When is the payment due for additional training and conventions offered 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, payment for additional training and conventions is due upon your registration for the training or convention. The cost for additional training and conventions includes $500 per day plus travel expenses for additional onsite support. Additionally, it costs $500 per attendee for additional training, national conventions, and for new or replacement managers to attend the initial training.
This means that a prospective Punch King Fitness franchisee needs to budget not only for the training and convention fees themselves, but also for associated travel expenses. The fees can quickly add up, especially if multiple staff members need to attend. Franchisees should factor these costs into their financial projections and business plans.
It is important to note that these fees are in addition to the initial tuition-free training program offered by Punch King Fitness. The initial training covers various aspects of the Punch King Fitness system, including customer service, operational management, and financial management. However, additional training and conventions are required to stay updated with the latest developments and best practices within the Punch King Fitness franchise system.