages take 26.0% of sales. Staff productivity, scheduling against demand hour by hour, and the balance of base pay to commission are where this is won.
- Occupancy, the line that does not flex. Rent and building costs take 20.0% of sales here. Sales per square foot and the hours the space is earning are the only two ways to move it, because the rent itself is fixed at signing.
- 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.
Stretch Zone
Assisted stretching
- 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.
- Fees, and where the minimum bites. Fees run about 9.0% 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.
StretchLab
Assisted stretching
- 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 12.0% 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.
StretchMed
Assisted stretching
- 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.
- Fees, and where the minimum bites. Fees run about 8.0% 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.
SWEAT440
Group training studios
- 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.
- Fees, and where the minimum bites. Fees run about 7.0% 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 Camp Transformation Center
Group training studios
- Wages, the dominant line. Wages take 36.9% of sales, against 15.2% kept at the end. Staff productivity, scheduling against demand hour by hour, and the balance of base pay to commission are where this is won. Small movements here move the result more than anything else, because nothing else in the structure is that large.
- Occupancy, the line that does not flex. Rent and building costs take 16.0% of sales here. Sales per square foot and the hours the space is earning are the only two ways to move it, because the rent itself is fixed at signing.
- 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 6.0% 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 Exercise Coach
Other
- 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 7.0% 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 Little Gym
Gyms and clubs
- 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.
- The gift card book. Gift cards are sold before the service is delivered. The top performers are not selling more of them by accident, they are running a deliberate seasonal push into the holidays and out of it again. The accounting follows: a gift card is deferred revenue until it is redeemed, so cash and earned revenue arrive in different periods.
- 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 14.0% 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.
UFC GYM
Gyms and clubs
- 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 10.7% 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.
Workout Anytime
Gyms and clubs
- 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.
- Fees, and where the minimum bites. Fees run about 13.0% 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.
World Gym
Gyms and clubs
- 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.
Yoga Six
Pilates, barre and yoga
- 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 11.0% 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.
All 37 brands
All 37 brands, side by side
| Brand | Format | Average revenue | Median | Lowest-selling to highest-selling band | Percentage rate | Flat a year | Investment | Build vs revenue | Units at year end | Net change |
|---|---|---|---|---|---|---|---|---|---|---|
