What is the method of payment for Architectural Plans for a Fly Fitness franchise?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
AL INVESTMENT**
Single Unit:
| 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. |
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 method of payment for architectural plans is "as required by supplier." Payment is due before opening, as required by the supplier, and is made to the supplier. The estimated cost for architectural plans ranges from $10,700 to $21,400.
This means that prospective Fly Fitness franchisees will need to negotiate payment terms directly with the architectural plan supplier. The payment schedule could vary, potentially requiring a deposit upfront, payments at certain milestones, or full payment upon completion. Franchisees should clarify these terms and factor them into their budget and timeline for opening their Fly Fitness studio.
It is important for franchisees to understand the supplier's payment requirements to avoid delays in the build-out process. Since the payment is made directly to the supplier, Fly Fitness does not handle the payment process. Franchisees should ensure they have sufficient funds available when payments are due to keep the project on track.