9ROUND

Item 7 in the 2025 FDD lays out the full investment: $124,049 to $353,800, covering buildout, equipment, and three months' operating capital for these compact 1,500-2,500 sq ft studios. Upfront, you pay $24,900 franchise fee; ongoing, royalties hit 6% of gross (or $600/month minimum), 2% brand fund ($250/month min), $499/month tech fee, and $126-$240/month insurance—stacking up to potentially $1,500+ monthly fixed costs before rent or staff. No Item 19 means no official revenue or profit figures, forcing buyers to dig elsewhere; average unit volumes aren't public, but with 199 franchised locations (plus 1 corporate), scale feels modest against giants like Anytime Fitness.

System metrics scream caution: locations plunged 27% from 275 in 2023 to 200 in 2024, with 66 terminations, 12 non-renewals, but 11 projected new units and 11 transfers showing some churn management. SBA data reveals 117 loans averaging $94,420, yet a 20.5% default rate—double typical healthy systems—signals risk for leveraged owners. If you're eyeing fitness without massive space needs, 9Round's model shines for lower entry ($124k floor beats many gyms), but fading growth and high defaults suggest vetting resales or markets with proven demand before punching the buy button.