{
 "business": "gym",
 "url": "https://bizgame.app/gym-business/",
 "simulator": "https://bizgame.app/play/case/gym",
 "updated": "2026-10-25",
 "setupCostByFormat": [
  {
   "format": "Budget neighbourhood gym",
   "setupCostINR": 800000,
   "suggestedBudgetINR": 822000
  },
  {
   "format": "Mid-size AC gym",
   "setupCostINR": 2000000,
   "suggestedBudgetINR": 2040000
  },
  {
   "format": "Big-box franchise club",
   "setupCostINR": 20000000,
   "suggestedBudgetINR": 20120000
  }
 ],
 "monthlyNetProfitINR": {
  "metro": [
   86500,
   173000
  ],
  "tier2": [
   52000,
   108500
  ],
  "smallTown": [
   34500,
   52000
  ]
 },
 "licences": [
  "Shop & Establishment registration",
  "municipal trade / health-trade licence",
  "fire NOC (depends on the building)",
  "GST registration above ₹20 lakh (5% on gym services)",
  "music licence (PPL / IPRS) if you play music"
 ],
 "risks": [
  "members quitting within 3 months",
  "trainers leaving with their PT clients",
  "a cult.fit or new gym opening nearby",
  "sealing for a missing fire NOC"
 ],
 "factors": [
  {
   "id": "A01",
   "cat": "A Setup & capital",
   "name": "Total capex, budget gym",
   "value": "₹8–15 lakh (IIFL: 500 sq ft ₹5–10 lakh) (varies: T2 is 40–60% cheaper than T1)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide; IIFL gym guide",
   "estimate": false
  },
  {
   "id": "A02",
   "cat": "A Setup & capital",
   "name": "Total capex, mid AC gym",
   "value": "₹15–30 lakh (varies: Tier, specification)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A03",
   "cat": "A Setup & capital",
   "name": "Total capex, full-service",
   "value": "₹35 lakh–₹1.5 crore (varies: Metro, premium specification)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A04",
   "cat": "A Setup & capital",
   "name": "Equipment budget, boutique",
   "value": "₹5–15 lakh (varies: Indian vs imported brand)",
   "role": "PD",
   "source": "Jerai equipment guide",
   "estimate": false
  },
  {
   "id": "A05",
   "cat": "A Setup & capital",
   "name": "Equipment budget, mid-size",
   "value": "₹20–50 lakh",
   "role": "PD",
   "source": "Jerai equipment guide",
   "estimate": false
  },
  {
   "id": "A06",
   "cat": "A Setup & capital",
   "name": "Equipment budget, large",
   "value": "₹75 lakh–₹2 crore+",
   "role": "PD",
   "source": "Jerai equipment guide",
   "estimate": false
  },
  {
   "id": "A07",
   "cat": "A Setup & capital",
   "name": "Equipment per sq ft",
   "value": "₹700–1,200 per sq ft (mid-range)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A08",
   "cat": "A Setup & capital",
   "name": "Basic Indian equipment package",
   "value": "₹3–5 lakh; cardio alone ₹3–15 lakh",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A09",
   "cat": "A Setup & capital",
   "name": "Commercial treadmill, Indian",
   "value": "₹1.5–2.5 L / ₹2.5–3.5 L / ₹3.5–5 L+ each",
   "role": "PD",
   "source": "Jerai treadmill cost guide",
   "estimate": false
  },
  {
   "id": "A10",
   "cat": "A Setup & capital",
   "name": "Commercial treadmill, imported",
   "value": "₹2.5–10 lakh each (varies: Dealer, currency)",
   "role": "PD",
   "source": "Bajaj Finserv Technogym prices; Jerai equipment guide",
   "estimate": false
  },
  {
   "id": "A11",
   "cat": "A Setup & capital",
   "name": "Refurbished or phased buying",
   "value": "Saves ~20–30%",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A12",
   "cat": "A Setup & capital",
   "name": "Rubber flooring",
   "value": "₹60–120/sq ft (₹1.2–2.4 L for 2,000 sq ft)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A13",
   "cat": "A Setup & capital",
   "name": "Soundproofing",
   "value": "₹80–150/sq ft (varies: Residential or mixed building)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A14",
   "cat": "A Setup & capital",
   "name": "HVAC + electrical",
   "value": "₹1–3 lakh (varies: Non-AC gyms in T3 skip most of this)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A15",
   "cat": "A Setup & capital",
   "name": "Mirrors + general fit-out",
   "value": "₹50,000–1.5 lakh",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A16",
   "cat": "A Setup & capital",
   "name": "Interiors / civil",
   "value": "₹4–8 L (T2), ₹8–15 L (T1)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A17",
   "cat": "A Setup & capital",
   "name": "Rent deposit",
   "value": "3–6 months' rent (varies: Metro leases at the high end)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A18",
   "cat": "A Setup & capital",
   "name": "Working capital",
   "value": "3–6 months of opex (~₹6–12 L mid-segment)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "A19",
   "cat": "A Setup & capital",
   "name": "Equipment GST",
   "value": "18% (HSN 9506 91); not recoverable, since gym output is 5% without ITC",
   "role": "HV",
   "source": "TG; BT",
   "estimate": false
  },
  {
   "id": "A20",
   "cat": "A Setup & capital",
   "name": "Capex split",
