Iron 24 franchise
2024 filing · April 29, 2024GrowingShares sales figures
Iron 24 at a glance
A low-cost 24-hour gym with no-contract memberships and a full range of equipment. At the end of 2023 there were 7 Iron 24 locations in the US, 2 franchised and 5 company-owned, so most are run by the company itself.
The business
- Franchisor
- Iron 24 Franchising, LLC
- The company that sells the franchises
- Current franchisor selling since
- 2022
- 2 years of selling franchises
What you pay
- Cost to open
- $201K–$481K
- Fee, build-out and opening working capital
- Franchise fee
- $39,000
- Paid once, when you sign
- Royalty
- 7%
- The greater of 7% of net sales or $500 a month
- Brand fund
- None now
- Not charged at present; up to 5% of net sales
- Renewal fee
- $2,000
- When the agreement ends and you sign again
- Agreement length
- 10 years
- Territory
- Limited
- Limited protection
- Franchisor financing
- Introductions to lenders
Where it is
- US locations, 2023
- 7
- Franchised and company-owned
- Franchised
- 2
- Company-owned
- 5
- Change in 2 years
- +2
- Franchised locations, 2021–2023
- States
- 2
- Most in Texas and Florida
From Iron 24 Franchising, LLC’s 2024 filing; SBA status from the SBA Franchise Directory, October 28, 2026.
Where it ranks
Iron 24 among all franchises with the same figure.
| Figure | Iron 24 | Among all franchises |
|---|---|---|
| Cost to open, midpointHalfway between the low and high estimate | $340,900 | Costs less than 52% of franchises |
| Franchise feePaid once, when you sign | $39,000 | Lower than 58% of franchises |
| RoyaltyShare of sales paid to the franchisor | 7% | Higher than 70% of brands with a set rate |
| US locationsFranchised and company-owned | 7 | Fewer than 66% of franchises |
How much a Iron 24 franchise costs
Opening one Iron 24 costs an estimated $201,050 to $480,750. That covers the franchise fee and everything else needed to open, through the first months of working capital.
The biggest costs are fixtures, furnishings & equipment ($40,500 to $190,000) and build-out and permits ($60,000 to $150,000). Here is every line of the estimate as filed:
| What it pays for | Range | Low | High |
|---|---|---|---|
| Franchise Fee | $39,000 | ||
| Business Licenses & Incorporation | $400 | $1,200 | |
| Build-out and Permits | $60,000 | $150,000 | |
| Fixtures, Furnishings & Equipment | $40,500 | $190,000 | |
| Computer Equipment and Technology | $4,450 | $8,550 | |
| Signage | $12,700 | $20,000 | |
| Architect/Engineering Fees | $3,000 | $8,000 | |
| Rent, Security Deposits and Utility Deposits | $9,000 | $15,500 | |
| Other Professional Fees | $2,000 | $3,000 | |
| Insurance Deposit | $1,750 | $2,000 | |
| Office Supplies | $1,500 | $2,000 | |
| Training Expenses | $1,000 | $2,500 | |
| Grand Opening Advertising | $8,000 | $9,000 | |
| Additional Funds (for the initial 3 months of operations) | $17,750 | $30,000 | |
| Total | $201,050 | $480,750 | |
Source: Iron 24 Franchising, LLC, 2024 filing, page 22
Iron 24 franchise fee
The franchise fee is $39,000. You pay it when you sign the franchise agreement.
Source: Iron 24 Franchising, LLC, 2024 filing, page 13
Royalty and ongoing fees
| Royalty | The greater of 7% of net sales or $500 a month. |
|---|---|
| Brand or marketing fund | Not charged at present; up to 5% of net sales. |
| Computer Equipment and Technology | $4,450 |
| Renewal Fee | $2,000 |
The typical franchise royalty is 6% of sales, plus 2% for marketing. See franchise fees and royalties to compare.
