How to Finance an ONYX Pilates Franchise: Heated Reformer Studios
By Anthony Cornella
An ONYX Pilates franchise loan funds a boutique studio built around heated reformer Pilates, a format the company calls “the original heated reformer workout.” Because ONYX is a young, founder-led system with a published investment range and clear capital requirements, buyers can plan their financing with more precision than many emerging brands allow.
US Professional Funding is not affiliated with, sponsored by or endorsed by ONYX Pilates; the name is used only to describe the business. Figures from the franchisor’s disclosure document can change, loan programs and terms vary by lender and borrower, and every loan is subject to lender review and approval. Nothing here is legal, tax or investment advice, so review the current Franchise Disclosure Document (FDD) and franchise agreement with a franchise attorney and accountant.
ONYX Pilates Franchise Loan at a Glance
- Concept: heated reformer Pilates in rooms kept at 90°F, with signature, targeted and restorative classes.
- Estimated initial investment: $285,691 to $624,043, according to the Item 7 figures shown on the franchisor’s franchise page, depending on space and build.
- Liquid capital: $150,000 required.
- Net worth: $500,000 required.
- Franchise fee and royalty: not published on the franchise page; see Items 5 and 6 of the current FDD.
- Franchisor financing: the company says it does not offer financing directly.
- Open studios: 2 in Chicago (River North and Wicker Park).
- SBA Franchise Directory: listed as “ONYX Pilates” under code S9005, with notes on lease documents and lien position.
What Is ONYX Pilates?
ONYX runs two company studios in Chicago, one in River North and one in Wicker Park, and franchises through ONYX Franchising LLC. The franchise page credits three founders, Liz, Christian and Jonathan, and describes the business as “Founder-led. Founder-funded. Founder-built.”
The workout combines heat and the reformer in one room. Classes run 45 minutes in a studio heated to 90°F, and the class lineup includes ONYX45 and ONYX90 as signature formats, CORE45, UPPER45 and LOWER45 as targeted classes and RECHARGE45 as a restorative option.
A proprietary reformer. ONYX uses its own slip-resistant reformer, which the company says is unique to its franchise and sold nowhere else. That means its cost and terms come from the FDD and the brand’s purchasing rules, not open-market shopping.
Stadium-style rooms and recurring revenue. The company describes stadium-style rooms where every member is visible to the coach, and a membership model in which most members sign up for 6 or 12 months. Recurring monthly dues are the backbone of a studio’s cash flow, and lenders pay close attention to how quickly a new studio can build that base.
A selective rollout. ONYX says it is awarding franchises in 14 markets: Atlanta, Boston, Washington DC, Detroit, Minneapolis, Nashville, Charlotte, Austin, Dallas, Houston, Denver, Salt Lake City, Seattle and Tampa, with a focus on dense, walkable urban areas.
How lenders view the brand. A two-studio system is very early in its franchise life, so lenders cannot lean on a long record of franchised results. They rely on the borrower’s capital and experience, the quality of the site, the FDD and a careful ramp-up plan. Our article on financing an emerging franchise explains how lenders approach young systems.
ONYX Pilates Franchise Costs
The franchise page states an estimated initial investment of $285,691 to $624,043 and ties the spread to space and build. The low end and the high end will look very different on a loan request, so get the full Item 7 table and price your specific site before sizing the loan.
Initial franchise fee
The franchise page does not publish the initial fee. Item 5 of the FDD states the amount and when it is due.
Real estate and build-out
ONYX studios lease space in urban retail or mixed-use buildings. A heated reformer room adds build-out items a standard studio may not need: heating and ventilation sized for a 90°F room, humidity control, flooring suited to heat and sweat, stadium-style tiering, sound, lighting, locker rooms and showers. Leasehold improvements are usually the largest and most variable part of the budget, and a landlord improvement allowance can reduce what you borrow.
Equipment
The proprietary reformers, heating systems, sound and audio-visual equipment, front desk technology and retail fixtures make up the equipment package. Because the reformer is sold only through the system, ask the franchisor for the current price, lead time and warranty, and whether equipment can be financed separately.
Opening costs and working capital
Pre-sale marketing, grand opening, training travel, coach hiring and onboarding, insurance, deposits and funds for the first months belong in the budget. The franchisor says pre-sale, grand opening and marketing are planned before opening, so your budget should carry rent and payroll during that pre-sale period.