   "value": "Equipment 35–45%, interiors 20–25%",
   "role": "HV",
   "source": "IIFL/search summary (https://www.iifl.com/index.php/blogs/gold-loan/how-to-start-a-gym-and-fitness-center-business)",
   "estimate": false
  },
  {
   "id": "B01",
   "cat": "B Location & footfall",
   "name": "Metro commercial rent",
   "value": "₹40–100/sq ft/month (varies: T1 high street at the top)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "B02",
   "cat": "B Location & footfall",
   "name": "Rent, 1,500–2,000 sq ft",
   "value": "₹50k–90k (T2); ₹80k–2 L (T1)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "B03",
   "cat": "B Location & footfall",
   "name": "Worked rent example",
   "value": "₹72,000/month",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "B04",
   "cat": "B Location & footfall",
   "name": "Rent, T3 small town",
   "value": "₹10–25/sq ft/month (varies: Est.: about a quarter to a third of the metro low end, since OKC says T2 setup is 40–60% below T1)",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "B05",
   "cat": "B Location & footfall",
   "name": "Floor capacity",
   "value": "10–20 sq ft/person; 100–150 people on a 2,000 sq ft floor",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "B06",
   "cat": "B Location & footfall",
   "name": "Catchment radius",
   "value": "1–3 km (2-wheeler or walking) (varies: Est.: neighbourhood gyms rely on walk-ins and convenience; metros have smaller radii because of traffic)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "B07",
   "cat": "B Location & footfall",
   "name": "Floor level",
   "value": "Upper floors are cheaper but have lower visibility; basements bring fire-NOC and ventilation problems",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "B08",
   "cat": "B Location & footfall",
   "name": "Zoning / CLU risk",
   "value": "A licensed gym was sealed for lacking a fire NOC and CLU (Amritsar) (varies: Stricter in large cities)",
   "role": "HV/RE",
   "source": "Tribune Amritsar sealed gym",
   "estimate": false
  },
  {
   "id": "B09",
   "cat": "B Location & footfall",
   "name": "Parking",
   "value": "Est.: lack of parking cuts T1 car-owner demand",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "B10",
   "cat": "B Location & footfall",
   "name": "Co-location boosters",
   "value": "Est.: colleges lift the 18–25 segment and offices lift the evening peak",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "B11",
   "cat": "B Location & footfall",
   "name": "Visibility / signage",
   "value": "Est.",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "C01",
   "cat": "C Products & pricing",
   "name": "Monthly fee, basic",
   "value": "₹700–1,200/month (varies: T3 at the low end)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "C02",
   "cat": "C Products & pricing",
   "name": "Monthly fee, standard AC",
   "value": "₹1,200–2,000",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "C03",
   "cat": "C Products & pricing",
   "name": "Monthly fee, premium",
   "value": "₹3,000–6,000 (magicpin: up to ₹15,000) (varies: Metro)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide; magicpin gym price 2026",
   "estimate": false
  },
  {
   "id": "C04",
   "cat": "C Products & pricing",
   "name": "Budget-gym annual fee",
   "value": "₹8,000–24,000/yr (magicpin, budget tier)",
   "role": "PD",
   "source": "magicpin gym price 2026",
   "estimate": false
  },
  {
   "id": "C05",
   "cat": "C Products & pricing",
   "name": "Delhi mid-range monthly",
   "value": "₹2,000–3,500 (Mumbai ₹2,500–4,000) as of Apr 2026; magicpin pages contradict each other (varies: Metro)",
   "role": "HV",
   "source": "magicpin gym price 2026",
   "estimate": false
  },
  {
   "id": "C06",
   "cat": "C Products & pricing",
   "name": "Delhi business-district monthly",
   "value": "~₹2,464 (low confidence)",
   "role": "HV",
   "source": "Expatistan Delhi",
   "estimate": false
  },
  {
   "id": "C07",
   "cat": "C Products & pricing",
   "name": "Annual-plan discount",
   "value": "20–30% (varies: Steeper during offers)",
   "role": "PD",
   "source": "magicpin gym price 2026",
   "estimate": false
  },
  {
   "id": "C08",
   "cat": "C Products & pricing",
   "name": "Realised fee vs posted fee",
   "value": "Example: ₹1,000 posted vs ₹850 realised (varies: Discounting)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "C09",
   "cat": "C Products & pricing",
   "name": "Quarterly plan",
   "value": "Est.: about 2.5–2.7× the monthly rate (10–15% discount, sitting between monthly and annual)",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "C10",
   "cat": "C Products & pricing",
   "name": "Joining / admission fee",
   "value": "Est.: ₹500–2,000, often waived in promotions",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "C11",
   "cat": "C Products & pricing",
   "name": "cult.fit benchmark",
