It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. Estimated total initial investment: $304,500 to $2.1 million. The 2019 Planet Fitness Franchise Awards were given to the following: Hall of Fame: Jeff & James Innocenti - PF Supreme Franchisee of the Year: Mike Turner & CJ Bouchard - Excel Fitness Operator of the Year: Steve Kindler, Jr. - National Fitness Partners Developer of the Year: Tim Kelleher - Taymax Group Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. Find Accurate Contact Data for Fitness Franchise Owners. Then, you will be in compliance with the LAF requirement if you spend an amount that satisfies the LAF obligations for all the Planet Fitness businesses in the aggregate. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. In addition, he served as an online media manager for the University of Nevada, Reno. [31], While Planet Fitness closed many facilities during the onset of the COVID pandemic, during the Delta and Omicron variants there was not a decrease in gym attendance. The Planet Fitness initial franchise fee is $20,000. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Orangetheory claims to be one of the fastest-growing franchises in the world, and theyre ranked 60th in Inc. Magazines Fastest Growing Private Companies List. Plus, the outlook for gym franchises is bright: According to a report by IBISWorld, the health and wellness boom over the past few years has led to a sizable increase in gym membership levels, which continues to grow. Currently, the Orangetheory franchise has over 1,100 studios in 49 U.S. states and 22 countries internationally (they started in 2010, for some context about just how quickly theyre growing). is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. If you are an individual with a passion for fitness and are willing to invest an amount ranging from $657,542 $2,105,322 or more, Orange Theory might be the right fit for you. Even more reason to consider investing in a gym franchise? has over 1,100 studios in 49 U.S. states and 22 countries internationally (they started in 2010, for some context about just how quickly theyre growing). That said, as of June 2022, Planet Fitness has paused offering franchises. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. [51] In April 2022, Planet Fitness appeared as a sponsor on a race truck for the first time in the 2022 Pinty's Truck Race on Dirt with Logano driving the truck. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. 4. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. This covers the cost of being able to use their name and logo. Mr. Barber has over 20 years of experience in leadership experience across a variety of industries, most recently serving as the Senior Vice President of Information Technology at United Natural Foods Inc. The concept currently has over 1,000 franchises in the United States and another 150 international locations and is a subsidiary of Ultimate Fitness Holdings. [56][57][58] Planet Fitness has also provided mini "Judgement Free Zone" gyms to Boys & Girls Clubs in Manchester, New Hampshire[59] and Pasadena, California. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Prior to joining Dunkin' Brands, he was a Dunkin' Donuts franchisee in Richmond, VA. Tom Fitzgerald joined Planet Fitness in 2020 as the Companys Chief Financial Officer. Today the brand has over 2,000 locations system-wide. The Grondahls changed the gyms name to Planet Fitness in 1994. Planet Fitness Franchise Owners' Salary Your gross monthly take is based on your memberships, which range from $10 to $25 per month for the franchise. Paid Grace Period. Use this opportunity to ask qualitative questions that you wouldnt necessarily have answered through the FDD, or from the franchisors marketing materialslike how happy they are with the initial training and ongoing support they receive, and their opinions about the overall outlook of the business. 2% of the total gross monthly EFT Dues Draft. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. To be eligible to open a. , candidates must have at least $1 million in net worth and access to $300,000 to $400,000 in liquid assets. ? Robert Beaupre leads the SMB team at NerdWallet. Paid by you to advertisers or Planet Fitness if it elects to collect from you. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. The Initial Franchise Fee is uniform and non-refundable. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Call us direct at (855) 822-0912, Get Contact Details & Mailing List of Planet Fitness Franchisees, The difficult part of this step of the franchise buying due diligence. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. In this role, he has overall leadership and accountability of the brands primary revenue producing business segments, including U.S. and international franchise operations and development, equipment sales, and Corporate stores, in addition to both the technology and legal functions. All told, their gyms boast over 14 million members worldwide. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. [18] This low-cost business model focuses on the needs of occasional or first-time health club members, rather than more experienced members,[6] and depends on many members rarely showing up. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of Share. West Hampton, NH 03842, USA, Interested? In other words, franchising takes most of the heavy lifting off your shoulders. And with an incredibly low initial franchise fee and upfront investment, Jazzercise is one of the best low-cost franchises youll find, especially within the health and fitness industry. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. Kick off your search with this list of nine of the most promising gym franchises to buy. [43], With the addition of a Planet Fitness outlet in Hawaii in January 2018,[44] Planet Fitness had 1,500 locations with an estimated 10 million members across 50 states, the District of Columbia, the Dominican Republic, Mexico, and Panama[45] and Canada. Planet Fitness franchise is growing, and it is growing fast. [15], Rondeau and the Grondahls recognized that there was a greater opportunity to serve a much larger segment of the population if they changed the gym environment, both in attitude and format, by creating a non-intimidating, low-cost model. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. Greater of $60,000 or 7% of the total gross monthly membership fees payable to you via EFT in a quarter, and the greatest of $5,000 or 3% of the total gross monthly membership fees payable to you via EFT in a month. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. * The data above, compiled from the Planet Fitness FDD (Franchise Disclosure Document) 2020, represent the estimated financial range for the initial setting up and first 6 months of operation for a new Planet Fitness gym. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Upon your submission of your Construction Development Plans for our approval, Point of Sale Support, Processing and Account Management Services Fees, $149-$199 plus processing and credit card fees based on the number of transactions processed per month or number of eligible accounts enrolled in collections. Franchising Since: 2000. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Our partners compensate us. Planet Fitness Fitness clubs 2023 Franchise 500 Rank #28 Ranked #7 last year See the Full List Initial investment $1.6M - $4.9M Units as of 2022 2,324 25.0% over 3 years Jump to Franchising. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. The board of directors at Planet Fitness is as follows: Stephen Spinelli, Jr. (Ph.D.), Chairman Chris Rondeau (CEO) Bernard Acoca Enshalla Anderson Craig Benson Cammie Dunaway Frances Gregg Rathke Christopher Tanco 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Here is a list of our partners and here's how we make money. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Our partners cannot pay us to guarantee favorable reviews of their products or services. With that in mind, Planet Fitness franchisees will need to pay for that international brand recognitionopening a Planet Fitness franchise may cost over $4 million. Mr. Rondeau joined Planet Fitness in 1993, working the front desk at the very first location in Dover, NH, one year after the original founders, Michael and Marc Grondahl, started the Company in 1992. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. This is significantly lower than the midpoint investment of $3,273,500. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. We got you! When evaluating offers, please review the financial institutions Terms and Conditions. In this role, she is responsible for all aspects of the companys internal and external communications, including public relations, crisis management, executive communications, philanthropy, community relations and sustainability. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Mr. Hymes started his career at Kmart Corporation, where he worked his way up the ranks starting as an hourly store team member and entered management after graduating with a Marketing degree from Northwest Missouri State University. We provide estimated franchise costs for some countries: The U.S. has the biggest Fitness market in the world, both in terms of revenue and in the number of members enrolled in a fitness facility. All initial fees are the same for both initial and conversion franchises. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Assistant Assigning Editor | Small-business finance, personal finance. You'll build confidence while increasing your fitness knowledge. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. Orange Theorys success is quite similar to Pelotons rise to fame. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. He has covered financial topics as an editor for more than a decade. After four years the Initial Franchise Fee for each location opened under the Area Development Agreement will be equal to then-current Initial Franchise Fee being charged to new franchisees. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. Throughout his tenure at Dunkin Brands, Mr. She received her Bachelors degree from Eastern Connecticut State University. [4], In October 2011, Planet Fitness reached an agreement with NBC to sponsor the network's reality show The Biggest Loser beginning with the 2012 season. Like. Disclaimer: NerdWallet strives to keep its information accurate and up to date. And with an incredibly low initial franchise fee and upfront investment, Jazzercise is one of the best low-cost franchises youll find, especially within the health and fitness industry. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. . Franchise fee: one-time $42,500 Royalty fees: $699/mo Planet Fitness Planet fitness has locations in Canada, Mexico, Panama, and all 50 states of the US. The minimum net worth required to own an Orange Theory franchise is $500,000 and the applicant must have liquid assets of at least $150,000. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. Please scroll down for a partial list of franchise businesses. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. Planet Fitness franchise costs, based on Item 7 of the company's 2022 FDD: Initial Franchise Fee: $20,000 Site Selection Costs: $0 to $10,000 Construction Development Plan Review Fee: $0 to $4,000 Leasehold Improvements: $1,250,000 to $2,163,000 Fitness Equipment: $34,000 to $953,000 Non-Fitness Equipment: $63,000 to $825,000 NerdWallet strives to keep its information accurate and up to date. At the moment we can not connect you to the representative of this franchise. That said, franchisees are responsible for additional costs, including a monthly continuing franchise fee (CFF) of either 20% of gross revenue or at least $250 per month. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. At Yum! Greater of $15,000 or 7% of the total gross quarterly EFT Dues Draft, Expended quarterly according to our Methods of Operations as per your advertising budget, Varies, maximum of 9% total gross monthly EFT Dues Draft, Our actual costs, which may range from $3,000 to $15,000. [5] It markets itself as a "Judgement Free Zone" that caters to novice and casual gym users, and has faced both praise and criticism for its atmosphere. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. 1. The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. Estimated total initial investment: $1 million to $4.1 million. Estimated total initial investment: $58,870 to $521,437. Even though its smaller than Pure Barre. Estimated total initial investment: $303,000 to $499,850. In this role, he leads all aspects of our U.S. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Orangetheory claims to be one of the fastest-growing franchises in the world, and theyre ranked 60th in Inc. Magazines Fastest Growing Private Companies List. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. Planet Fitness Franchise Cost The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 - $4,921,000. The franchise also requires that candidates have at least $100,000 in combined liquid assets and a total net worth of at least $250,000. Ms. Simmons has an MBA in Finance from the University of New Hampshire and holds dual Bachelors degrees in Economics and Sociology from Indiana University. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. If you acquire rights under our Area Development program, you will pay an Area Development Fee equal to $10,000 per location to be developed under the Area Development Agreement when you sign the Area Development Agreement. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. She also served as Senior Vice President of Human Resources at Macys Inc., and has held various leadership positions at The May Department Store Company, including corporate and division roles. has over 8,900 franchises across the country. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a Pure Barre franchise takes you straight to the source. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. Crunch isnt quite as widespread as Planet Fitnesscurrently, they have 300+ open locations in 29 states and five countriesbut with plans to open an additional 1,000+ locations, theyre growing quickly. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Burn Boot Camp Prior to that, Ms. Gentilozzi served as Senior Vice President of Human Resources at Aropostale, supporting over 25,000 employees in 1,000 retail locations throughout the U.S., Canada, and Puerto Rico. Performing this action will delete your account. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. [17] They also dramatically reduced prices to compete against better-known brands. Planet Fitness franchisees also compete against other smaller gym and fitness business locations. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. ", "2017 Top Franchises from Entrepreneur's Franchise 500 List", "Planet Fitness members outraged over March bill amid coronavirus closures", "Planet Fitness CEO says gym visits are holding up against the omicron variant", "Planet Fitness Seeing Minimal Impact So Far From Omicron", "Planet Fitness Franchise (Costs + Fees + FDD)", "Planet Fitness Franchise Costs & Fees, Planet Fitness FDD & Franchise Information | FranchiseDirect.com", "Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And Investment Information", "Planet Fitness Prices & Membership Cost", "17 January Gym Discounts That Are Too Cheap to Pass Up", "Planet Fitness is raising the price of its Black Card membership but still offers a $10 option", "American gym powerhouse chooses Brampton for first suburban Canadian location", "Cheap 'n' cheerful chinups: Canada welcomes Planet Fitness, the $10 gym for those bad at gym", "Planet Fitness Continues International Expansion in Dominican Republic", "Planet Fitness opens first Hawaii location at Ala Moana Center", "10 Million Reasons to Get Pumped About Planet Fitness", "Planet Fitness to Sponsor 'The Biggest Loser', "50 Cent and Joan Rivers Kick It At The Gym [PHOTOS]", "Planet Fitness To Launch New Global Campaign On New Year's Eve", "Planet Fitness sponsors New Year's Eve celebration despite pandemic", "David Gilliland Racing Fielding Fourth Entry for Joey Logano in Bristol Dirt Race", "The Judgement Free Zone: Judgement Free Generation Video Contest", "Planet Fitness Opens In Fremont, Donates $1K To Boys & Girls Club", "Planet Fitness 'Judgment Free Zones' a Model of Inclusion", "Planet Fitness Anti-Bullying Initiative $1M Success", "Planet Fitness debuts fitness room for kids at Boys and Girls Club in Manchester", "Planet Fitness Opens Judgement Free Gym at Pasadena Boys and Girls Club", "Planet Fitness raises $1M for Boys and Girls Clubs of America", "Planet Fitness named national gym sponsor of 'The Biggest Loser', https://en.wikipedia.org/w/index.php?title=Planet_Fitness&oldid=1142494313, Companies based in Rockingham County, New Hampshire, Companies listed on the New York Stock Exchange, Health care companies established in 1992, Medical and health organizations based in New Hampshire, Short description is different from Wikidata, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 2 March 2023, at 18:29. Then, the last four workouts in the program will take place in the gym and you'll learn how . Franchise. 3- Based on a midpoint investment of $3,273,300 with estimated profits of $831,881 at a 15% profit margin, it would take about 14 years to recoup your investment. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. Order now to get instant access to the complete Planet Fitness franchise owners. You must be logged in to view this form. Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a. takes you straight to the source. This could be an indicator that franchisees are doing really well. Point of Sale System, and other Supplies, Your Out-of-Pocket Initial Training Expenses, Operating Cash (Additional Funds Pre-Opening and first six months), $7% of the total gross monthly and annual membership fees payable to you via EFT Dues Draft, Internet Membership and Balance Payment Administration Fee, Set according to our Methods of Operations, presently 55 per membership application or balance payment we process for your franchise location, Fees to Evaluate and Approve Alternative Suppliers, Our reasonable costs and expenses, which currently are expected to range between $1,000 and $5,000, although costs could greatly exceed those amounts depending on the product, Will var under the circumstances: estimated insurance premiums for your first year are $10,000 to $20,000. Franchise fee: one-time $10,000 for a 10-year renewable agreement. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. This metric is the standard industry investment amount for a single unit franchise investment in this industry. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. As of December 2021, 98% of all franchised stores were owned and operated by A franchisee group that owned at least three stores, and while Planet Fitness Largest franchisee owned 175 Stores, Only 33% of its franchisee groups own more than 10 stores. That way, participants can both track their own progress, and see how it stacks up to other people in the classso if you thrive on competition, this is the gym franchise for you. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the Planet Fitness business that are due and payable to you each month and annually, as applicable, by or on behalf of your members through authorized EFT withdrawals (the EFT Dues Draft), regardless of the amount of membership fees you collect. Planet Fitness has more members and locations than any other fitness brand. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. This information may be different than what you see when you visit a financial institution, service provider or specific products site. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you.
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