What were the total operating expenses for the company-owned Fly To Fit outlet in 2023?
Fly_To_Fit Franchise · 2024 FDDAnswer from 2024 FDD Document
1/01/2023 to 12/31/2023.
| 2023 | |
|---|---|
| Income | |
| Sales | 221,095.66 |
| Total Income | 221,095.66 |
| Cost of Goods Sold | |
| Cost of Goods Sold | 311.21 |
| Total Cost of Goods Sold | 311.21 |
| Gross Profit | 220,784.45 |
| Operating Expenses | |
| Advertising | 4,213.66 |
| Bank Service Charges | 8,221.10 |
| Business License & Fees | 643.68 |
| Dues & Subscriptions | 2,403.03 |
| Insuranc |
Source: Item 19 — FINANCIAL PERFORMANCE REPRESENTATIONS (FDD pages 39–41)
What This Means (2024 FDD)
According to Fly To Fit's 2024 Franchise Disclosure Document, the total operating expenses for the company-owned outlet in 2023 were $104,597.43. This figure is derived from the company-owned outlet's performance between January 1, 2023, and December 31, 2023. The FDD provides a detailed breakdown of these expenses.
The operating expenses include several categories such as advertising ($4,213.66), bank service charges ($8,221.10), business licenses and fees ($643.68), dues and subscriptions ($2,403.03), and insurance ($3,119.87). Other notable expenses include payroll tax ($10,607.43) and wages & salaries ($32,883.49). The 'Other Expense' category accounts for a significant portion at $42,150.27, while meals and entertainment were a smaller expense at $102.20, and professional fees were $252.70.
Prospective franchisees should note that these figures are based on a single company-owned outlet and may not be representative of future franchised locations. The FDD explicitly states that individual results may vary, and there is no assurance that a franchisee will achieve similar financial performance. It is crucial for potential franchisees to conduct their own due diligence and consider various factors, including location, market conditions, and management skills, when evaluating the financial viability of a Fly To Fit franchise.