What is the high-end estimate for architectural plans for a Fly Fitness franchise?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
| Type of Expenditure | Low | High | Method of Payment | When Due | To Whom Payment is Made |
|---|---|---|---|---|---|
| Initial Franchise Fee1 | $50,000 | $50,000 | Lump sum payment in cash or available funds. | Upon signing the Franchise Agreement. | Us |
| Your Training Expenses2 | $2,889 | $6,420 | As required for trans- portation, lodging & meals | As required by suppliers of transportation, lodging & meals. | Suppliers of transportation, lodging & meals. |
| Premises lease and utility deposits3 | $3,745 | $6,420 | As required by landlord | As required by landlord | Landlord |
| Three Month’s Rent4 | $11,235 | $25,680 | As required by utility providers | As required by utility providers | Utility providers |
| Architectural Plans5 | $10,700 | $21,400 | As required by supplier | Before opening as required by supplier | Supplier |
Source: Item 7 — ESTIMATED INITIAL INVESTMENT (FDD pages 14–18)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the estimated high-end cost for architectural plans is $21,400. This cost is paid as required by the supplier and is due before opening the Fly Fitness franchise location. These architectural plans are necessary to prepare the site for opening, ensuring it meets Fly Fitness's standards and local regulations.
Prospective franchisees should budget for this expense as part of their initial investment. The actual cost may vary depending on the complexity of the site and the specific requirements of the architect or designer. It is important to engage with qualified professionals to ensure the plans are accurate and compliant with all applicable codes and regulations.
This estimate is based on Fly Fitness's experience and is intended to provide a general guideline. Franchisees should obtain detailed quotes from architects and designers in their local area to get a more precise estimate for their specific project. Understanding these costs upfront will help in effectively managing the initial investment and avoiding unexpected expenses during the setup phase.