   "value": "ELITE from ₹904/month effective (long plan); a 3-month plan at ₹9,250 + ₹1,746 taxes and fees (~₹2,300/month); OKC puts the annual pass at ~₹1,371/month effective (varies: Promotions)",
   "role": "HV",
   "source": "cure.fit cultpass page; OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "C12",
   "cat": "C Products & pricing",
   "name": "Chain annual fee",
   "value": "₹18,000–20,000/yr",
   "role": "HV",
   "source": "The Ken",
   "estimate": false
  },
  {
   "id": "C13",
   "cat": "C Products & pricing",
   "name": "PT monthly (national)",
   "value": "₹8,000–25,000/month (varies: City, trainer experience)",
   "role": "PD",
   "source": "magicpin PT cost",
   "estimate": false
  },
  {
   "id": "C14",
   "cat": "C Products & pricing",
   "name": "PT at chains",
   "value": "cult.fit ₹15k–25k; Gold's ₹18k–30k; Anytime ₹12k–20k (marketing content) (varies: Metro)",
   "role": "HV",
   "source": "magicpin PT cost",
   "estimate": false
  },
  {
   "id": "C15",
   "cat": "C Products & pricing",
   "name": "PT per session",
   "value": "₹500–1,500 (metro standard ₹800–2,000)",
   "role": "PD",
   "source": "magicpin PT cost",
   "estimate": false
  },
  {
   "id": "C16",
   "cat": "C Products & pricing",
   "name": "PT share of revenue",
   "value": "cult.fit PT ₹122 cr ≈ a tenth of services revenue in FY26, up 73%",
   "role": "HV",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "C17",
   "cat": "C Products & pricing",
   "name": "Group classes (Zumba, yoga, HIIT)",
   "value": "Est.: ₹500–1,500/month extra, or bundled",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "C18",
   "cat": "C Products & pricing",
   "name": "Diet plan / nutrition consult",
   "value": "Est.: ₹1,000–3,000 per plan",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "C19",
   "cat": "C Products & pricing",
   "name": "Couple / family / student plans",
   "value": "Est.: 10–25% off",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "C20",
   "cat": "C Products & pricing",
   "name": "Price sensitivity",
   "value": "Est.: high in T2/T3, where members switch for ₹200–300/month; cult.fit is priced to undercut",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "C21",
   "cat": "C Products & pricing",
   "name": "Freeze / pause option",
   "value": "Est.: 15–60 days a year on annual plans",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "D01",
   "cat": "D Inputs & supply chain",
   "name": "Equipment warranty",
   "value": "Frame lifetime; cardio motor 3–5 yr; parts and labour 1–2 yr (varies: Brand)",
   "role": "HV",
   "source": "Jerai equipment guide",
   "estimate": false
  },
  {
   "id": "D02",
   "cat": "D Inputs & supply chain",
   "name": "AMC",
   "value": "Negotiated % of equipment value (OKC gives no figure); Est. 5–8%/yr",
   "role": "PD",
   "source": "OkCredit 2026 gym guide; Est.",
   "estimate": true
  },
  {
   "id": "D03",
   "cat": "D Inputs & supply chain",
   "name": "Commercial duty cycle",
   "value": "8–12 hours a day, 7 days a week; home-grade units fail within months",
   "role": "HV",
   "source": "Jerai equipment guide",
   "estimate": false
  },
  {
   "id": "D04",
   "cat": "D Inputs & supply chain",
   "name": "Imported spares lead time",
   "value": "Imported kit: \"longer service waits\"; Indian: faster parts",
   "role": "HV",
   "source": "Jerai equipment guide",
   "estimate": false
  },
  {
   "id": "D05",
   "cat": "D Inputs & supply chain",
   "name": "Supplement counterfeits",
   "value": "30–50% cheaper",
   "role": "RE",
   "source": "NutraIngredients MuscleBlaze",
   "estimate": false
  },
  {
   "id": "D06",
   "cat": "D Inputs & supply chain",
   "name": "Fake supplement prevalence",
   "value": "60–70% of supplements fake or unapproved (2017, not verified as current)",
   "role": "HV",
   "source": "DT Next 2017",
   "estimate": false
  },
  {
   "id": "D07",
   "cat": "D Inputs & supply chain",
   "name": "Supplement retail margin",
   "value": "Est.: 15–30% on branded whey (thin; online discounting compresses it)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "D08",
   "cat": "D Inputs & supply chain",
   "name": "Cleaning consumables",
   "value": "Est.: ₹3,000–10,000/month (varies: Size)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "D09",
   "cat": "D Inputs & supply chain",
   "name": "Merchandise",
   "value": "Est.: 30–50% gross margin, low volume",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "D10",
   "cat": "D Inputs & supply chain",
   "name": "Drinking water / RO",
   "value": "Est.: ₹1,000–3,000/month",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "D11",
   "cat": "D Inputs & supply chain",
   "name": "Equipment replacement cycle",
   "value": "Est.: 5–8 years commercial; cables and upholstery every 1–2 years",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "E01",
   "cat": "E Operations & capacity",
   "name": "Morning peak",
