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Cyclebar Franchising Review

11 May 2017
Johnny
0
cyclebar franchising, cyclebar review, indoor Cycling franchise

 

Huge RED FLAG for those thinking of a Cyclebar Franchise.  What is even worse, our horrible experience with Lisa Donohue, the “franchising rep”.

Then there is the other side, the business side.

Detailed Estimates of CycleBar Franchise Costs Based on Item 7 (Estimated Initial Investment) of CycleBar’s 2017 Franchise Disclosure Document

1.  Franchise Fee:  $30,000 to $49,500

  • The standard Franchise Fee for opening a single unit is $49,500.
  • The low estimate would be the initial Franchise Fee for a single Studio if you sign a Development Agreement and commit to develop ten or more Studios.
  • In addition, if you are an honorably discharged veteran of the Unite States military that purchases a Studio through the VetFran program, the franchisor will discount your Franchise Fee for your first Studio by $1,500.

2.  Training Fee:  $15,000

  • The Training Fee includes the cost of providing the initial training program to your Required Trainees.

3.  Travel Expenses to Training:  $500 to $2,500

  • This estimate is for the cost of three people to attend initial training in Ohio. You are responsible for the travel and living expenses, wages, and other expenses incurred by your trainees during initial training.
  • The actual cost will depend on your point of origin, method of travel, class of accommodations, and dining choices.

4.  Site Selection Expenses:  $5,000

  • This estimate is for the cost of using the franchisor’s approved site selection company to identify your Site.

5.  Security Deposits for Lease and/or Utilities:  $5,000 to $18,500

  • This estimate includes deposits payable to the landlord and any deposits on utilities required to open the Studio. These amounts will vary based on your location and the terms of your lease.

6.  Rent for 3 Months:  $0 to $54,500

  • The figures in the table reflect the franchisor’s estimates for leasing a newly-constructed Studio.
  • This estimate is based on actual lease terms reported to the franchisor by its project manager and real estate brokers relating to 59 franchisees who had signed leases for Studios ranging between 1,767 square feet and 4,042 square feet square feet and had been issued certificates of occupancy for such Studios prior to December 31, 2016 (the “Reporting Studios”).
  • The standard prototype Studio is a one-story 2,500 square foot space.
  • The low estimate assumes that you will be able to negotiate a rent abatement for your initial months of operation. The high estimate assumes that you lease a Studio in a high-demand area and do not receive a rent abatement.
  • Your rent will depend on the Site’s size, condition, and location, and demand for the premises among prospective lessees.

7.  Construction Management:  $17,000 to $22,000

  • This estimate includes the cost of hiring a third-party vendor that the franchisor designates to be the project manager for the construction of your Studio. The high estimate includes the variable costs of the project manager traveling to visit the Site multiple times during the construction process to monitor progress and verify adherence to designs and standards.

8.  Construction Due Diligence:  $6,000 to $9,000

  • This estimate includes an as-built/conditions survey, site investigation report, space planning LOI review, lease review, and a due diligence summary.

9.  Design/Architecture/Engineering:  $15,500 to $22,500

  • This estimate includes the cost of hiring designers, architects, and engineers to draft the construction plans for your Studio. This also includes the cost of shipping and printing such plans.

10.  Construction Permits and Permit Management:  $1,000 to $13,500

  • This estimate includes the cost of acquiring construction permits. The high estimate assumes that you hire a third party to assist in managing, expediting, and acquiring permits. Your costs will vary depending upon your Studio’s location.
  • In some markets, the costs of required permits may significantly exceed the franchisor’s estimates.

11.  Net Leasehold Improvements:  $102,000 to $514,955

  • This estimate is based on the actual construction budgets and lease terms reported by the Reporting Studios. It includes the net cost of leasehold improvements, including floor coverings, wall treatments, ceilings, painting, electrical, carpentry, plumbing, HVAC, and similar work, as well as materials and the cost of labor.
  • Reporting Studios were able to negotiate tenant improvement allowances from their landlord ranging from $0 to $411,150. The estimated range reflects the actual budgeted leasehold improvement costs for these franchisees minus the actual tenant improvement allowances that they have received in accordance with the terms of their leases.

