The Back Nine franchise unit economics
The Back Nine franchisees run indoor golf rooms open around the clock with Full Swing simulators, selling memberships, hourly bay time, lessons, club fitting and events.
The Back Nine franchise at a glance
Item 19 reports 2025 revenue as monthly averages for 45 franchised locations with three or more bays that had been open at least six months, split into the top 10%, middle 60% and bottom 30%.
The Back Nine franchisees averaged $237,240 of sales in 2025, according to Item 19 of The Back Nine’s 2026 FDD, issued 6 March 2026. The 45 in that group are 38%* of The Back Nine’s 120 franchised locations. Fees paid to The Back Nine come to about 12.03%* of sales. The Back Nine franchise costs $307,050 to $688,500 to open.
- A Back Nine franchise costs $307,050 to $688,500 to open, according to Item 7, including the $50,000 initial franchise fee.
- The Back Nine reports a 2025 network average of $19,770 in revenue a month for 45 franchised locations open at least six months, which is $237,240 a year at that rate*.
- The Back Nine’s top 10% of those locations averaged $33,675 a month in 2025 and the bottom 30% averaged $10,885.
- The Back Nine charges an 8% royalty and a 1% brand marketing fund contribution, and the fund can be raised by one point a year to 4%.
- The Back Nine also charges a $250 monthly marketing system fee and a $350 monthly internal systems fee, $7,200 a year together*.
- The Back Nine had 120 franchised locations at the end of 2025, up from 25 at the start of the year, with no terminations, non-renewals, reacquisitions or closures in 2023 to 2025.
- The Back Nine reports average monthly rent of $6,361 across the 45 locations, which is 32.2%* of the $19,770 network average.
- The Back Nine rooms are open 24 hours a day and hold three to five Full Swing simulators.
These figures come from The Back Nine's 2026 Franchise Disclosure Document, as the brand reported them, and were read by Averan Advisors. Averan calculations: $237,240 is $19,770 times 12; $7,200 is ($250 + $350) times 12; 32.2% is $6,361 divided by $19,770.
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Talk to Averan → Averan The Back Nine Conversion Package →- Item 19 reports revenue as a monthly average. The 2025 network average was $19,770 a month across 45 franchised locations. Multiplied by 12 that is $237,240*; the FDD does not print an annual figure. The averages leave out each location’s first six months of operation.
- The top 10% averaged $33,675 a month and the bottom 30% averaged $10,885. The middle 60% averaged $19,393. At 12 months those are $404,100, $232,716 and $130,620 a year*. Each group was higher than in 2024, by 29%, 34% and 36%.
- Average monthly rent was $6,361, ranging from $1,750 to $14,865. Against the $19,770 network average, the average rent is 32.2%* of revenue. Item 19 lists each location’s monthly rent next to its revenue.
- Brand charges at the network average come to $2,379 a month, or 12.03% of revenue*. That is the 8% royalty and 1% brand fund on $19,770, plus the $250 marketing system fee and the $350 internal systems fee. If the brand fund reaches its 4% ceiling, the same sum is $2,972, or 15.03%*. Full Swing’s simulator software fee of $2,000 per simulator a year is in addition.
- 95 franchised locations opened in 2025 and none closed in 2023 to 2025. The franchised count went from 25 to 120 during 2025. At the end of the year 305 franchise agreements were signed but not yet open, and the franchisor projected 250 franchised openings in the next fiscal year.
Revenue
How much does a Back Nine franchise make?
| Group | 2025 a month | 2024 a month | Change | 2025 times 12* |
|---|---|---|---|---|
| Top 10% | $33,675 | $23,801 | 29% | $404,100 |
| Middle 60% | $19,393 | $12,864 | 34% | $232,716 |
| Bottom 30% | $10,885 | $6,968 | 36% | $130,620 |
| Network average | $19,770 | $13,252 | 33% | $237,240 |
Source: The Back Nine 2026 FDD, Item 19, p.37 (printed as an image). Averages leave out each location’s first six months. *Averan calculation: the monthly figure times 12.
The 2025 network average was $19,770 a month. Item 19 covers 45 of the 120 franchised locations: those with three or more simulator bays that had been open at least six months. It leaves out four franchised locations with fewer than three bays, a format no longer offered, and 75 open less than six months.
The FDD does not print an annual revenue figure. At 12 months the network average is $237,240*. The number of locations in each month’s average rose from 21 in January to 45 from July onward, so the January figures come from a smaller group.
Total Revenue includes every source. The FDD lists membership subscriptions, hourly use, advertising, golf lessons and events as sources in the figure. It gives no cost or profit figures other than each location’s monthly rent.
Each group’s 2025 average was higher than its 2024 average. The FDD prints growth of 29% for the top 10%, 34% for the middle 60%, 36% for the bottom 30% and 33% for the network, and an average year-on-year growth of 34%.