   "value": "At 6:30 am, 25.6% of that day's exercisers are active (NSO Time Use Survey 2024) (varies: Summer pushes earlier)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "E02",
   "cat": "E Operations & capacity",
   "name": "Session length",
   "value": "42% of exercisers train ≤30 min",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "E03",
   "cat": "E Operations & capacity",
   "name": "Evening peak",
   "value": "Est.: 35–45% of daily check-ins (varies: Higher in T1 offices)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "E04",
   "cat": "E Operations & capacity",
   "name": "Operating hours",
   "value": "Est.: 15–17 hours (5 am–10/11 pm), many with an afternoon lull or closure; Anytime Fitness markets 24×7 access",
   "role": "PD",
   "source": "Est.; AFF (https://franchise.anytimefitness.co.in/)",
   "estimate": true
  },
  {
   "id": "E05",
   "cat": "E Operations & capacity",
   "name": "Daily check-in rate",
   "value": "Est.: 50–65% (varies: Falls in month 2–3 for new joiners)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "E06",
   "cat": "E Operations & capacity",
   "name": "Cardio count",
   "value": "6–10 treadmills",
   "role": "PD",
   "source": "Jerai equipment guide",
   "estimate": false
  },
  {
   "id": "E07",
   "cat": "E Operations & capacity",
   "name": "Free-weight spec",
   "value": "—",
   "role": "PD",
   "source": "Jerai equipment guide",
   "estimate": false
  },
  {
   "id": "E08",
   "cat": "E Operations & capacity",
   "name": "Equipment downtime",
   "value": "Est.: 2–5% of machines at any time; higher for imported kit awaiting parts",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "E09",
   "cat": "E Operations & capacity",
   "name": "Women-only slots / batches",
   "value": "Est.: common in T2/T3 (varies: Region)",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "E10",
   "cat": "E Operations & capacity",
   "name": "Gym software / biometric access",
   "value": "Est.: ₹500–3,000/month SaaS",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "E11",
   "cat": "E Operations & capacity",
   "name": "Housekeeping",
   "value": "Est.: 1–2 staff",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "F01",
   "cat": "F Labour",
   "name": "Trainer base pay",
   "value": "₹15,000–30,000/month (avg ~₹22k, Glassdoor) (varies: Metro up to ₹30k for freshers)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "F02",
   "cat": "F Labour",
   "name": "Experienced trainer",
   "value": "₹35,000–60,000/month",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "F03",
   "cat": "F Labour",
   "name": "Gold's Gym trainer",
   "value": "₹19k–58k, median ~₹40k",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "F04",
   "cat": "F Labour",
   "name": "Fitness trainer avg",
   "value": "~₹27,400/month",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "F05",
   "cat": "F Labour",
   "name": "Chain trainer annual pay",
   "value": "Anytime ₹3.6–7.7 L/yr; Gold's ₹1.7–5.4 L/yr; cult.fit Delhi ₹2–4.8 L/yr (small samples)",
   "role": "HV",
   "source": "AmbitionBox cult.fit trainer; Payscale PT salary",
   "estimate": false
  },
  {
   "id": "F06",
   "cat": "F Labour",
   "name": "PT trainer variable pay",
   "value": "₹25k–145k/yr commission (Payscale band)",
   "role": "HV",
   "source": "Payscale PT salary",
   "estimate": false
  },
  {
   "id": "F07",
   "cat": "F Labour",
   "name": "Total payroll",
   "value": "₹40–80k/month (T2); ₹0.8–1.5 L/month (T1)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "F08",
   "cat": "F Labour",
   "name": "Front desk / sales",
   "value": "Est.: ₹10,000–18,000/month + sales incentive (varies: Tier)",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "F09",
   "cat": "F Labour",
   "name": "Housekeeping staff",
   "value": "Est.: ₹8,000–14,000/month (varies: Tier, state minimum wage)",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "F10",
   "cat": "F Labour",
   "name": "Certifications",
   "value": "Est.: ₹15,000–80,000 per course",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "F11",
   "cat": "F Labour",
   "name": "Trainer attrition",
   "value": "Est.: 30–50%/yr; trainers often take PT clients with them",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "F12",
   "cat": "F Labour",
   "name": "Owner as trainer",
   "value": "Common in T3; saves one salary",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "F13",
   "cat": "F Labour",
   "name": "Chain staffing ratio",
   "value": "3,529 trainers + 1,665 centre staff for 708 centres (~5 trainers + 2.4 staff per centre, but 490 centres are franchise/marketplace)",
   "role": "HV",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "G01",
   "cat": "G Demand drivers",
   "name": "January spike",
   "value": "Global (IHRSA): >12% of new members join in January (varies: Strongest in T1)",
   "role": "RE",
   "source": "PerfectGym",
   "estimate": false
  },
  {
   "id": "G02",
   "cat": "G Demand drivers",
   "name": "Wedding-season spike",
