Across the 308 Brand Intelligence Reports FranchiseInsights maintains, F45 Training stands out for a specific combination: a high entry cost ($349,000–$786,000 + GST), a royalty floor that applies even to underperforming studios, a 5-year term that is short by boutique fitness standards, and a network that has undergone significant restructuring since its 2021 NYSE listing and subsequent delisting. Google reviewers rate F45 Training locations at an average of 4.8/5 across 289 reviews (based on publicly available Google reviews sampled 2026-08-30) — a strong customer satisfaction signal. What those ratings don't show is the cost structure behind the doors. This post draws on FranchiseInsights operator research and publicly available data to set out exactly what franchisees pay, how that compares to peers, and what the free data cannot answer.

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Full Cost Breakdown: What You Are Actually Committing To

AUD $349,000–$786,000 + GST

median: AUD $450,000–$550,000

Initial franchise fee$60,000 (16.1%)

Fitout and equipment$200,000 (53.7%)

Equipment and technology$50,000 (13.4%)

Initial inventory and supplies$10,000 (2.7%)

Working capital and contingency$50,000 (13.4%)

Ongoing royalty$2,500 (0.7%)

Entry Cost Components

Publicly available data and FranchiseInsights operator research indicate the following cost structure for an F45 Training studio in Australia:

• Initial franchise fee: approximately $60,000
• Fitout and equipment: approximately $200,000–$450,000 (the single largest variable, driven by tenancy size, building condition, and location)
• Equipment and technology: approximately $50,000–$100,000 (proprietary programming hardware is a required component)
• Initial inventory and supplies: approximately $10,000–$20,000
• Working capital and contingency: approximately $50,000–$150,000

The breadth of that range — $349,000 at the lower bound, $786,000 at the upper, reflects real variation in fitout complexity and tenancy terms across Australian metropolitan markets. Prospective buyers targeting lower-cost opportunities may wish to compare these figures with the franchise investment tiers analysis, which maps what different capital levels realistically buy across the Australian franchise landscape.

Why the Franchise Fee Is Only the Beginning

The $60,000 franchise fee is the most visible line item in any early-stage inquiry, but it represents roughly 8–17% of total entry cost at the lower and upper bounds respectively. Fitout and equipment dominate the budget. F45 Training's model requires specific studio configurations and proprietary technology infrastructure, these are not discretionary. Prospective buyers who anchor on the franchise fee alone and underestimate fitout variability frequently face cash shortfalls before opening.

For context on how the entry cost compares across the broader cost landscape, FranchiseInsights maintains a franchise cost comparison covering brands across categories and investment tiers.

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Ongoing Costs Most Buyers Miss

The Royalty Floor: A Structural Consideration

F45 Training charges a royalty rate of 7% of gross sales, subject to a minimum of AUD $2,500 per month. That minimum is the critical detail. A studio generating AUD $20,000 per month in membership revenue pays $2,500 in royalties, equivalent to 12.5% of that month's gross. The percentage floor, not the stated rate, drives actual cost in the early months of operation and during seasonal dips. Studios that have not yet built membership to the point where 7% of gross exceeds $2,500 are paying an effective royalty above headline rate.

The brand fund levy of 2% of gross sales (minimum AUD $200 per month) and the fixed marketing fund fee of AUD $2,500 per month add further fixed obligations. These do not scale down with revenue, they are contractual minimums that apply regardless of studio performance.

For a detailed examination of how F45 Training's salary and income picture interacts with this cost structure, the F45 franchise owner salary analysis sets out the publicly available revenue and labour benchmarks.

Labour, Rent, and the Operating Cost Stack

Beyond the franchisor-facing fees, publicly available data and FranchiseInsights operator research point to the following ongoing cost ranges as a percentage of revenue:

• Trainer wages and payroll: 25–40% of revenue
• Rent and outgoings: 8–15% of revenue
• Equipment maintenance and replacement: 2–4% of revenue
• Utilities (power, water, internet): 3–5% of revenue
• Insurance and compliance: 2–4% of revenue
• Supplies and consumables: 2–3% of revenue

Combined, these operating costs, before royalty or marketing contributions, can absorb 40–70% of gross revenue depending on occupancy, wage rates, and lease terms. Prospective buyers may wish to model these figures using the Financial Reality Calculator before advancing to a disclosure document request.

The 5-Year Term: A Shorter Clock Than Peers

The standard F45 Training franchise term is 5 years. For context, many boutique fitness competitors offer 7–10 year terms, providing franchisees more time to recoup entry costs. A 5-year term is not inherently problematic, but it compresses the payback window and introduces earlier renewal risk. The Australian Franchising Code of Conduct, administered by the Australian Competition and Consumer Commission (ACCC), governs renewal rights, including the requirement under clause 18 that franchisors give written notice of their intention not to renew at least six months before the end of the term. Prospective buyers may wish to review the ACCC's Franchising Code of Conduct guidance before signing.

