IMAGE StudiosFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A IMAGE Studios franchise requires a total initial investment of $773K – $1.7M, including a $65K franchise fee and an ongoing 6.0% royalty[2]. Per the 2026 FDD, average unit revenue was $445K[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2026 FDD issuance
Overview
- Investment
- $773K – $1.7M
- 46th pct Personal Care…
- Avg gross sales
- $445K
- 11th pct Personal Care…
- Royalty
- 6.0%
- 9th pct Personal Care…
- Units
- 129
- 37th pct Personal Care…
- SBA default
- N/A
Quick verdict · Personal Care & Beauty · color = vs category peers
Green = >15% above Personal Care & Beauty 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
At 0.4x revenue per dollar invested, this system underperforms the typical 1.5-2.5x range.
Started franchising in 2024. Newer systems carry more uncertainty but may offer better territories.
Franchised units fell from 37 to 23 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $773K – $1.7M including a $65K franchise fee, 6.0% ongoing royalty.
- Average unit revenue of $445K/year, with an estimated 12% cash-on-cash return (based on P&L Bottom Line).
- Verdict A (Top Quintile) with a risk score of 37/100.
- System growing at 86.8% CAGR over 3 years with 129 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Image Studios Franchise, LLC
- Parent company
- IMAGE Studios HOLDCO, LLC
- Incorporated in
- DE
- HQ
- 1370 South 2100 East, Salt Lake City, Utah 84108
- Auditor
- Bangerter, Lund & Associates
- Audited financials
- Franchisor revenue
- $6.6M
- vs $0 prior year
Affiliated brands
- IMAGE Studios
- IMAGE Studios Foothill
- IMAGE Studios Ogden
Other brands the franchisor or its parent operates (Item 1).
Overview
About
IMAGE Studios franchisees operate fitness and body imaging facilities, likely offering personal training, nutritional coaching, and body composition analysis/tracking services. Day-to-day operations include client onboarding, conducting fitness assessments, managing training sessions, tracking progress metrics, and managing facility/equipment maintenance and staff scheduling.
- CEO
- Jason Olsen
- Headquarters
- UT
- Founded
- 2024
- FDD year
- 2026
- States available
- 29
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $65K | $65K |
| Working capital (3–6 mo) | $35K | $75K |
| Equipment, build-out, other | $674K | $1.6M |
| Total initial investment | $773K | $1.7M |
Source: IMAGE Studios 2026 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
$98K
22.0% margin
Unlevered ROIC
7%
EBITDA / total invested capital
Payback
13.4 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $773K – $1.7M
- Near category avg vs category
- Liquid capital req'd
- $35K – $75K
- Better than avg vs category
- Franchise fee
- $65K – $65K
- Near category avg vs category
- Royalty
- 6.0%
- Gross Revenues · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
- Payback period
- 8.6 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $300 |
| Transfer fee | $15K |
| Renewal fee | $5K |
| Inventory (initial) | $1K – $3K |
| Total fee load | 8.0% of rev |
Financial Performance
- Avg gross sales
- $445K
- Per unit, per year
- Median gross sales
- N/A
- Avg p&l bottom line
- $146K
- Reported as P&L Bottom Line in FDD Item 19
- Cash-on-cash
- 11.6%
- Based on P&L Bottom Line / investment midpoint
- Item 19 type
- Franchisee-owned salons based on occupancy cohorts
- Sample size
- 82 units
- vs category median 35 · large
- Range (low → high)
- $167K→$862K
- Cohort dispersion (min → max)
- Transparency tier
- limited
- Categorical assessment of disclosure depth
- Reporting year
- 2025
- Fiscal year the figures cover
- Transparency
- 6 / 5
- vs category median 4 / 5 · above
Compared against 186 Personal Care & Beauty brands
Revenue is only 0.4x the investment. This means each unit may take 5+ years to recoup the initial outlay at typical margins.
vs Personal Care & Beauty averages
How IMAGE Studios Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 129
- Opened
- 34
- Last reporting year
- Closed
- 0
- Turnover rate
- 0.0%
- Company-owned
- 2
- Corporate units in the system
- % franchised
- 98%
- vs corporate-owned
- Net growth (yr3)
- +35.1%
- Net unit change last year
- 3-yr CAGR
- +86.8%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 3
- Reacquired (3yr)
- 0
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 28 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.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
IMAGE Studios presents moderate-to-high risk due to lack of financial disclosure, rapid unit growth sustainability questions, and high capital requirements relative to disclosed average profitability.
Litigation (Item 3)
0 case reference(s): 0 pending, 0 settled.
Largest disclosed settlement: $199,500
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Bangerter, Lund & Associates
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Must buy proprietary products: No
- Restricted to system-approved products: Yes
Score breakdown · what drove the 37 / 100 rating
- 01MEDNo Item 19 financial performance representations disclosed — cannot independently verify claimed $145,909 average net income
- 02MINORAggressive unit growth of 35.1% YoY raises sustainability concerns; rapid expansion often precedes market saturation or quality degradation
- 03MINORHigh initial investment ($773k–$1.7M) with modest average net income ($145,909) suggests 5–12 year payback period at best
- 04MINORDual royalty structure ($300/week minimum) creates unpredictable cash flow burden, especially in early ramp-up phases
- 05HIGHGoing Concern flag is FALSE but absence of explicit franchisor financial health disclosure is concerning given high franchisee investment
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Allowed renewalsℹ | 1 |
| Territory type | Radius |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Utah |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 32 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and corporate
- Site selection
- franchisee
- Franchisor financing
- Offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
77 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
IMAGE Studios · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a IMAGE Studios franchise?
The total investment to open a IMAGE Studios franchise ranges from $773K – $1.7M, with an initial franchise fee of $65K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do IMAGE Studios franchise owners earn?
According to Item 19 of the IMAGE Studios FDD, the average gross sales per unit is $445K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is IMAGE Studios's franchise failure rate?
SBA 7(a) loan charge-off data is not available for IMAGE Studios (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many IMAGE Studios franchise locations are there?
As of their most recent FDD filing, IMAGE Studios has 129 total units in the United States, including 37 franchised units and 2 company-owned units. 34 new units were opened in the latest reporting year.
Is IMAGE Studios a good franchise to buy?
FranchiseVerdict rates IMAGE Studios as a A-grade franchise with a risk score of 37 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.