   "value": "Est.: +15–30% joins in the 4–8 weeks before peak muhurat months (varies: North India strongest)",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "G03",
   "cat": "G Demand drivers",
   "name": "Pre-summer spike",
   "value": "Est.: +10–20% joins Mar–May",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "G04",
   "cat": "G Demand drivers",
   "name": "Monsoon dip",
   "value": "Est.: −10–20% check-ins Jul–Sep (varies: West coast, Mumbai strongest)",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "G05",
   "cat": "G Demand drivers",
   "name": "Festival dip",
   "value": "Est.: −20–40% attendance during the festival week (varies: Region)",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "G06",
   "cat": "G Demand drivers",
   "name": "Peak heat",
   "value": "Est.: −15–30% afternoon and evening use in North and Central India (varies: Non-AC only)",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "G07",
   "cat": "G Demand drivers",
   "name": "Exam season",
   "value": "Est. (varies: College-area gyms)",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "G08",
   "cat": "G Demand drivers",
   "name": "Day of week",
   "value": "Est.: Monday ~120% of average, Sunday ~50% (many gyms close or shorten Sunday hours)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "G09",
   "cat": "G Demand drivers",
   "name": "Health-scare / doctor referral",
   "value": "Est.: a steady referral stream in all tiers",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "G10",
   "cat": "G Demand drivers",
   "name": "Social media trends",
   "value": "Est.: raises youth demand",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "G11",
   "cat": "G Demand drivers",
   "name": "Low penetration",
   "value": "~1% of the population (varies: Urban far higher)",
   "role": "HV",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "H01",
   "cat": "H Customer behaviour",
   "name": "3-month retention, traditional gyms",
   "value": "28% (specialty studios 55%, multi-service clubs 39%) (2022)",
   "role": "HV",
   "source": "Deccan Herald 2022",
   "estimate": false
  },
  {
   "id": "H02",
   "cat": "H Customer behaviour",
   "name": "Industry dropout",
   "value": "~70–80% (industry estimate)",
   "role": "HV",
   "source": "Health Club Management India feature",
   "estimate": false
  },
  {
   "id": "H03",
   "cat": "H Customer behaviour",
   "name": "cult.fit retention",
   "value": "~41% (FY24) → ~51% (FY26)",
   "role": "HV",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "H04",
   "cat": "H Customer behaviour",
   "name": "Monthly churn example",
   "value": "40 new joins vs 45 lapses in one month (illustrative)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "H05",
   "cat": "H Customer behaviour",
   "name": "Monthly churn rate",
   "value": "Est.: 8–12%/month for small gyms (consistent with 28% 3-month retention among new joiners and better retention among long-tenure members) (varies: Lower with PT and community)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "H06",
   "cat": "H Customer behaviour",
   "name": "Referral share",
   "value": "~39% at cult.fit",
   "role": "HV",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "H07",
   "cat": "H Customer behaviour",
   "name": "Plan-length mix",
   "value": "Est.: T3 mostly monthly and quarterly; T1 mostly annual and half-yearly (varies: Tier)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "H08",
   "cat": "H Customer behaviour",
   "name": "Payment mode",
   "value": "Est.: 70–85% UPI or card; EMI via fintech for annual plans in T1 (national UPI ~87% of retail volume, shared constant) (varies: Tier)",
   "role": "HV",
   "source": "Shared constant; Est.",
   "estimate": true
  },
  {
   "id": "H09",
   "cat": "H Customer behaviour",
   "name": "Udhaar / instalments",
   "value": "Est.: common in T3 (pay half now)",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "H10",
   "cat": "H Customer behaviour",
   "name": "Dormant members",
   "value": "Est.: 30–50% of annual members visit fewer than 4 times a month",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "H11",
   "cat": "H Customer behaviour",
   "name": "PT attach rate",
   "value": "Est.: 5–10% of active members (varies: Higher in T1 premium)",
   "role": "HV",
   "source": "Est. (cult.fit PT ~10% of services revenue; ZD)",
   "estimate": true
  },
  {
   "id": "H12",
   "cat": "H Customer behaviour",
   "name": "Female member share",
   "value": "Est.: 25–40% in T1, lower in T3 without women's batches",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "I01",
   "cat": "I Competition & market",
   "name": "Organised share",
   "value": "~12%, projected 17–19% by 2030",
   "role": "HV",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "I02",
   "cat": "I Competition & market",
   "name": "cult.fit scale",
   "value": "708 centres, 77 cities, >9.87 lakh paid members (31 Mar 2026)",