Total investment
Typical Item 7 categories for a boutique fitness studio like this include:
- Initial franchise fee
- Leasehold improvements, including heating, ventilation and humidity control
- Proprietary reformers and other studio equipment
- Furniture, fixtures, locker rooms and signage
- Sound, audio-visual and point-of-sale technology
- Pre-sale and grand opening marketing
- Training expenses, deposits, permits and insurance
- Additional funds for the initial operating period
Ongoing Fees and How They Affect Your Loan
The franchise page does not publish the royalty, marketing fund contribution or technology fees. Item 6 of the FDD lists each recurring fee, how it is calculated and when it is paid.
How lenders factor these in. Lenders project monthly membership revenue, subtract rent, coach payroll, utilities for the heated room, royalties and marketing, and then compare the remaining cash flow with the proposed loan payment.
Franchisor Requirements for New Owners
ONYX’s franchise page lists $150,000 in liquid capital and a $500,000 net worth. It describes an owner-operator model: in year one the owner must be in the studio, and a manager can be added later with company approval.
The approval process. The company outlines five steps: submit a short form, talk to a founder, review the FDD over 14 days, visit Chicago to see a studio and take a class, then sign and build. The franchise page also notes that certain states regulate franchise sales and that ONYX will not offer franchises in those states until registration and disclosure requirements are met, so confirm your state’s status early.
Support the franchisor describes. ONYX lists site criteria and market review with approval before signing, layout and design specifications, hands-on training for owners and teams, founder-developed playbooks tested in company studios, launch planning, central services for repetitive administrative work and ongoing coaching.
Ways to Own an ONYX Pilates Studio
A new studio. The company estimates about 9 months from signing to opening, with real estate and permits setting the pace, so your financing timeline should match. Our page on fitness center start-up financing explains how lenders approach new studios.
Buying an existing studio. With so few studios open, resales will be rare for now. If one becomes available, the buyer gets real membership and revenue history, and any transfer requires franchisor approval. Read our article on buying a boutique fitness studio for what to review.
Additional studios. ONYX says owners start with one studio and that additional studios are discussed after the first is running well, so multi-unit financing will follow proven results rather than an upfront development schedule.
Financing Options for an ONYX Pilates Franchise
SBA 7(a) loans. Because ONYX is on the SBA Franchise Directory, an SBA 7(a) loan can fund leasehold improvements, equipment, opening costs and working capital, and in some structures the franchise fee.
Conventional term loans. Borrowers with strong credit and significant liquidity may consider a conventional business loan, though lenders may ask for more equity from a system with only two open studios.
Equipment financing. Reformers, heating and ventilation units and audio-visual systems may be financed separately and secured by the equipment. See fitness center equipment financing and leasing.
Working capital and lines of credit. A reserve or line can carry rent and coach payroll during pre-sale and the first months while memberships build, and cover seasonal dips in new sign-ups. Learn more about fitness center working capital.
Seller financing on resales. If you buy an existing studio, the seller may carry part of the price. A seller note is typically subordinate to the senior loan, and loan programs may limit how it is used in the buyer’s equity.
SBA Loans for ONYX Pilates Franchisees
The SBA Franchise Directory lists brands whose franchise agreements have been reviewed for SBA eligibility. SBA lenders generally need a brand on the directory before making an SBA-guaranteed loan to a franchisee. The listing clears the franchise relationship; it does not approve any borrower or project.
ONYX’s listing and notes. The directory lists “ONYX Pilates” under code S9005 with two notes. First, when the real estate where the studio operates will secure the SBA-guaranteed loan, the Conditional Assignment of Lease and the Consent and Agreement of Landlord may not be executed. In plain English, those lease documents exist for a franchisee who rents; if the borrower owns the building and pledges it, they do not apply. Second, the lender must make sure it obtains the correct lien position on all collateral, as SBA lending rules require.
Loan size. The SBA 7(a) program maximum is currently $5 million, though program rules can change.
Application tips. Prepare a personal financial statement, recent tax returns, a resume, the FDD, a letter of intent or lease, contractor and equipment quotes and monthly projections. Our article on SBA loans for gyms and fitness studios covers what lenders ask for, and the SBA loan calculator can estimate payments for planning only; it is not an offer or approval.
How Lenders Evaluate an ONYX Pilates Deal
Personal credit and financial history. Lenders review your credit, tax returns and personal financial statement and typically require a personal guarantee from owners.
Net worth and liquidity. ONYX’s $500,000 net worth and $150,000 liquid capital requirements line up with what lenders look for: cash for the equity injection and fee, plus reserves left over after opening.
Industry and management experience. Fitness, hospitality, retail management or sales backgrounds all help. Since the owner must be in the studio in year one, lenders will focus on your ability to lead coaches and sell memberships.