Source: Iron 24 Franchising, LLC, 2024 filing, pages 14 and 15
Other fees as filed, from pages 17–22. The filing lists every fee, including late fees and audit costs.
Sales and earnings
Shares figures Iron 24 publishes sales or earnings figures for its locations. The full tables, with notes on which locations are counted, are in its filing.
Source: Iron 24 Franchising, LLC, 2024 filing, page 65
SBA loans to Iron 24 franchisees
Lenders approved 8 SBA 7(a) loans for Iron 24 franchisees from 2023 to 2024, $1.92M in all. None has been paid off or charged off yet.
A charged-off loan is one written off as uncollectible. See SBA franchise loans for how 7(a) and 504 loans work.
Source: SBA 7(a) and 504 loan data, as of September 30, 2026
How Iron 24 compares
Of the 92 gym franchises on this site, Iron 24 is the 19th cheapest to open and the 58th largest by number of locations.
| Figure | Iron 24 | Typical gym brand | Typical franchise |
|---|---|---|---|
| Cost to open, low end | $201K | $342K | $222K |
| Cost to open, high end | $481K | $653K | $477K |
| Franchise fee | $39K | $50K | $40K |
| Royalty | 7% | 6.5% | 6% |
| US locations | 7 | 17 | 21 |
| Shares earnings figures | Yes | 53 of 92 | 2,147 of 3,352 |
Typical is the median across the 92 brands in gym franchises; typical franchise, across every brand here.
Locations opened and closed
| Year | Franchised | Company-owned | Opened | Closed |
|---|---|---|---|---|
| 2019 | 0 (0) | 0 | – | – |
| 2020 | 0 (0) | 0 | – | – |
| 2021 | 0 (0) | 0 | 0 | 0 |
| 2022 | 0 (0) | 0 | 0 | 0 |
| 2023 | 2 (+2) | 5 | – | – |
Closed or left counts terminations, non-renewals, locations bought back by the franchisor and locations that stopped operating.
See which brands grew most in the fastest-growing franchises rankings.
More in the guides: fitness franchise costs and franchise failure rates.
Over 5 years, from the start of 2019 to the end of 2023, franchised locations went from 0 to 2 (+2). The earlier years come from the brand's 2022 filing.
Source: Iron 24 Franchising, LLC, 2024 filing, page 68
2019–2020: Iron 24 Franchising, LLC, 2022 filing, page 79
Where Iron 24 locations are
At the end of 2023, Iron 24 had locations in 2 states. The most are in Texas and Florida.
- Texas5
- Florida1
Source: Iron 24 Franchising, LLC, 2024 filing, page 69
Who owns Iron 24?
Iron 24 franchises are sold by Iron 24 Franchising, LLC.
From Iron 24 Franchising, LLC’s 2024 filing.
Lawsuits and bankruptcy
| Lawsuits and regulatory actions | None. The filing says no litigation has to be disclosed. |
|---|---|
| Bankruptcy | None. The filing says no bankruptcy has to be disclosed. |
Franchisors must disclose lawsuits and bankruptcies involving the company, its parents and affiliates, and its executives. Many cases are routine disputes with franchisees over fees or contracts; read the descriptions in the filing and ask current owners about anything that worries you.
Source: Iron 24 Franchising, LLC, 2024 filing, litigation on page 13, bankruptcy on page 13
Iron 24 filings
A franchisor files a new disclosure each year it sells franchises. The figures on this page come from Iron 24 Franchising, LLC’s 2024 filing, issued April 29, 2024; the earlier ones below are on record with the Minnesota Department of Commerce and the NASAA Electronic Filing Depository and fill in older location counts.
| Filing | Issued | Registry | On this page |
|---|---|---|---|
| 2024 filing | April 29, 2024 | Minnesota | Costs, fees and locations, 2021–2023 |
| 2022 filing | April 6, 2022 | NASAA depository | Locations, 2019–2020 |
Each link opens the filing as a PDF. See the newest filings across all brands.
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