   "role": "HV",
   "source": "Inc42 / search (https://inc42.com/buzz/cult-fit-files-draft-papers-for-over-%E2%82%B9950-cr-ipo/)",
   "estimate": false
  },
  {
   "id": "I03",
   "cat": "I Competition & market",
   "name": "cult.fit revenue",
   "value": "₹1,215–1,263 cr (FY25, sources differ); ₹1,720.6 cr (FY26); net loss ₹251.8 cr (FY26)",
   "role": "HV",
   "source": "Inc42 cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "I04",
   "cat": "I Competition & market",
   "name": "cult.fit concentration",
   "value": "~90% of centre revenue; Bengaluru 247 centres, >30% of that city's gym market",
   "role": "HV",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "I05",
   "cat": "I Competition & market",
   "name": "cult.fit asset-light",
   "value": "490 of 708 (~69%); 64% of revenue paid out to partners",
   "role": "PD",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "I06",
   "cat": "I Competition & market",
   "name": "Anytime Fitness",
   "value": "180+ clubs (varies: Metros and T2)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "I07",
   "cat": "I Competition & market",
   "name": "Gold's Gym India",
   "value": "150+ clubs",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "I08",
   "cat": "I Competition & market",
   "name": "Discount aggregators / apps",
   "value": "Est.: aggregator commissions 10–25%; apps compete for low-commitment users (varies: T1)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "I09",
   "cat": "I Competition & market",
   "name": "Typical chain centre revenue",
   "value": "₹1.5–2 cr/yr; 800–1,000 members at ₹18–20k/yr",
   "role": "HV",
   "source": "The Ken",
   "estimate": false
  },
  {
   "id": "I10",
   "cat": "I Competition & market",
   "name": "Local gym density",
   "value": "Est.: 2–6 gyms per km² in T1 residential areas, 1–2 in T3",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "I11",
   "cat": "I Competition & market",
   "name": "Competitor price war",
   "value": "Est.: 30–50% off founding memberships",
   "role": "RE",
   "source": "Est. (OKC notes founding-member offers)",
   "estimate": true
  },
  {
   "id": "I12",
   "cat": "I Competition & market",
   "name": "Home fitness / outdoor",
   "value": "Free alternative (varies: Climate)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "J01",
   "cat": "J Regulation & compliance",
   "name": "GST rate on membership",
   "value": "5% without ITC, mandatory, from 22 Sep 2025 (was 18% with ITC)",
   "role": "HV",
   "source": "BT; OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "J02",
   "cat": "J Regulation & compliance",
   "name": "GST on equipment",
   "value": "18% (HSN 9506 91); cannot be offset",
   "role": "HV",
   "source": "TG",
   "estimate": false
  },
  {
   "id": "J03",
   "cat": "J Regulation & compliance",
   "name": "GST registration threshold",
   "value": "₹20 lakh turnover (₹10 lakh in special-category states)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "J04",
   "cat": "J Regulation & compliance",
   "name": "Shops & Establishments",
   "value": "Free and online in Delhi; varies by state (varies: State)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide; LegalSuvidha gym licences",
   "estimate": false
  },
  {
   "id": "J05",
   "cat": "J Regulation & compliance",
   "name": "Trade / health-trade licence",
   "value": "Required from the municipal corporation; Delhi uses a health-trade category (varies: City)",
   "role": "PD",
   "source": "LegalSuvidha gym licences",
   "estimate": false
  },
  {
   "id": "J06",
   "cat": "J Regulation & compliance",
   "name": "Fire NOC",
   "value": "Depends on state, building height, floor, occupancy; often a prerequisite for the trade licence (varies: Basements and big boxes are strict)",
   "role": "PD/RE",
   "source": "LegalSuvidha gym licences; Tribune Amritsar sealed gym",
   "estimate": false
  },
  {
   "id": "J07",
   "cat": "J Regulation & compliance",
   "name": "Change of land use",
   "value": "A gym in a residential building without CLU risks sealing",
   "role": "HV",
   "source": "Tribune Amritsar sealed gym",
   "estimate": false
  },
  {
   "id": "J08",
   "cat": "J Regulation & compliance",
   "name": "Music licence",
   "value": "Tariffs vary; needs a quote (varies: City, size)",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "J09",
   "cat": "J Regulation & compliance",
   "name": "Udyam registration",
   "value": "Free",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "J10",
   "cat": "J Regulation & compliance",
   "name": "Professional tax / labour law",
   "value": "Est.: applies to larger gyms (varies: State)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "J11",
   "cat": "J Regulation & compliance",
   "name": "Insurance",
   "value": "Premiums unpublished",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "J12",
   "cat": "J Regulation & compliance",
   "name": "Supplement sales rules",