Revenue by month
Network average revenue by month, 2025
| Month | Network average | Locations |
|---|---|---|
| January | $24,033 | 21 |
| February | $21,170 | 21 |
| March | $20,596 | 22 |
| April | $19,619 | 27 |
| May | $17,250 | 32 |
| June | $19,327 | 41 |
| July | $18,995 | 45 |
| August | $19,111 | 45 |
| September | $17,184 | 45 |
| October | $16,045 | 45 |
| November | $18,844 | 45 |
| December | $25,070 | 45 |
| 2025 | $19,770 | 45 |
Source: The Back Nine 2026 FDD, Item 19, p.37 (printed as an image).
December had the highest network average, at $25,070, and October the lowest, at $16,045. January was $24,033. The months from May to November were between $16,045 and $19,327.
The highest single month at any location was $78,771 and the lowest was $5,392. Both are for months after a location’s first six. The $78,771 month was at a six-bay location in New Jersey.
The franchise agreement sets minimum monthly revenue. Item 12 sets $5,000 a month for months 7 to 12 after signing and $8,000 a month from month 13. If a location falls short, the franchisor may reduce the territory, raise the local marketing requirement or terminate the agreement.
Results by location
Results by location, 2025
| Bays | Locations | Average of unit averages* |
|---|---|---|
| 3 | 31 | $15,965 |
| 4 | 13 | $19,425 |
| 6 | 1 | $31,833 |
| All | 45 | $17,317 |
Source: The Back Nine 2026 FDD, Item 19, p.37, per-location table (printed as an image). These unit averages include every month a location traded, so they differ from the network figures. *Averan calculation from the 45 listed unit averages.
Item 19 splits the 45 locations into the top 10%, middle 60% and bottom 30%. Their 2025 averages were $33,675, $19,393 and $10,885 a month.
Item 19 also lists every location’s own 2025 monthly average. These include all months traded. The highest was $34,867, at a three-bay Tennessee location opened in August 2023, and the lowest $4,662, at a Utah location opened in June 2025. The median of the 45 is $16,162*, and 13 of 45* are at or above the $19,770 network average.
Monthly rent ran from $1,750 to $14,865 and averaged $6,361. The average is 32.2%* of the network average revenue. The FDD does not report other operating costs.
Item 19 prints a change from the 2024 average for 13 of the 45 locations. The changes range from 5.8% to 56.4%. Twenty-seven of the 45 opened in 2025, and four of those opened in July 2025, less than six months before the year end.
Brand charges
Brand charges
| Fee | Amount | Notes |
|---|---|---|
| Royalty | 8% of monthly Gross Revenues | Paid monthly on the 15th by ACH |
| Brand Marketing Fund | 1% of monthly Gross Revenues | Can rise by 1% on 30 days’ notice, no more than once in 12 months, to a maximum of 4% |
| Marketing System Fee | $250 a month | Paid to SQRD Media for the CRM; rises no more than 5% a year |
| Internal Systems Fee | $350 a month | Paid to the franchisor for technology; may rise up to 5% a year |
| Full Swing simulator software | $2,000 per simulator a year | Software, warranty and maintenance paid to Full Swing |
| Local advertising | Currently $0 | Up to 1% of monthly Gross Revenues |
| Annual convention | $500 per person | Plus travel and lodging |
| At the $19,770 network average | $2,379 a month, 12.03% of revenue* | Royalty, brand fund and the two monthly fees; 15.03% with the fund at 4%* |
Source: The Back Nine 2026 FDD, Item 6, pp.8–14. *Averan calculation: (9% × $19,770 + $250 + $350) ÷ $19,770; at the ceiling, 12% in place of 9%. The Full Swing fee is not included.
Percentage charges are 9% of revenue today and can reach 12%. The royalty is 8% and the brand fund 1%; the brand fund can rise by one point at most once in any 12-month period, up to 4%. The local advertising requirement is currently $0 and can be set at up to 1%.
The two monthly fees total $600, or $7,200 a year*. At the $19,770 network average they add 3.03%* of revenue. Full Swing’s software fee is $6,000 a year* for a three-simulator location and $10,000* for five.
The initial franchise fee is $50,000, paid at signing and not refundable. During 2024 the franchisor discounted the fee for 20 franchisees by 20% to 40%, which is $30,000 to $40,000*. It waived no fees that year.
Other fees include a $20,000 transfer fee and a $5,000 successor agreement fee. Additional training is $300 per person per day and relocation $2,000.
Cost to open
Cost to open
| Item | Low | High |
|---|---|---|
| Initial franchise fee | $50,000 | $50,000 |
| Real estate improvements | $50,000 | $225,000 |
| Equipment (3 to 5 simulators) | $156,050 | $251,000 |
| Rent (3 months) | $6,000 | $28,500 |
| Furniture | $5,000 | $25,000 |
| Security and automation | $7,500 | $25,000 |
| Signage | $5,000 | $15,000 |
| Marketing launch ad spend | $6,000 | $10,000 |
| Additional funds (3 months) | $8,000 | $25,000 |
| Other lines | $13,500 | $34,000 |
| Total | $307,050 | $688,500 |
Source: The Back Nine 2026 FDD, Item 7, pp.15–16. *Other lines is an Averan sum of travel for training, supplies, advertising materials, premises deposit, utilities, licenses, insurance, professional fees and utility deposits.