12.  Bike Equipment Lease for 3 Months:  $7,500 to $9,000

  • This estimate includes the cost of leasing your bikes for the first three months of operation. The franchisor recommends that you lease your bikes from its designated suppliers.
  • The cost will vary based on the number of bikes needed for your Studio which will range from 45 to 55 bikes, your credit worthiness, and market conditions.

13.  Additional Fitness Equipment:  $2,000 to $2,500

  • This estimate includes fitness equipment, other than the bikes, such as weight bars and bar racks on the bikes and in the Studio.

14.  Furniture, Fixtures, and Equipment:  $75,000 to $95,000

  • This estimate includes the furniture, fixtures, and equipment to be used in the Studio, including cabinetry, retail displays, lockers, benches, audio equipment, lighting systems, closed-circuit camera equipment, telephones, office furniture, and appliances.

15.  Signage and Graphics:  $17,100 to $29,000

  • This estimate includes the cost of outdoor identification on the Studio, and displays and signage throughout the Studio.

16.  Supplies and Accessories:  $15,100 to $19,200

  • This estimate also includes the cost of purchasing an initial supply of office supplies and cleaning supplies, a defibrillator, decorative items, bathroom and shower accessories, toiletries, and other ancillary items used in the operation of the Studio.

17.  Retail Inventory Package:  $8,000 to $12,000

  • This estimate includes your initial inventory of apparel, shoes, and towels, which you must offer for sale to your customers. The size of your inventory will depend on the size of your Studio and the products that you elect to stock.

18.  Studio Management and Technology System:  $22,250 to $25,000

  • This figure includes the cost of acquiring the hardware, software, other equipment, and network connections that the franchisor specifies in the Manuals necessary to operate the CycleStats technology platform, the CylceBeats music system, the point of sale system, and the online reservation system.
  • You must purchase these components from suppliers that the franchisor approves or designates and must execute any related software licenses required by designated vendors.

19.  Business Licenses:  $500 to $1,000

  • This estimate includes the cost of acquiring business licenses and permits. Your costs will vary depending upon your Studio’s location.

20.  Technology Fee for 3 Months:  $2,700

  • This figure includes payment of the Technology Fee to the franchisor for your first 3 months of operation.

21.  Professional Fees:  $1,000 to $9,000

  • This estimate includes the cost of professional fees that you may incur in establishing your business. Such expenses may include fees payable to attorneys, accountants, and finance originators.

22.  Insurance for 3 Months:  $950 to $1,250

  • This estimate is for your first three months of insurance coverage.

23.  Grand Opening Marketing Budget:  $25,000 to $30,000

  • You must spend a minimum of $25,000 for grand opening advertising and promotions in the four weeks prior to opening your Studio and the four weeks after opening the Studio in accordance with a plan that you must submit to the franchisor.

24.  Additional Funds for 3 Months:  $5,000 to $25,000

  • This estimate includes additional funds you may need to pay employee salaries and wages, utilities, payroll taxes (including payroll to cover the pre-opening training period for your staff), Royalty Fees, Marketing Fees, legal and accounting fees, additional advertising, health and workers’ compensation insurance, bank charges, miscellaneous supplies and equipment, staff recruiting expenses, state tax and license fees, deposits, prepaid expenses, and other miscellaneous items.

25.  Total:  $379,100 to $987,605

  • The total amount is based upon the experiences reported to the franchisor by the Reporting Studios.

CONCLUSION

From Day one paying up to close to million dollars you need to really consider which Indoor Cycling Franchise is best.  We think FullPsycle is a much more affordable and reasonable Indoor Cycling Franchise.

FullPsycle Franchise

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About the Author
Johnny Zakharia who resides in Vancouver, BC is a certified Indoor Cycling Instructor and a Personal Trainer.