   "value": "Est.: FSSAI basic registration needed to retail packaged food or supplements (basic up to ₹1.5 cr turnover, shared constant)",
   "role": "PD",
   "source": "Shared constant",
   "estimate": true
  },
  {
   "id": "J13",
   "cat": "J Regulation & compliance",
   "name": "Signage / advertisement tax",
   "value": "Est. (varies: City)",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "K01",
   "cat": "K Marketing & reputation",
   "name": "Marketing spend benchmark",
   "value": "cult.fit ~20% (FY24) → 10% (FY26)",
   "role": "PD",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "K02",
   "cat": "K Marketing & reputation",
   "name": "Referral program",
   "value": "Referrals ~39% of cult.fit new members",
   "role": "PD",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "K03",
   "cat": "K Marketing & reputation",
   "name": "Founding-member offer",
   "value": "Example: for the first 50 joiners",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "K04",
   "cat": "K Marketing & reputation",
   "name": "Free trial / day pass",
   "value": "Est.: converts 20–40%",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "K05",
   "cat": "K Marketing & reputation",
   "name": "Google rating",
   "value": "Est.: below 4.0★ cuts leads sharply; hygiene and crowding drive ratings",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "K06",
   "cat": "K Marketing & reputation",
   "name": "Instagram / transformation posts",
   "value": "Est.: low cost, high effect for 18–30 segment",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "K07",
   "cat": "K Marketing & reputation",
   "name": "Local marketing",
   "value": "Est.: ₹5,000–25,000/month (varies: Tier)",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "K08",
   "cat": "K Marketing & reputation",
   "name": "Hygiene / smell",
   "value": "Est.: a major review driver",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "K09",
   "cat": "K Marketing & reputation",
   "name": "Trainer reputation",
   "value": "Est.: draws PT clients",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "K10",
   "cat": "K Marketing & reputation",
   "name": "Events / challenges",
   "value": "Est.: lift retention",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L01",
   "cat": "L Risks & shocks",
   "name": "Member injury",
   "value": "Est.: 1–3 minor incidents a month in a 300-member gym (varies: Trainer supervision, flooring)",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L02",
   "cat": "L Risks & shocks",
   "name": "Cardiac event on premises",
   "value": "Est.: very low probability; AED and CPR training reduce harm",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L03",
   "cat": "L Risks & shocks",
   "name": "Liability waiver",
   "value": "Est.: limited protection under Indian consumer law if negligence is shown",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L04",
   "cat": "L Risks & shocks",
   "name": "Equipment breakdown",
   "value": "Est.: ₹10,000–60,000 per repair out of warranty (varies: Imported costs more)",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L05",
   "cat": "L Risks & shocks",
   "name": "Sealing / inspection",
   "value": "Real case: licence cancelled, gym sealed",
   "role": "RE",
   "source": "Tribune Amritsar sealed gym",
   "estimate": false
  },
  {
   "id": "L06",
   "cat": "L Risks & shocks",
   "name": "Power cut",
   "value": "Est.: needs inverter or DG (₹50k–3 L) (varies: Region, summer)",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L07",
   "cat": "L Risks & shocks",
   "name": "Trainer exits with PT clients",
   "value": "Est.",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L08",
   "cat": "L Risks & shocks",
   "name": "Competitor opening nearby",
   "value": "Est.",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L09",
   "cat": "L Risks & shocks",
   "name": "Pandemic / lockdown",
   "value": "2020–21 precedent (Est.: gyms closed for months)",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L10",
   "cat": "L Risks & shocks",
   "name": "Steroid / fake supplement scandal",
   "value": "See D05, D06",
   "role": "RE",
   "source": "NutraIngredients MuscleBlaze; DT Next 2017",
   "estimate": false
  },
  {
   "id": "L11",
   "cat": "L Risks & shocks",
   "name": "Theft in locker room",
   "value": "Est.",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "L12",
   "cat": "L Risks & shocks",
   "name": "Landlord rent hike / eviction",
   "value": "Est.: 5–10% a year escalation is typical in commercial leases",
   "role": "RE",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "M01",
   "cat": "M Financing",
   "name": "Mudra Kishor / Tarun / Tarun Plus",
   "value": "≤₹5 L / ≤₹10 L / ≤₹20 L",
   "role": "PD",
   "source": "Shared constant",
   "estimate": false
  },
  {
   "id": "M02",
   "cat": "M Financing",
   "name": "PMEGP (service unit)",