| UFC GYM | Mixed martial arts gym | $3,971,640 | $4,094,401 | $2,141,400 – $6,224,979 | 4.0% | $90,000 | $155,388 – $573,738 | 0.04–0.14× | 58 | −8 |
| Crunch Fitness | Big-box gym | $3,134,867 | n/a | $1,645,090 – $4,863,524 | 7.0% | n/a | $2,147,500 – $5,367,000 | 0.69–1.71× | 481 | +66 |
| Goldfish Swim School | Children's swim school | $1,994,169 | $1,781,634 | $528,953 – $6,383,493 | 10.0% | $63,600 | $1,663,263 – $3,746,733 | 0.83–1.88× | 192 | +20 |
| Big Blue Swim School | Children’s swim school | $1,636,545 | $1,620,442 | $430,514 – $3,371,295 | 6.0% | $71,500 | $1,898,350 – $3,478,100 | 1.16–2.13× | 30 | +7 |
| Aqua-Tots Swim Schools | Children’s swim school | $1,138,797 | $1,008,577 | $1,009,985 – $2,687,841 | 6.0% | $5,580 | $1,619,820 – $2,939,590 | 1.42–2.58× | 138 | +7 |
| SafeSplash | Children's swim school, two formats | $1,058,090 | $964,348 | $557,002 – $1,703,924 | 10.0% | $11,400 | $57,500 – $1,348,785 | 0.05–1.27× | 106 | +16 |
| Club Pilates | Reformer Pilates studio | $987,810 | $978,332 | $685,540 – $1,309,242 | 12.0% | $24,600 | $413,289 – $1,029,811 | 0.42–1.04× | 1,179 | +150 |
| Discover Strength | Supervised strength training studio | $872,951 | $876,482 | $262,478 – $1,635,173 | 6.0% | $7,188 | $529,000 – $870,000 | 0.61–1.00× | 25 | +11 |
| Orangetheory Fitness | Heart-rate group training studio | $802,145 | $750,643 | $475,979 – $1,205,826 | 13.0% | $30,000 | $764,577 – $1,104,920 | 0.95–1.38× | 1,209 | −74 |
| BODYBAR Pilates | Reformer Pilates studio | $766,821 | $756,694 | $597,451 – $939,878 | 9.0% | $6,000 | $431,425 – $756,035 | 0.56–0.99× | 73 | +27 |
| Burn Boot Camp | Camp-format group fitness | $732,444 | $699,718 | $334,890 – $1,126,414 | 8.0% | $46,320 | $291,145 – $678,003 | 0.40–0.93× | 386 | +30 |
| Fitness Premier | Full-service health club | $698,258 | n/a | n/a | 11.0% | $3,588 | $456,900 – $1,591,600 | 0.65–2.28× | 6 | +2 |
| SWEAT440 | Group fitness studio (HIIT) | $689,037 | n/a | $311,864 – $1,086,739 | 7.0% | $11,940 | $310,400 – $710,900 | 0.45–1.03× | 20 | +3 |
| The Little Gym | Children's motor-skill gym | $658,446 | n/a | $321,067 – $1,043,656 | 14.0% | $1,428 | $420,324 – $722,773 | 0.64–1.10× | 255 | +37 |
| D1 Training | Athletic-based training facility | $552,329 | n/a | n/a | n/a | $63,128 | $401,776 – $837,381 | 0.73–1.52× | 155 | n/a |
| Fitness Together | One-to-one personal training studio | $534,267 | $480,382 | $154,155 – $1,233,702 | 6.0% | $5,220 | $259,283 – $574,159 | 0.49–1.07× | 82 | −11 |
| Yoga Six | Boutique yoga studio | $531,641 | $501,803 | $287,751 – $823,207 | 11.0% | $22,008 | $543,999 – $1,026,853 | 1.02–1.93× | 191 | −1 |
| Workout Anytime | 24-hour access club | $516,823 | $448,160 | $275,824 – $868,297 | 13.0% | n/a | $1,091,700 – $2,305,400 | 2.11–4.46× | 189 | −1 |
| StretchLab | Assisted stretching studio | $511,265 | $487,003 | $288,485 – $776,614 | 12.0% | $26,100 | $281,390 – $814,545 | 0.55–1.59× | 486 | +1 |
| F45 Training | 45-minute group training studio | $480,832 | $429,222 | $281,691 – $724,472 | 9.0% | $36,000 | $362,300 – $857,700 | 0.75–1.78× | 708 | −43 |
| The Camp Transformation Center | Light-industrial bootcamp center | $464,777 | $442,611 | $186,479 – $834,172 | 6.0% | $15,900 | $311,850 – $418,850 | 0.67–0.90× | 69 | −7 |
| Anytime Fitness | 24-hour gym | $446,814 | $398,982 | $233,169 – $746,996 | n/a | $34,705 | $539,329 – $905,482 | 1.21–2.03× | 2,271 | −19 |
