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    Franchise opportunities compared

    BFT Franchise SPV vs Conquer Ninja

    Reviewed figures from each brand's Franchise Disclosure Document (FDD), side by side. Each figure carries its FDD year and page. This is not a ranking or recommendation, and the two FDDs may cover different years and location groups.

    BFT Franchise SPV2025 FDDConquer Ninja2025 FDD

    Initial investment · Item 7

    BFT Franchise SPV

    $509,836 – $1,204,045

    2025 FDD · Item 7

    Conquer Ninja

    $360,000

    2025 FDD · Item 7 · PDF p. 20

    Initial franchise fee · Item 5

    BFT Franchise SPV

    Not available

    Conquer Ninja

    $45,000

    2025 FDD · Item 5 · PDF p. 12

    Royalty · Item 6

    BFT Franchise SPV

    7%

    2025 FDD · Item 6 · PDF p. 21

    Conquer Ninja

    7%

    2025 FDD · Item 6 · PDF p. 13

    Before you compare

    • Both sets of figures come from 2025 FDDs.
    • BFT Franchise SPV discloses more than one business format, so the investment range spans formats; the full report breaks them out.
    • Only BFT Franchise SPV has reviewed Item 19 figures here.

    Financial commitment

    Estimated initial investment (Item 7)

    BFT Franchise SPV

    $509,836 – $1,204,045
    2025 FDD · Item 7

    Conquer Ninja

    $360,000
    Total excluding real estate/improvements
    2025 FDD · Item 7 · PDF p. 20
    Standard initial franchise fee (Item 5)

    BFT Franchise SPV

    Not available
    No single standard fee identified

    Conquer Ninja

    $45,000
    2025 FDD · Item 5 · PDF p. 12
    Royalty (Item 6)

    BFT Franchise SPV

    7%
    Royalty
    2025 FDD · Item 6 · PDF p. 21

    Conquer Ninja

    7%
    Royalty Fee — 7%
    2025 FDD · Item 6 · PDF p. 13
    Brand / advertising fund (Item 6)

    BFT Franchise SPV

    2%
    Brand Development Fund contribution — 2%
    2025 FDD · Item 6 · PDF p. 21

    Conquer Ninja

    $250
    Prohibited Product, Service, Supplier or Advertising Fee — $250
    2025 FDD · Item 6 · PDF p. 16

    System scale & health

    Total outlets (Item 20)

    BFT Franchise SPV

    49
    Outlets at end of 2024
    2025 FDD · Item 20 · PDF p. 76

    Conquer Ninja

    12
    Outlets at end of 2024
    2025 FDD · Item 20 · PDF p. 42
    Net outlet change (Item 20)

    BFT Franchise SPV

    +47
    Calculated: 2 at end of 2022 → 49 at end of 2024

    Conquer Ninja

    +5
    Calculated: 7 at end of 2022 → 12 at end of 2024
    Outlet exits (Item 20)

    BFT Franchise SPV

    Not available
    No complete exit records for a year

    Conquer Ninja

    Not available
    No complete exit records for a year
    Franchising since (Item 1)

    BFT Franchise SPV

    Not available
    Not in reviewed records

    Conquer Ninja

    Not available
    Not in reviewed records
    Franchisor founded (Item 1)

    BFT Franchise SPV

    Not available
    Not in reviewed records

    Conquer Ninja

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    BFT Franchise SPV
    Locations counted not stated in the reviewed record — Second quartile of 29 Qualified Studios; U.S. franchise-owned studios open and…
    $387,262
    other 2nd Quartile
    2025 FDD · Item 19 · PDF p. 68
    Locations counted not stated in the reviewed record — 29 Qualified Studios (US franchise-owned), excludes Non-Traditional Sites
    239 members
    other 1st Quartile
    2025 FDD · Item 19 · PDF p. 69
    Locations counted not stated in the reviewed record — 29 Qualified Studios (US franchise-owned), excludes Non-Traditional Sites
    12 studios
    other Total
    2025 FDD · Item 19 · PDF p. 69
    +28 more groups in the full report
    Conquer Ninja

    Not disclosed — no Item 19 financial performance representation

    Item 19 groups are shown separately and never combined. Revenue or sales figures are not profit. Net outlet change and turnover are Franopolis calculations from the disclosed counts; turnover is a count-based rate, not a measure of owner earnings.

    BFT Franchise SPV vs Conquer Ninja: common questions

    Which costs less to open, BFT Franchise SPV or Conquer Ninja?
    BFT Franchise SPV: $509,836 – $1,204,045 (2025 FDD · Item 7); Conquer Ninja: $360,000 (2025 FDD · Item 7 · PDF p. 20). These are each franchisor's Item 7 estimated initial investment. The low end of the disclosed estimate is lower for Conquer Ninja. At least one range spans several business formats. Estimates are not quotes, and the FDD years may differ.
    How do BFT Franchise SPV and Conquer Ninja royalties compare?
    BFT Franchise SPV: 7% (2025 FDD · Item 6 · PDF p. 21); Conquer Ninja: 7% (2025 FDD · Item 6 · PDF p. 13). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Which has more locations, BFT Franchise SPV or Conquer Ninja?
    BFT Franchise SPV: 49 (2025 FDD · Item 20 · PDF p. 76); Conquer Ninja: 12 (2025 FDD · Item 20 · PDF p. 42). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
    Do BFT Franchise SPV and Conquer Ninja disclose financial performance (Item 19)?
    BFT Franchise SPV has reviewed Item 19 figures for 31 location groups; Conquer Ninja makes no Item 19 financial performance representation. Different location groups are not directly comparable, and revenue is not profit.

    Answers restate the reviewed figures above. Not a ranking or recommendation.

    How Franopolis reviews FDD figures

    Keep researching

    Full BFT Franchise SPV report

    Every reviewed fee, Item 19 group, outlet table and territory disclosure

    Full Conquer Ninja report

    Every reviewed fee, Item 19 group, outlet table and territory disclosure

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