When is the Continuing Royalty Fee due for a Fly Fitness franchise, and what period does it cover?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
| Type of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| Continuing Royalty Fee | 7% of weekly Gross Revenue | Weekly on Wednesday for Gross Revenue of the prior week (Monday through Sunday). | Payable to us. See footnote 1. |
Source: Item 6 — OTHER FEES (FDD pages 8–14)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the Continuing Royalty Fee is due weekly. Specifically, it is due each Wednesday and covers the Gross Revenue generated during the prior week, which is defined as Monday through Sunday. The Continuing Royalty Fee is 7% of the weekly Gross Revenue.
Fly Fitness requires franchisees to authorize electronic fund transfers from their bank account to cover these fees. Failure to pay on time or denied transfers due to insufficient funds will result in interest and late fees.
This weekly payment schedule is more frequent than some other franchises, which may collect royalties monthly. Prospective Fly Fitness franchisees should ensure they can manage their cash flow to meet this weekly obligation.