Group training studios franchise finance
Averan read the 2026 FDDs of eight group training studios brands.
The median brand here reports average revenue of $552,329 an unit. Percentage fees at the median brand come to 9% of sales. The median cost to open runs $337,075 to $774,140.
Find a group training studios brand
8 brands in this guide, each from its own 2026 FDD. Open one, or pick two and compare them.
The brands in this group
Each brand has its own business model breakdown, with every figure set out against the brand’s disclosure document it comes from.
- 9ROUND No financial performance representation · Advertising_exceeds_royalty
- BFTrevenue-and-member-quartiles-plus-opening-curve · Revenue and member quartiles for 36 studios, monthly members leaving, new memberships, revenue mix
- Burn Boot Camp Revenue by group · Net operating income after operating costs by member count group
- D1 Trainingquartile · Flat franchise fees against quartile revenue
- F45 Training Revenue by group · minimum royalty binds at the median studio
- Orangetheory Fitnessquartile · Members ranked on the same quartiles as sales
- SWEAT440 Full P&L · A seventeen-line P&L per quartile, and the bottom one loses money on rent
- The Camp Transformation Center Full P&L · Company-owned P&L with imputed royalty against a franchised revenue table
The figures, brand by brand
| Measure | Median | Brands | Basis |
|---|---|---|---|
| Average sales per unit | $552,329 | 7 of 8 | Median of each brand’s disclosed average |
| Median sales per unit | $442,611 | 5 of 8 | Median of each brand’s disclosed median |
| Initial franchise fee | $60,000 | 7 of 8 | |
| Royalty | 7% | 7 of 8 | Headline rate |
| Brand or advertising fund | 2% | 5 of 8 | |
| Percentage fees, all in | 9% | 7 of 8 | Royalty, funds and local marketing set as a share of sales |
| Cost to open, low | $337,075 | 8 of 8 | |
| Cost to open, high | $774,140 | 8 of 8 | |
| Profit margin | Fewer than three disclose | 2 of 8 | Each brand’s own profit line; definitions differ |
| Labor, share of revenue | Fewer than three disclose | 1 of 8 | |
| Building costs, share of revenue | Fewer than three disclose | 1 of 8 | |
| Unit growth, 2025 | -5.8% | 7 of 8 | (End − start) ÷ start |
| Customers lost, 2025 | 9.2% | 7 of 8 | Terminated, non-renewed, reacquired and ceased, ÷ opening units; transfers excluded |
Each figure is the median of the brands that disclose it, and the Brands column counts them.
How we calculated this
Revenue is each brand's own reported figure on its own unit basis, so the median describes the group and no single brand. Growth and customers lost are our calculations from each brand's outlet table. Where fewer than three brands disclose a figure, no benchmark is shown.
The model
The business model the top performers in group training studios are running
What the top performers can do that others cannot
8 of the 8 brands here sell a membership. Rostering against demand is the constraint: wages run 36.9% 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. A location at the middle brand sells $552,329 a year; the top group sells $960,456. The offer is the same at both ends of that range, so the difference is volume rather than product. At 4 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 44% 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 $960,456 against $296,778 at the bottom. Trade area and site set that range before an owner takes a booking.
How the money works
Opening costs $160,449 to $1,151,135 across the group, and inside one brand the top of the range is typically 2.2 times the bottom. At the middle brand the cost stack runs wages 36.9%, occupancy 16.0%, cost of sales 8.9%, franchise fees 9.0% of sales. What is left runs 16.1% at the middle brand, which is $154,633 a year at the top group and $47,781 at the bottom. The percentage barely moves between them; the dollars do.
Also disclosed across this group: $399,433, $4,971, $5,523, $802,145.
Top performers
These are the things that separate top performers in group training studios
At the typical group training studios brand, the best group of locations sells $960,456 a year. The worst group sells $296,778. That is $663,678 more a year, 3.2 times over, for the same brand on the same agreement. Across these brands, a median of 44% of locations reach their own brand’s average. The average describes the top of a system, not the middle. 6 of the 8 brands here publish bands; the rest disclose no spread at all.
Decided before you open
- What it costs to open.Opening costs run $160,449 to $1,151,135 across the group, and the top of a single brand’s range is typically 2.2 times its bottom. The top group sells $960,456 a year against a build that tops out at $1,151,135, so at the heavy end of the range a location sells $0.83 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 $552,329 at the middle brand and $960,456 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 16.0% of sales at the middle brand, which on median sales of $552,329 is $88,373 of rent a year. That same $88,373 is 9.2% of sales at the top group and 29.8% 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
- 8 of the 8 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.
- 4 of the 8 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. They are BFT, Burn Boot Camp, Orangetheory Fitness, The Camp Transformation Center.
- Wages. Same labor market, different result.Wages run 36.9% of sales at the middle brand and 36.9% to 36.9% across the 1 that disclose it. These brands hire from the same pool at the same rates, so a 0-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 $960,456 of sales, a point of wages is $9,605 a year; on the bottom group’s $296,778 it is $2,968. The same discipline is worth more where the volume already is.
- Cost of what you sell. The line that compounds.Products and materials take 8.9% of sales at the middle brand, 8.9% to 8.9% across the 1 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 2 brands that publish a profit line, the middle one keeps 16.1% of sales, from 15.2% to 17.0%. 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 16.1% margin steady and the top group earns $154,633 against $47,781 at the bottom, a difference of $106,852 a year that comes from volume alone.
- What the brand charges. The line that works backwards.Fees run a median 9.0% of sales across 7 brands, from 6.0% to 18.8%. 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 $960,456 the fees cost $86,441 a year; at $296,778 they cost $26,710. The percentage is the same and the burden is not.
Context you underwrite around
- How many brands show a ramp.1 of 8 filings in this group 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.2 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.
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.
8 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.
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.
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.
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.
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.
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.
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.
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.
- Revenue was the highest it has been. Why did profit not move?Where the extra revenue went, line by line.
- At what point do spreadsheets stop coping?What changes at around ten units, and why lenders care.
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 brands' 2026 FDDs and is unaudited by us. We are unaffiliated with the brands. The medians, growth and customers lost figures are our own calculations. The figures describe past performance at other businesses. They are not a projection of your results. This page is an educational summary and is not an offer to sell a franchise or financial, legal or tax advice. All trademarks belong to their owners. How Averan reads a Franchise Disclosure Document.