What constitutes a 'Soft Opening' for a Bft studio, as defined in the FDD?
Bft Franchise · 2025 FDDAnswer from 2025 FDD Document
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of New Studios | 21 | 20 | 19 | 13 | 12 | 9 | 7 | 6 | 3 | 3 | 0 | 0 | ||
| Gross | Average | $12,605 | $22,865 | $23,712 | $22,885 | $22,900 | $27,705 | $28,953 | $29,193 | $25,248 | $20,825 | N/A | N/A | |
| Revenue | ||||||||||||||
| Number / Percentage of New Studios that met or exceeded the average | 11 / 52% | 8 / 40% | 9 / 47% | 6 / 46% | 5 / 42% | 4 / 44% | 2 / 29% | 3 / 50% | 2 / 67% | 2 / 67% | N/A | N/A | ||
| Median | $14,436 | $20,656 | $21,225 | $20,408 | $21,117 | $22,431 | $20,885 | $24,899 | $32,185 | $29,708 | N/A | N/A | ||
| Range (Max) | $24,168 | $47,445 | $53,823 | $51,440 | $57,530 | $66,084 | $69,827 | $67,280 | $37,000 | $34,417 | N/A | N/A | ||
| Range (Min) | $1,511 | $11,155 | $9,832 | $9,163 | $6,993 | $7,301 | $8,849 | $6,559 | $6,560 | -$1,650 | N/A | N/A | ||
| Active | Average | 114 | 126 | 135 | 131 | 136 | 151 | 154 | 164 | 126 | 157 | N/A | N/A | |
| Members | ||||||||||||||
| Number / Percentage of New Studios that met or exceeded the average | 9 / 43% | 9 / 45% | 9 / 47% | 6 / 46% | 7 / 58% | 3 / 33% | 2 / 29% | 2 / 33% | 2 / 67% | 1 / 33% | N/A | N/A | ||
| Median | 106 | 122 | 128 | 129 | 142 | 146 | 140 | 149 | 150 | 157 | N/A | N/A | ||
| Range (Max) | 195 | 210 | 242 | 261 | 289 | 311 | 334 | 355 | 172 | 175 | N/A | N/A | ||
| Range (Min) | 59 | 64 | 61 | 55 | 57 | 64 | 71 | 73 | 56 | 139 | N/A | N/A | ||
| New | Average | 51 | 32 | 23 | 15 | 18 | 24 | 21 | 17 | 11 | 8 | N/A | N/A | |
| Memberships | ||||||||||||||
| Number / Percentage of New Studios that met or exceeded the average | 11 / 52% | 6 / 30% | 8 / 42% | 6 / 46% | 5 / 42% | 4 / 44% | 2 / 29% | 2 / 33% | 2 / 67% | 1 / 33% | N/A | N/A | ||
| Median | 52 | 24 | 20 | 12 | 17 | 21 | 13 | 14 | 12 | 8 | N/A | N/A | ||
| Range (Max) | 88 | 111 | 48 | 35 | 57 | 45 | 43 | 33 | 19 | 12 | N/A | N/A | ||
| Range (Min) | 13 | 10 | 4 | 1 | 1 | 9 | 11 | 11 | 3 | 4 | N/A | N/A | # Additional Definitions (Part B) |
- "Active Members" means Studio members who were party to an effective studio membership agreement with a New Studio at the conclusion of the particular calendar month.
- "New Memberships" means the total number of new Studio members who signed a studio membership agreement in the particular calendar month. New Memberships are included in the number of Active Members for that particular calendar month.
- A "New Studio" means a Studio that was owned and operated by a franchisee and that conducted its Soft Opening in calendar year 2024. New Studios do not include Studios that operated at Non-Traditional Sites.
- "Soft Opening" means a Studio opened its doors to the general public for participation in regular classes in the physical premises of the Studio.
Source: Item 19 — FINANCIAL PERFORMANCE REPRESENTATIONS (FDD pages 67–75)
What This Means (2025 FDD)
According to Bft's 2025 Franchise Disclosure Document, a 'Soft Opening' is defined as when a Bft studio opens its doors to the general public for participation in regular classes within the physical premises of the studio. This indicates the point at which the studio begins offering its core services to customers.
Notably, the FDD uses the 'Soft Opening' date to define a 'New Studio,' which is a studio owned and operated by a franchisee that conducted its Soft Opening in calendar year 2024. The financial performance data in Item 19 focuses on these 'New Studios' to provide insights into the initial months of operation. However, studios operating at Non-Traditional Sites are excluded from the 'New Studio' definition.
The 'Soft Opening' is a key milestone because the financial performance data presented in the FDD tracks the performance of New Studios starting from the month of their Soft Opening. For example, 'Month 1' in the financial performance charts refers to the calendar month in which the studio launched its Soft Opening. Gross Revenue data for Month 1 includes only revenue generated after the Soft Opening, excluding any pre-opening membership sales. This distinction is important for franchisees to understand when evaluating the potential financial performance of a new Bft studio.