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    Franchise opportunities compared

    ICODE vs The Bunny Hive

    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.

    ICODE2026 FDDThe Bunny Hive2025 FDD

    Initial investment · Item 7

    ICODE

    $331,000 – $481,500

    2026 FDD · Item 7 · PDF p. 21

    The Bunny Hive

    $126,610 – $330,850

    2025 FDD · Item 7 · PDF p. 20

    Initial franchise fee · Item 5

    ICODE

    $35,000

    2026 FDD · Item 5 · PDF p. 12

    The Bunny Hive

    $42,000

    2025 FDD · Item 5 · PDF p. 12

    Royalty · Item 6

    ICODE

    Greater of Minimum Royalty or 8% of Gross Sales

    2026 FDD · Item 6 · PDF p. 13

    The Bunny Hive

    7%

    2025 FDD · Item 6 · PDF p. 13

    Before you compare

    • ICODE figures come from its 2026 FDD and The Bunny Hive figures from its 2025 FDD, so the years differ.
    • Item 19 figures cover the location groups each FDD names (ICODE: 2, The Bunny Hive: 11). Different groups are not directly comparable.

    Financial commitment

    Estimated initial investment (Item 7)

    ICODE

    $331,000 – $481,500
    Area Development Agreement Total
    2026 FDD · Item 7 · PDF p. 21

    The Bunny Hive

    $126,610 – $330,850
    Total single Studio initial investment: $126,610–$330,850 (Item7)
    2025 FDD · Item 7 · PDF p. 20
    Standard initial franchise fee (Item 5)

    ICODE

    $35,000
    2026 FDD · Item 5 · PDF p. 12

    The Bunny Hive

    $42,000
    2025 FDD · Item 5 · PDF p. 12
    Royalty (Item 6)

    ICODE

    Greater of Minimum Royalty or 8% of Gross Sales
    Royalty – iCode School Program
    2026 FDD · Item 6 · PDF p. 13

    The Bunny Hive

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

    ICODE

    Not available
    No reviewed brand or advertising fund fee

    The Bunny Hive

    Not available
    No reviewed brand or advertising fund fee

    System scale & health

    Total outlets (Item 20)

    ICODE

    61
    Outlets at end of 2025
    2026 FDD · Item 20 · PDF p. 50

    The Bunny Hive

    32
    Outlets at end of 2024
    2025 FDD · Item 20 · PDF p. 57
    Net outlet change (Item 20)

    ICODE

    +15
    Calculated: 46 at end of 2023 → 61 at end of 2025

    The Bunny Hive

    +28
    Calculated: 4 at end of 2022 → 32 at end of 2024
    Outlet exits (Item 20)

    ICODE

    Not available
    No complete exit records for a year

    The Bunny Hive

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

    ICODE

    2016 for iCode School; 2021 for iCode Reach
    2026 FDD · Item 1 · PDF p. 8

    The Bunny Hive

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

    ICODE

    2016
    2026 FDD · Item 1 · PDF p. 8

    The Bunny Hive

    Not available
    Not in reviewed records

    Financial performance (Item 19), by location group

    ICODE
    Franchised (37 locations) — revenue
    $144,158
    mean Gross Sales
    2026 FDD · Item 19 · PDF p. 49
    Locations counted not stated in the reviewed record
    $65,414
    other Gross Sales
    2026 FDD · Item 19 · PDF p. 49
    The Bunny Hive
    Locations counted not stated in the reviewed record — Franchised Studios open full reporting month (3)
    $26,703
    other High Gross Revenue
    2025 FDD · Item 19 · PDF p. 55
    Locations counted not stated in the reviewed record — Franchised Studios open full reporting month (9)
    $23,963
    other High Gross Revenue
    2025 FDD · Item 19 · PDF p. 55
    Locations counted not stated in the reviewed record — Franchised Studios open full reporting month (11)
    $25,143
    other High Gross Revenue
    2025 FDD · Item 19 · PDF p. 55
    +8 more groups in the full report

    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.

    ICODE vs The Bunny Hive: common questions

    Which costs less to open, ICODE or The Bunny Hive?
    ICODE: $331,000 – $481,500 (2026 FDD · Item 7 · PDF p. 21); The Bunny Hive: $126,610 – $330,850 (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 The Bunny Hive. Estimates are not quotes, and the FDD years may differ.
    How do ICODE and The Bunny Hive royalties compare?
    ICODE: Greater of Minimum Royalty or 8% of Gross Sales (2026 FDD · Item 6 · PDF p. 13); The Bunny Hive: 7% (2025 FDD · Item 6 · PDF p. 13). Royalties as disclosed in Item 6; other recurring fees are listed separately.
    Which has more locations, ICODE or The Bunny Hive?
    ICODE: 61 (2026 FDD · Item 20 · PDF p. 50); The Bunny Hive: 32 (2025 FDD · Item 20 · PDF p. 57). Total outlets from Item 20. Outlet counts do not indicate territory availability or franchisee results.
    Do ICODE and The Bunny Hive disclose financial performance (Item 19)?
    ICODE has reviewed Item 19 figures for 2 location groups; The Bunny Hive has reviewed Item 19 figures for 11 location groups. 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

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    Full ICODE report

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

    Full The Bunny Hive report

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

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