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CASEY L. // MOTIVATOR SPOTLIGHT // from WINNIPEG, Canada
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Casey is born-and-raised Winnipeg boy with a prairie heart. I’ve always said “treat others how you’d like to be treated” and have lived this out for as long as I can remember.
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I’m adventurous, curious, kind, loving, and hardworking — but also very hard
on myself.
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Growing up, I always felt like I fit the role of the “chubby kid” and this took a toll on my confidence growing into adolescence. I was always more afraid of failing than I was of the task itself. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀
With social media, and the pressures of it all – I became consumed by the idea I had to be perfect or stay quiet.
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After getting a seasonal job at lululemon, I was given the opportunity to be involved in an incredibly supportive and encouraging community – which has lead me to where I am today.
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I’d have never clipped in, if it wasn’t for my fellow motivator, Sheila and I can’t thank her enough for it. Upon attending her ride for the first time, the “I can effing do this” feeling shot
into my veins and I was hooked.
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With consistent workouts and a supportive community beside me, I’ve been working like crazy to be the one who motivates you. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Yes, I’m imperfect — but that doesn’t mean for a second that I’m gonna stay quiet. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Putting yourself out there is a very brave, yet terrifying thing – but the end result is beautiful.
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The Wheelhouse ride is welcoming, accepting, and wild. ⠀⠀⠀⠀ Tag your loudest friend! 💥 
Let’s get LOUD!
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-@caseylanxon @wheelhousecycleclub .Tag your loudest friend! 💥 🚲: @beth_nguyen, @allysonrebecca 🎥: @theprodigyba
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#indoorcycling
#dancemoves #epic #sohot #fun #workout #Spinclass #cycling #spinsociety #fitnessclasses
#exercise #partyonabike
#soulcycle #Spinning #cyclestars
#exercise #challenge #spinvibes #fitnessclass
#twins #team #groupfitness #Winnipeg #Manitoba #WinnipegManitoba
  • Congratulations to @cassidyrhodes88  who now is a SoulCycle instructor in New York City  Please Read Cassidy's story🦋