Business plan and projections. Model pre-sale memberships, monthly member growth, the mix of 6 and 12-month commitments, class capacity, coach payroll, utilities and fees.
The FDD and franchise agreement. Lenders read Items 5, 6, 7, 8, 12, 17 and 21, and note whether Item 19 includes financial performance representations. ONYX says its territory is defined but not exclusive, which lenders weigh when reviewing competition. See how lenders read a Franchise Disclosure Document.
Site and lease. Urban leases with a term long enough to cover the loan, a landlord improvement allowance and approval for heating and ventilation work strengthen the deal.
The Heated Room: Build-Out and Equipment
The heated room is what sets ONYX apart and where financing needs extra care. Lenders and landlords will want a contractor’s scope and an engineer’s input on heating, ventilation and humidity loads. Build reformer delivery timing into the opening schedule, and finance mechanical systems and reformers over terms that match their useful lives.
Multi-Unit Growth
ONYX says it awards only a handful of franchises per year. When you are ready for a second studio, lenders review the first studio’s actual results, your remaining liquidity and combined debt service; a second ONYX Pilates franchise loan builds on that record.
Real-World Scenarios
A fitness professional in Denver. A former studio manager opens a first ONYX location, uses an SBA 7(a) loan for build-out and equipment and works in the studio daily during year one as required.
Partners in Tampa. Two partners pool savings to meet the liquidity requirement and negotiate a landlord allowance that lowers the loan amount.
An executive changing careers in Seattle. A buyer with management experience but no fitness background builds a detailed coach hiring and training plan to show lenders how classes will be staffed.
Common Mistakes to Avoid
- Budgeting from the low end of the investment range before pricing your site
- Underestimating heating, ventilation and humidity costs for a 90°F room
- Signing a lease before the franchisor approves the site
- Opening without enough reserve to cover the membership ramp-up
- Planning to be absent in year one when the brand requires an owner-operator
For more pitfalls, read common fitness center loan mistakes.
Next Steps to Finance Your ONYX Pilates Franchise
Step 1: Submit an inquiry. Confirm your market is open and request the current FDD.
Step 2: Review the FDD with advisors. Study Items 5, 6, 7, 12 and 17 with a franchise attorney and accountant during the 14-day review.
Step 3: Talk with a financing specialist. Learn what an ONYX Pilates franchise loan could cover for your site and budget.
Step 4: Secure an approved site. Get franchisor approval, then negotiate a lease with a strong improvement allowance.
Step 5: Apply. Submit a complete package with your lease, quotes and projections.
Step 6: Close and build. Coordinate closing with construction, reformer delivery and pre-sale.
ONYX Pilates Franchise Loan FAQs
How much does an ONYX Pilates franchise cost?
The franchise page lists an estimated initial investment of $285,691 to $624,043, depending on space and build. Item 7 of the current FDD gives the details.
What is the ONYX Pilates franchise fee and royalty?
The franchise page does not publish them. Items 5 and 6 of the FDD disclose the initial fee, royalty and other recurring fees.
How much liquid capital and net worth do I need?
ONYX lists $150,000 in liquid capital and a $500,000 net worth.
Can I get an SBA loan for an ONYX Pilates studio?
Yes, the brand is on the SBA Franchise Directory under code S9005, so qualified borrowers may use SBA financing. Every loan is subject to approval.
Does ONYX offer financing?
The company says it does not offer financing directly. Check Item 10 of the FDD to confirm.
Can I finance the reformers separately?
Often, yes. Equipment financing can be secured by the reformers and other studio equipment, subject to the franchisor’s purchasing requirements.
How long does it take to open?
The company estimates about 9 months from signing to opening, with real estate and permits setting the pace.
Can a first-time business owner qualify?
Yes, if the finances fit. Lenders weigh management experience, the year-one owner-operator commitment and the franchisor’s training.
What documents will I need?
A personal financial statement, tax returns, a resume, the FDD, a lease or letter of intent, quotes and projections.
Does the FDD include financial performance information?
Review Item 19 of the current FDD to see whether it includes financial performance representations.
Final Thoughts
An ONYX Pilates franchise loan supports a distinctive concept with clear capital requirements and a published investment range. Buyers who price their specific heated-room build-out, plan for a full year in the studio and keep a solid reserve for the membership ramp-up give lenders a strong, credible request.
US Professional Funding helps franchise owners and buyers finance start-ups, acquisitions, equipment and working capital. Learn more about our franchise financing and fitness center financing solutions.
