What were the total operating expenses for a Fly To Fit franchise in 2023?
Fly_To_Fit Franchise · 2024 FDDAnswer from 2024 FDD Document
| 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 |
| Insurance | 3,119.87 |
| Meals & Entertainment | 102.20 |
| Other Expense | 42,150.27 |
| Payroll Tax Expense | 10,607.43 |
| Professional Fees | 252.70 |
| Wages & Salaries | 32,883.49 |
| Total Operating Expenses | 104,597.43 |
| Operating Income | 116,187.02 |
| Other Income / (Expense) | |
| Other Income | 416.15 |
| Vendor Refunds | 1,784.58 |
| Total Other Income / (Expense) | 2,200.73 |
| Net Income | 118,387.75 |
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 represents the sum of various expenses, including advertising ($4,213.66), bank service charges ($8,221.10), business licenses and fees ($643.68), dues and subscriptions ($2,403.03), insurance ($3,119.87), meals and entertainment ($102.20), other expenses ($42,150.27), payroll tax expense ($10,607.43), professional fees ($252.70), and wages and salaries ($32,883.49).
It is important to note that these figures are based on the performance of the company-owned outlet and may not be representative of the results a franchisee can expect to achieve. The FDD explicitly states that individual results may differ, and there is no assurance that a franchisee will sell or earn as much as the company-owned outlet. Prospective franchisees should carefully consider these factors and conduct their own due diligence before investing in a Fly To Fit franchise.
Furthermore, the FDD clarifies that these financial results are based on the company-owned outlet's performance from January 1, 2023, to December 31, 2023. The document also emphasizes that the provided data are historic financial performance representations and not projections of future performance. Fly To Fit also specifies that they do not make any representations about a franchisee's future financial performance, except for what is included in Item 19 of the FDD.