The estimated cost to open is $307,050 to $688,500. The $50,000 franchise fee is 16.3%* of the low end and 7.3%* of the high end.
Equipment is the largest line, at $156,050 to $251,000. The low end assumes the minimum of three simulators and the high end five. Simulators must be bought from Full Swing.
The estimate assumes a leased space of about 2,000 to 4,000 square feet. Real estate improvements run $50,000 to $225,000, and the FDD notes a landlord’s tenant improvement allowance can offset part of that.
The typical time from signing to opening is about 180 days. The owner must open within 180 days of signing, or the franchisor may terminate the agreement and keep the fee. The franchisor does not offer financing.
Locations
Locations, 2023 to 2025
| Year | Start | Opened | Terminated | Non-renewed | Reacquired | Ceased, other | End |
|---|---|---|---|---|---|---|---|
| 2023 | 2 | 7 | 0 | 0 | 0 | 0 | 9 |
| 2024 | 9 | 16 | 0 | 0 | 0 | 0 | 25 |
| 2025 | 25 | 95 | 0 | 0 | 0 | 0 | 120 |
Source: The Back Nine 2026 FDD, Item 20, pp.38–41. Table 1 shows 7 franchised locations at the end of 2023; Table 3 shows 9.
The franchised count went from 2 to 120 between the start of 2023 and the end of 2025. 118 locations opened in the three years, 95 of them in 2025, and none were terminated, not renewed, reacquired or closed.
About 79%* of the franchised locations at the end of 2025 opened during that year. Affiliate-owned locations went from 1 to 4 over the same three years, all in Utah. Three franchised locations were transferred to new owners: one in 2024 and two in 2025.
305 franchise agreements were signed but not yet open at December 31, 2025. The franchisor projected 250 new franchised and 3 new affiliate-owned locations in the next fiscal year. Texas had the most signed but unopened agreements, at 57.
The franchisor reported a members’ deficit of $4,223,323 at December 31, 2025. It had a net loss of $821,537 for 2025. The FDD carries a risk factor stating that the franchisor’s financial condition calls into question its ability to provide services and support.
Questions we get asked
Questions owners ask
How much does it cost to open a Back Nine franchise?
Item 7 estimates $307,050 to $688,500, including the $50,000 initial franchise fee. Equipment, mainly three to five Full Swing simulators, is $156,050 to $251,000 of that. The estimate assumes a leased space of about 2,000 to 4,000 square feet.
How much does a Back Nine franchise make?
Item 19 reports a 2025 network average of $19,770 in revenue a month for 45 franchised locations open at least six months, which is $237,240 a year at that rate*. The top 10% averaged $33,675 a month and the bottom 30% $10,885. The FDD gives no profit figures.
What fees does The Back Nine charge?
An 8% royalty and a 1% brand marketing fund contribution, which can rise to 4%, plus a $250 monthly marketing system fee and a $350 monthly internal systems fee. Full Swing charges $2,000 per simulator a year for software and maintenance. At the $19,770 network average the royalty, fund and two monthly fees come to 12.03% of revenue*.
How many Back Nine locations are there?
Item 20 shows 120 franchised locations and 4 affiliate-owned locations at the end of 2025. 95 franchised locations opened during 2025, and 305 more agreements were signed but not yet open.
Which locations are in Item 19?
45 franchised locations with three or more simulator bays that had been open at least six months. Item 19 leaves out four locations with fewer than three bays and 75 open less than six months. The averages also leave out each location’s first six months.
What rent do The Back Nine locations pay?
Item 19 lists monthly rent for each of the 45 locations. The average is $6,361 a month, from $1,750 to $14,865. The average is 32.2%* of the $19,770 network average revenue.
Questions worth putting to The Back Nine
These are questions the filing leaves open. An owner or a buyer can put them to the franchisor directly.
- Is the revenue in Item 19 gross sales or collected revenue, and how many locations sit below the average?
- Which factors does The Back Nine see in its highest-selling locations, such as territory, years open and staffing?
- 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 Back Nine locations closed, were sold, or changed hands last year, and why?
Run your own numbers.
The Franchise Numbers Check 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. It also checks whether you are ready to open another one. It is free and it runs in your browser.
Launch the diagnostic →Reporting for a Back Nine owner
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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?It works out the sales level where a minimum fee stops applying.
- How much cash do I fund before a new location covers its own costs?It builds a 13-week forecast for the months before break-even.
- What does this location earn on the money I put into it?It works out the payback period and cash-on-cash return for one unit.
- How much of Item 19 can I rely on?It explains what an Item 19 financial performance representation tells you and what it leaves out.
Where these figures come from
Every figure here comes from Back Nine Golf Group, LLC’s 2026 FDD and is unaudited by us. We are unaffiliated with the brand. 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. The Back Nine is a trademark of its owner. How Averan reads a Franchise Disclosure Document.
These figures come from the brand's disclosure. They are not a forecast, an offer to sell a franchise or advice. Source: Back Nine Golf Group, LLC, 2026 Franchise Disclosure Document, issued 6 March 2026.