btone FITNESSFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A btone FITNESS franchise requires a total initial investment of $224K – $545K, including a $50K franchise fee and an ongoing 6.0% royalty[2]. Per the 2025 FDD, average unit revenue was $541K[2]. SBA 7(a) loans show a 0.0% charge-off rate across 16 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 21, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $224K – $545K
- 44th pct Health & Fitn…
- Avg gross sales
- $541K
- 30th pct Health & Fitn…
- Royalty
- 6.0%
- 8th pct Health & Fitn…
- Units
- 22
- 56th pct Health & Fitn…
- SBA default
- 0.0%
- system-wide median varies by category
Quick verdict · Health & Fitness · color = vs category peers
Green = >15% above Health & Fitness avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Only 0.0% of 16 SBA loans charged off, well below the 16% franchise average.
Franchised units fell from 18 to 8 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $224K – $545K including a $50K franchise fee, 6.0% ongoing royalty.
- Average unit revenue of $541K/year.
- Verdict A (Top Quintile) with a risk score of 21/100. SBA loan charge-off rate of 0.0% across 16 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- System growing at 120.0% CAGR over 3 years with 22 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- BTONE FITNESS DEVELOPMENT, LLC
- CEO title
- Managing Member
- Jody Merrill
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- MA
- HQ
- 8 Edgewood Road, Harwich Port, Massachusetts 02646
- Auditor
- Minsk, Gould, Tattrie & Lussier, LLP
- Audited financials
- Franchisor revenue
- $391K
- vs $862K prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
Franchisees operate boutique fitness studios offering specialized group fitness classes (likely tone/strength training or similar modality). Daily operations include class scheduling, instructor management, member retention, facility maintenance, and revenue generation through membership fees and ancillary services.
- CEO
- Jody Merrill
- Headquarters
- MA
- Founded
- 2017
- FDD year
- 2025
- States available
- 5
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $50K | $50K |
| Working capital (3–6 mo) | $30K | $60K |
| Equipment, build-out, other | $144K | $435K |
| Total initial investment | $224K | $545K |
Source: btone FITNESS 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$157K
29.0% margin
Unlevered ROIC
37%
EBITDA / total invested capital
Payback
33 mo
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $224K – $545K
- Near category avg vs category
- Liquid capital req'd
- $30K – $60K
- Near category avg vs category
- Franchise fee
- $50K – $50K
- Near category avg vs category
- Royalty
- 6.0%
- Gross Sales · typical 6–8%
- Ad fund
- $500
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Training fee | $500 |
| Transfer fee | $20 |
| Renewal fee | $10 |
| Total fee load | 6.0% of rev |
A 6.0% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
Financial Performance
- Avg gross sales
- $541K
- Per unit, per year
- Median gross sales
- N/A
- Item 19 type
- gross_sales
- Sample size
- 16 units
- vs category median 11
- Range (low → high)
- $196K→$915K
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Transparency
- 3 / 5
- vs category median 4 / 5 · below
Compared against 180 Health & Fitness brands
vs Health & Fitness averages
How btone FITNESS Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 22
- Opened
- 7
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 0.0%
- Company-owned
- 4
- Corporate units in the system
- % franchised
- 82%
- vs corporate-owned
- Net growth (yr3)
- +37.5%
- Net unit change last year
- 3-yr CAGR
- +120.0%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 0
- Projected new
- 18
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 6 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 16
- Loan volume
- $3.4M
- Median loan
- $242K
- 50th percentile
- Charge-off rate
- 0.0%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 100.0%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 6
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into btone FITNESS's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 6 lenders with concentration factor
- Per-state charge-off rates across 6 states
- Startup risk premium and job creation velocity
- 6-year lending trend
Instant access. No subscription.
With a 0.0% charge-off rate across 16 loans, banks have historically viewed this brand favorably for lending.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
btone FITNESS presents meaningful caution due to undisclosed profitability, franchisor going concern status, and insufficient system maturity to validate franchise unit economics.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Minsk, Gould, Tattrie & Lussier, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 21 / 100 rating
- 01MINORNo net income disclosure (Item 19) prevents ROI validation despite $541k avg revenue
- 02HIGHGoing Concern status indicates franchisor financial instability or operational uncertainty
- 03MINORRapid unit growth (37.5% YoY) may reflect aggressive recruitment masking unit economics problems
- 04MINORWide investment range ($223k-$545k) suggests inconsistent buildout costs or disclosure clarity issues
- 05MINORFranchise fee ($50k) combined with 6% royalty is moderate-to-high relative to fitness industry benchmarks
- 06MEDOnly 22 units system-wide indicates early-stage franchise with limited track record and operational maturity
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Allowed renewalsℹ | 3 |
|---|---|
| Territory type | Radius |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 60 days |
| Transfer requires consent | Yes |
| Termination notice | 15 days |
| Mandatory arbitration | Yes |
| Arbitration location | Massachusetts |
| Jury trial waiver | Yes |
| Governing law | Massachusetts |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 12 hrs
- On-the-job training
- 20 hrs
- Training location
- On-site and corporate
- POS system
- Mariana Tek
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Mariana Tek
Item 20 · call current owners
Franchisee Contacts
14 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
btone FITNESS · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a btone FITNESS franchise?
The total investment to open a btone FITNESS franchise ranges from $224K – $545K, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do btone FITNESS franchise owners earn?
According to Item 19 of the btone FITNESS FDD, the average gross sales per unit is $541K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is btone FITNESS's franchise failure rate?
Based on SBA 7(a) loan data, btone FITNESS has a charge-off rate of 0.0% across 16 loans, meaning 0.0% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many btone FITNESS franchise locations are there?
As of their most recent FDD filing, btone FITNESS has 22 total units in the United States, including 18 franchised units and 4 company-owned units. 7 new units were opened in the latest reporting year.
Is btone FITNESS a good franchise to buy?
FranchiseVerdict rates btone FITNESS as a A-grade franchise with a risk score of 21 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.