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How F45 Training Compares to Fitness Franchise Peers

Markdown Comparison: F45 Training vs Boutique Fitness Competitors

The table below uses publicly available data from FranchiseInsights brand profiles. Figures for 9Round Fitness and Anytime Fitness are drawn from publicly available sources; prospective buyers are encouraged to verify current figures directly with each franchisor.

Brand	Total Investment	Franchise Fee	Royalty Rate	Marketing Levy
F45 Training	$349,000–$786,000 + GST	$60,000	7% of gross (min $2,500/month)	2% of gross (min $200/month) + $2,500/month fixed
9Round Fitness	$100,000–$250,000	Not publicly disclosed	Percentage-based (see report)	Not publicly disclosed
Anytime Fitness	$150,000–$500,000	Not publicly disclosed	Percentage-based (see report)	Not publicly disclosed

For brand-level detail on each competitor, see the 9Round Fitness Brand Intelligence Report and the Anytime Fitness Brand Intelligence Report.

Category Average Context

Across the 37 brands in the Health & Fitness category that we maintain Brand Intelligence Reports for, the average total investment is $253,030. The average franchise fee is $55,686. At the same time, the average royalty is 7.2%. The average marketing levy is 2.2%.

F45 Training's total investment range ($349,000–$786,000) exceeds the Health & Fitness category average of $253,030 by a substantial margin, even at the lower bound. Its franchise fee of $60,000 sits modestly above the $55,686 category average. Its royalty rate of 7% (subject to the minimum) aligns with the 7.2% category average at the headline level, but the floor mechanism means effective royalty rates for smaller or newer studios can run meaningfully higher. The F45 franchise income and revenue potential analysis examines the revenue side of that equation using publicly available studio data.

Independent Risk AssessmentFranchiseInsights

F45 Training

Moderate–High Risk

Overall classification across investment, regulatory, operational, market, and brand-stability dimensions. The underlying numerical score and the dimension-by-dimension breakdown are in the full Brand Intelligence Report.

Brand-Level Context: Network Maturity and Post-Restructuring Position

F45 Training was founded in Sydney in 2012 by Rob Deutsch and Adam Gilchrist. It listed on the New York Stock Exchange in 2021 and was subsequently delisted following significant financial difficulties. Australian operations continued under restructured management. The network now operates approximately 240 studios in Australia and approximately 1,600 globally. Network maturity, 14 years of operation, provides operational data that newer entrants cannot offer, but the post-NYSE restructuring period introduced uncertainty that prospective buyers should examine in primary due diligence.

Under business.gov.au's guidance on buying a franchise, prospective franchisees are advised to obtain independent legal and financial advice before executing any franchise agreement, advice that applies with particular weight to a brand with a documented history of corporate restructuring.

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What the Numbers Don't Tell You

The publicly available cost data, investment range, franchise fee, royalty structure, marketing levy, network size, and category comparison, provides a starting point for evaluation. It does not answer the questions that determine whether a specific studio, in a specific location, operated by a specific individual, is likely to generate a sustainable return.

The Gap Between Fee Structure and Financial Reality

The FranchiseInsights Brand Intelligence Report for F45 Training goes materially further than the public data. It includes:

• A 5-dimension numerical risk score, covering Financial, Structural, Operational, Market, and Legal dimensions, scored on a consistent methodology across all 308 brands in the FranchiseInsights dataset. The overall classification is shown above; the score and the dimension-by-dimension breakdown are in the report.
• Profit scenarios, modelled at different revenue levels, showing what the fee stack (royalty, brand fund, marketing fund, labour, rent) implies for operator take-home across realistic studio performance bands.
• Regret drivers, the specific factors that former and current franchisees in publicly available sources most frequently cite as drivers of regret or exit. These are pattern-matched from media coverage, regulatory filings, and FranchiseInsights research, not invented.
• Suitability analysis, a structured read on which buyer profiles are best positioned for this brand and which face elevated risk, based on the operational model, capital requirements, and fee structure.
• Franchisor questions, a specific list of questions calibrated to F45 Training's structure, term length, renewal terms, and post-restructuring governance that prospective buyers should put to the franchisor before committing.

The cost data in this post is the map. The Brand Intelligence Report is the terrain.

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Get the Full Analysis

Prospective buyers evaluating F45 Training may also wish to model their own financial position before reviewing the full report. The free Financial Reality Calculator at FranchiseInsights allows prospective franchisees to input their own revenue assumptions, cost estimates, and capital position to stress-test any franchise opportunity, including those with fee floors and short terms.

For those earlier in the evaluation process, the Due Diligence Kit provides a structured framework for assessing any franchise opportunity against the requirements of the Australian Franchising Code of Conduct, including disclosure document review, territory assessment, and franchisor reference checks.

FranchiseInsights maintains 308 Brand Intelligence Reports across the Australian franchise sector. For a broader view of the fitness category, the best franchises in Australia analysis examines how fitness brands sit relative to other categories on investment, fee burden, and risk profile, a useful cross-cluster reference for buyers comparing sectors.