   "value": "Project cost up to ₹20 L for service units; subsidy 15–35% (scheme rule, verify on the portal) (varies: Rural and special categories get more)",
   "role": "PD",
   "source": "KVIC PMEGP portal (https://www.kviconline.gov.in/pmegpeportal/)",
   "estimate": false
  },
  {
   "id": "M03",
   "cat": "M Financing",
   "name": "Equipment finance / EMI",
   "value": "Est.: 12–18% interest, 24–48 months",
   "role": "PD",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "M04",
   "cat": "M Financing",
   "name": "Gold loan / business loan",
   "value": "Covered as a gym funding route",
   "role": "PD",
   "source": "IIFL gym guide",
   "estimate": false
  },
  {
   "id": "M05",
   "cat": "M Financing",
   "name": "Franchise fee",
   "value": "₹15–25 L (generic), Anytime fee reportedly ₹20 L (third-party)",
   "role": "PD",
   "source": "IIFL/OKC (https://okcredit.in/blog/how-to-start-gym-business/); Yanre (https://www.yanrefitness.com/?p=182906)",
   "estimate": false
  },
  {
   "id": "M06",
   "cat": "M Financing",
   "name": "Royalty",
   "value": "Generic 5–7% of revenue; Anytime India ~₹1.5 L/month fixed (third-party claims 6%, conflicting)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide; Anytime Fitness India franchise site",
   "estimate": false
  },
  {
   "id": "M07",
   "cat": "M Financing",
   "name": "Member prepayment as finance",
   "value": "Est.: a large share of working capital in the first 6 months",
   "role": "HV",
   "source": "Est.",
   "estimate": true
  },
  {
   "id": "N01",
   "cat": "N Unit economics",
   "name": "Basement / first-floor \"desi\" gym, mostly non-AC, Indian equipment (T3)",
   "value": "500–1,000 sq ft; setup ₹5–10 lakh; members at maturity 120–200",
   "role": "PD",
   "source": "IIFL gym guide; OkCredit 2026 gym guide; members Est.",
   "estimate": true
  },
  {
   "id": "N02",
   "cat": "N Unit economics",
   "name": "Neighbourhood AC gym (T2 / T1 suburb)",
   "value": "1,500–2,000 sq ft; setup ₹15–30 lakh; members at maturity 250–400",
   "role": "PD",
   "source": "OkCredit 2026 gym guide; members Est.",
   "estimate": true
  },
  {
   "id": "N03",
   "cat": "N Unit economics",
   "name": "Full-service club (cardio + strength + group studio)",
   "value": "3,000–5,000 sq ft; setup ₹35 lakh–₹1.5 crore; members at maturity 500–900",
   "role": "PD",
   "source": "OkCredit 2026 gym guide; members Est.",
   "estimate": true
  },
  {
   "id": "N04",
   "cat": "N Unit economics",
   "name": "Franchise: Gold's Activ / Express / Regular",
   "value": "2–3k / 3–4k / 5–7k sq ft; setup ₹1 cr / ₹1.5–2 cr / ₹2.5–4 cr; members at maturity —",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "N05",
   "cat": "N Unit economics",
   "name": "Franchise: Anytime Fitness (24×7)",
   "value": "3,500–5,000 sq ft; setup ₹2.5–3.5 cr (brand); ₹2–5 cr (listings); breakeven aim ~3 yr; members at maturity 800–1,000",
   "role": "PD",
   "source": "Anytime Fitness India franchise site; Anytime Fitness India blog; Franchise India listing; The Ken",
   "estimate": false
  },
  {
   "id": "N06",
   "cat": "N Unit economics",
   "name": "Franchise: cult.fit (FOFO / marketplace)",
   "value": "—; setup ₹1.8–3 cr; ~25% ROI advertised (unaudited); members at maturity —",
   "role": "PD",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "N07",
   "cat": "N Unit economics",
   "name": "Break-even time",
   "value": "12–20 months (T2); 18–30 months (T1)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "N08",
   "cat": "N Unit economics",
   "name": "Members for break-even",
   "value": "200 at ₹1,000 realised; 235 at ₹850 (fixed ₹2 L/month)",
   "role": "HV",
   "source": "OkCredit 2026 gym guide",
   "estimate": false
  },
  {
   "id": "N09",
   "cat": "N Unit economics",
   "name": "Chain centre revenue",
   "value": "₹1.5–2 cr/yr",
   "role": "HV",
   "source": "The Ken",
   "estimate": false
  },
  {
   "id": "N10",
   "cat": "N Unit economics",
   "name": "Chain EBITDA",
   "value": "cult.fit adjusted EBITDA <10% of revenue (FY26)",
   "role": "HV",
   "source": "Zerodha Daily Brief on cult.fit DRHP",
   "estimate": false
  },
  {
   "id": "N11",
   "cat": "N Unit economics",
   "name": "Electricity, mid AC gym",
   "value": "Est.: ₹30,000–80,000/month. Reasoning: 10–25 kW connected load (ACs, treadmills, lights) × ~10–12 hrs × 26 days ≈ 2,500–6,000 kWh at ₹9–13/kWh commercial (tariff varies by discom; see CEA compendium). Non-AC T3 gym: ₹8,000–15,000",
   "role": "HV",
   "source": "Est.; CEA tariff compendium Mar 2026",
   "estimate": true
  },
  {
   "id": "N12",
   "cat": "N Unit economics",
   "name": "Electricity share of opex",
   "value": "Est.: 12–20% in AC gyms (T1 higher, as AC runs longer per OKC)",
   "role": "HV",
   "source": "Est.; OkCredit 2026 gym guide",
   "estimate": true
  }
 ],
 "note": "Researched estimates as of late 2026 from public sources; rows with estimate=true have no direct source. For learning, not financial advice."
}