| British Swim School | Children’s swim school | $432,912 | $295,286 | $123,873 – $1,307,986 | 10.0% | $42,000 | $122,700 – $176,050 | 0.28–0.41× | 289 | +31 |
| barre3 | Barre, Pilates and yoga studio | $432,575 | $393,080 | $235,063 – $723,143 | 6.0% | $5,844 | $423,925 – $754,350 | 0.98–1.74× | 166 | +17 |
| Bar Method | Barre studio | $422,969 | $383,926 | $210,862 – $730,249 | 8.0% | $5,700 | $240,288 – $491,358 | 0.57–1.16× | 77 | +4 |
| BFT | Functional and strength training studio | $399,433 | $388,949 | $226,105 – $604,138 | 9.0% | $8,580 | $691,372 – $1,151,135 | 1.73–2.88× | 44 | −5 |
| Alloy Personal Training | Small-group personal training studio | $394,981 | n/a | $252,824 – $554,978 | 9.0% | $14,868 | $272,357 – $534,417 | 0.69–1.35× | 128 | +51 |
| Pure Barre | Barre fitness studio | $393,761 | $363,617 | $215,395 – $624,718 | 11.0% | $21,648 | $455,299 – $736,465 | 1.16–1.87× | 617 | 0 |
| Stretch Zone | Practitioner-assisted stretching | $310,219 | $290,707 | $154,868 – $492,452 | 9.0% | $30,620 | $142,590 – $305,489 | 0.46–0.98× | 413 | +36 |
| The Exercise Coach | Small-format strength studio | $304,317 | $295,870 | $173,537 – $459,507 | 7.0% | n/a | $262,735 – $481,369 | 0.86–1.58× | 217 | +6 |
| StretchMed | Assisted stretching studio | $301,873 | $264,135 | $181,027 – $456,057 | 8.0% | $44,400 | $129,892 – $280,147 | 0.43–0.93× | 38 | +7 |
| Snap Fitness | 24-hour gym | $277,584 | $234,451 | $116,106 – $522,423 | n/a | $30,323 | $554,731 – $827,621 | 2.00–2.98× | 460 | −24 |
| GYMGUYZ | Mobile personal training | $142,273 | $89,610 | $11,460 – $1,692,924 | 7.0% | $34,404 | $112,100 – $194,000 | 0.79–1.36× | 131 | +15 |
| Planet Fitness | High-volume low-price gym | n/a | n/a | $1,260,539 – $2,705,811 | 15.0% | n/a | $1,282,500 – $5,386,000 | n/a | 2,432 | +134 |
| 9ROUND | Kickboxing circuit studio | n/a | n/a | n/a | 6.0% | $36,618 | $160,449 – $390,300 | n/a | 141 | −58 |
| Fit Body Boot Camp | Group personal training studio | n/a | n/a | n/a | 5.0% | $28,764 | $195,850 – $391,800 | n/a | 192 | −25 |
| World Gym | Full-size gym | n/a | n/a | n/a | Flat | $19,968 | $452,500 – $2,232,500 | n/a | 18 | −2 |
All dollar figures as the brand reported it by each brand. The investment multiple is marked *, dividing each end of the investment range by that brand's own average revenue.
10,584 units sit behind these figures, out of 12,402 open at year end. 85% of the category reported. The exclusions are worth reading brand by brand: Stretch Zone leaves out 140 of 377 studios, citing reasons including operational failures. Orangetheory's 95 permanent closures sit outside its performance tables entirely.
6 brands shrank during 2025 and 14 grew. Orangetheory lost 74 studios, F45 43, Snap Fitness 24, Anytime Fitness 19, The Camp Transformation Center 7 and Yoga Six 1. Club Pilates added 150, Planet Fitness 134, Crunch 66 and The Little Gym 37. This is a two-speed category, and the split runs along format lines.
3 brands publish a full line-by-line profit and loss. Goldfish Swim School, SafeSplash and Crunch Fitness, with The Camp Transformation Center publishing one for its company-owned centers and Fitness Premier for 11 named clubs. 5 filings out of 26. For the other 21, an owner's own accounts are the only cost benchmark available. That is why a consistent chart of accounts matters more in this category than in most.
Questions we get asked
Questions owners ask
What should a fitness unit be billing?
