What is included in the additional training and conventions fee charged by Punch King Fitness?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
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| Name of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| exceed the amount equal to $100 per month. | |||
| Late Fees | $50 | Upon demand | A late fee must be paid on any payment to us that is more than 5 days late. |
| Interest | 10% per annum | Upon demand | In addition to the Late Fee, interest is assessed on any payment to us that is more than 30 days late. The interest accrues from the date the payment was due. |
| Insurance3 | Amount of premium paid by Punch King Fitness, Inc. plus 20% | Upon demand | If you do not purchase insurance coverage as required, you must reimburse us this amount to secure insurance coverage. |
| Delinquent Report Submission | $10 per day | Upon demand | If you fail to submit a report to us by more than 5 days late from when it was due, you must pay us this amount. |
| Additional Training and Conventions4 | $500 per day plus travel expenses for additional onsite support; $500 per attendee of additional training, national conventions, and for new or replacement managers to attend the initial training | Upon your registration for the training or convention | You must pay the current training fee for training and support beyond the initial training and National Co |
Source: Item 6 — OTHER FEES (FDD pages 10–16)
What This Means (2024 FDD)
According to Punch King Fitness's 2024 Franchise Disclosure Document, franchisees are required to pay for training and support beyond the initial training and national conventions. The additional training and conventions fee is $500 per day plus travel expenses for additional onsite support. Additionally, the fee is $500 per attendee of additional training, national conventions, and for new or replacement managers to attend the initial training. This fee is due upon registration for the training or convention.
This means that if a franchisee requires additional onsite support, they will be charged $500 per day in addition to covering the travel expenses for the support personnel. Furthermore, sending employees or new managers to additional training programs or the national convention will incur a cost of $500 per person attending. These costs can accumulate quickly, especially if multiple employees need training or if the franchisee requires extended onsite support.
Prospective franchisees should consider these additional costs when budgeting for their Punch King Fitness franchise. It is important to factor in potential expenses for ongoing training and support, as these are not included in the initial franchise fee. Understanding these costs upfront will help franchisees better manage their finances and ensure they can adequately invest in their business's development and their staff's expertise.