Here is the truth....
This has been the hardest 5 weeks of my life. I have gone through the highest highs and the lowest lows, with my personal life and my career path. I’ve cried many tears and doubted myself numerous times, only to continue to persist with the dreams I want for myself! I have overcome many obstacles to be right where I am today, and I am so proud to be here. .
Next week marks a huge chapter of this entire process! I teach my first community ride classes @soulcycle in NYC 💛(see schedule on post) I have worked so hard for what I have accomplished and will always continue to do so! I know who I am, what I want, and what I deserve in this one and only life we get! I am ready to be bold, take risks, and share my story with the beautiful souls who wish to join me! Let’s go on an adventure and never stop learning!
.. #thisisastoryofbecoming .
“We learn compassion through hardship, gratitude through absence, wisdom through our experiences, we become teachers by first being a student”~ Danielle Doby .
📷 @sarahpetrarcaphotography .
✨Pls DM me for any questions you may have about my schedule! .
✨For Tuesday 26th bookings: DM me to sign up.
✨Thurs 28th + Wed 6th: book online through SoulCycle.com
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#soulcycle #soulcycleinstructortraining #soulcyclecommunityride #fitness #health #indoorcycling #newyorkcity 
#ridewiththegroove
#indoorcycling
#dancemoves #epic #sohot #fun #workout #Spinclass #cycling #spinsociety #fitnessclasses
#exercise #partyonabike
 #Spinning #cyclestars #spinclasses
#exercise #challenge #spinvibes #fitnessclass #spinclasses
#team #groupfitness ⠀⠀⠀
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Party Mood: ON
 Today lets fly to Southern California and is it the City of Newport Beach
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 #fitnessmotivation #workoutvideos
#ride #thesweatlife #cyclinglife #spin #spinning #fitness #fitnessclasses #spinfam #danceparty #indoorcycling #spinclass #indoorcycle #indoorcyclingclass #spinclasses #instagood #exercise, #soulcycle #Workout #wow #spinvibes  #spinsociety #spinvibes #soulcycle #GritCycle #spinsociety #saturdayvibes #costamesa #longbeach #danapoint #anaheimhills
#huntingtonbeach
  • Hello Indoor Cycling friends. The wait is over. We finally have our most loved Women's Indoor Cycling Tank. Made for the Intelligent Indoor Cycling Lover. Intelligent Activewear. Proceeds go toward the homeless in Vancouver. Premium quality tank made for fitness, great for sweating. Order now before your size is gone. 
Makes a great gift. Link is above in bio ⬆️⬆️⬆️
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#spin #spinning #workout #fitness #fitnessclasses #indoorcycling #spinclass #indoorcycle #indoorcyclingclass #spinclasses #instagood #exercise, #energy #Workout #partyonabike #cycling #spinteacher #spinsociety #spinvibes #motivation #partyonabike #soulcycle, #cyclebar, #c #apparel, #activewear, #lululemon, #underarmour, #ideafitness,
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Today and let's fly to Kohler
Wisconsin USA. Lets do the
#inmyfeelingschallenge with
@laurenhydock @tjgutschow23
You can find them at @boldcycle 🎧 🎶
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. #kikichallenge #inmyfeelings #inmyfeelingschallenge #keke #kiki #kekechallenge #theshiggyshow #drake #boldcycle #indoorcycling #bebold #womanup #Kohler
#Wisconsin #USA #KohlerWisconsin #cyclist #cyclestars #Spin #Spinclass #hiit #workout #healthyhabits 
#keke #j #dj #exercise  #instagood  #spinvibes #soulcycle
  • 💥TIP OF THE WEEK: THE LEAN💥
🕪 Turn up the volume 🔊 
This week: Special Guests, and Full Psycle instructors extraordinaire, Niki and Natalie and Madison freeking Russell 🙌 joins us to teach you how to get your lean on! Tell ‘em @madirussell5 ,  @nik_mo_
@natalietrann
@fullpsycle .
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#fullpsycle #funnest45 #spin  #youcanspinwithus #weeklytip #sidetoside  #FitTipFriday, #spinclasses  #spinclass  #spinning  #Spin  #Spinclass  #cycling  #spinvibes #fitnessclasses  #fitness  #fitfam  #spinfam #indoorcycling  #indoorcycle #indoorcyclingclass  #exercise  #partyonabike  #danceonabike  #friends  #community #nye #seniorpictures #instructor #instructors #fittips #bike
  • Did you know indoor #cycling  consistently works 10 different muscles 💪🏽, add some choreography, tapbacks & your working even more! Come flex those muscles with me tomorrow evening at 715pm @cyclebarmontvale it’s on! *
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#cyclestars #muscles #workout #motivation  #love #rockyourride #dreamteam #cycling #fitness #cycle #spinning #bicycle #cyclist #instabike #rideout #bike #cyclinglife #bicycles #ride #cruising #fitnessmodel #fitnessmotivation #fitnessaddict #cardio #fitgirl #exercise #shredded #strong #gains #fitlife
  • 🔊🔊Turn up the volume 🔊🔊 Today let's travel to a non-english country and visit the city of Merida in the state of Yucatan and in the country of Mexico. Check out @rodecycle studio. Here you'll see the famous @carocmpsdiaz and @ferorci leading us in a great workout. 🚩🚩 Please share and tag a friend 🚩🚩
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#spin #spinning #workout #fitness #fitnessclasses  #fitfam #spinfam  #danceparty #indoorcycling #spinclass #indoorcycle  #indoorcyclingclass #spinsociety #spinclasses #instagood  #exercise #energy #Workout #magazine #partyonabike #cycling  #hiit #noexcuses #rodecylcemid #merida #yucatan #mexico #spinvibes #soulcycle #cyclebeats #cyclebar
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Happy Friday friends.
🔔🔔I have a huge surprise for you 🔔🔔 Today I rented a private jet and we're all flying to Moscow, Russia. Let's join Rhonda at the world-famous @zaryad.studio .
Rhonda is known as @alena_verzun_
Rhonda will show us her bright energy and beautiful spirits. Moscow has amazing indoor cycling studios and events such as huge indoor cycling festivals.  Hope you visit one day
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#CycleZaryad  #cycledance  #cyclemoscow  #zaryadcyclemoscow #сайкл #сайклмосква #танцуй #dancegirl #cycleparty
#moscowrussia #moscow
#russiangirlsgram #russia  #spin #spinning #groupfitness #cardio #indoorcycling #indoorcyclingstudio #spinning #Spinclass #ridecyclingstudios #indoorcyclinginstructor #spinsociety  #spinvibes #danceonabike

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