It depends entirely on format. Across 21 brands with a published average, revenue runs $277,584 to $3,134,867 with a median of $552,329. Boutique studios cluster between $300,000 and $1,000,000: Pure Barre $393,761, StretchLab $511,265, Yoga Six $531,641, Burn Boot Camp $732,444, Club Pilates $987,810. Access gyms split: Snap Fitness $277,584 and Anytime Fitness $446,814 at the small end, Crunch above $3m and Planet Fitness between $1,260,539 and $2,705,811 by group. Swim schools run highest per unit at $1,058,090 and $1,994,169.
What is a realistic margin?
7 of the 26 brands publish one, and they run 15.2% to 34.1% with a median of 22.5%. Crunch Fitness 34.1%, Goldfish Swim School 28.1%, The Little Gym 25.7%, Fitness Premier 22.5%, SafeSplash 21.3%, Burn Boot Camp 17.0% and The Camp Transformation Center 15.2%. Every one of those sits before interest, tax, depreciation and owner compensation, and several have further adjustments described in the individual breakdowns. The range is much tighter than the revenue range underneath it.
How much should the lease cost?
5 brands disclose occupancy cost and they run 11.4% to 20.0% of revenue. Goldfish Swim School 11.4%, The Camp Transformation Center 16.0%, Crunch Fitness 19.1%, and SafeSplash and Snap Fitness 20.0%. That is roughly double what health and wellness brands report, where the group is 9.68% to 11.3%, because fitness formats buy floor space. A lease that puts occupancy cost above 20% of realistic mature revenue is working against the operator whatever the concept.
What does the brand take?
19 brands publish a percentage rate and it runs 6% to 15% of sales with a median of 10%. But 19 also have a flat or floored annual charge. That runs from $1,428 at The Little Gym to $63,600 at Goldfish Swim School, median $26,100 and 4.1% of average revenue. The flat charge is the difference between a high-selling and a low-selling unit. 5 brands have a flat charge above 9% of what an average unit bills. At the lowest-selling units in those systems it runs several times higher. Several brands also set the local advertising requirement as the greater of a percentage and a monthly minimum. The minimum usually binds on almost the whole system.
Who does bookkeeping for a fitness franchise?
3 things distinguish this category's monthly close. First, member count is the operating driver at almost every brand. So it belongs at the top of the management pack alongside revenue per member, benchmarked against $150 to $188 a month for boutique formats, $246 to $348 for barre, assisted stretching and small-group personal training. $30 to $57 for access gyms. Where a brand puts members leaving on record, as StretchLab, BFT, Club Pilates and Alloy do, the pack should have it beside new memberships. Because the difference between the two is the only figure that says whether an unit is growing. Second, the fee structures are unusually mechanical: royalties are commonly swept weekly or twice weekly straight from the payment processor, several brands set minimums that take over below a revenue threshold. Local advertising obligations are frequently a spend to substantiate. Third, only 5 of 26 brands put a cost structure on record. So an owner's own ratios become the benchmark quickly. Makes a chart of accounts aligned to the brand's own expense categories worth setting up in month one. Averan provides bookkeeping, controller, and fractional CFO support for franchise owners and has Certified QuickBooks ProAdvisors on the team.
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 →Where do your numbers sit against your brand's?
A structured review of your unit economics, cash forecast, and reporting, benchmarked against your own brand’s filed numbers.
Request the reviewWhere these figures come from
Every figure here comes from the named brand’s own 2026 FDD and is unaudited by us, we are unaffiliated with every brand mentioned, calculations of our own are labeled where they appear, the figures describe past performance at other businesses and are not a projection of yours. This page is an educational summary. It is not an offer to sell a franchise, and it is not financial, legal or tax advice. Each brand name is a registered trademark of its owner. How Averan reads a Franchise Disclosure Document.
Questions owners ask next
The figures above raise these, and each one is answered on its own page.
- Money arrives before the service does. How should that be booked?Deferred revenue, and why the bank balance and the profit line disagree.
- 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.
- I run several locations. Which ones actually make money?Location-level contribution, and what it takes to see it.
- How much of Item 19 can I rely on?What a financial performance representation does and does not tell you.