Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. 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. 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. Bringing Franchise Owners Together to Share and Grow. [29], In 2020, the company received criticism for charging its customers for March dues "despite closing its facilities nationwide due to the novel coronavirus pandemic. The Grondahls changed the gyms name to Planet Fitness in 1994. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. All financial products, shopping products and services are presented without warranty. He has covered financial topics as an editor for more than a decade. Our franchise contact lists contain contact details for both owners of single franchise units and multi-unit franchise owners, that is, franchisees that own many franchised locations. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Have questions? 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. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Planet Fitness Announces Winners of Annual Franchisee Awards - PR Newswire 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 You must maintain your equipment according to Planet Fitness brand standards. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . Planet Fitness Franchise Costs, Fees, Revenues, Profits (2022 Review) Looks like your subscription is due. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. But perhaps most important to this process is interviewing current franchisees. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. We now have: 2,400+ locations open (and we're just getting started!) Estimated total initial investment: $304,500 to $2.1 million. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Many or all of the products featured here are from our partners who compensate us. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. Ongoing Royalty Fee: $449 - $549/mo. 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. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. Even more reason to consider investing in a gym franchise? Find Accurate Contact Data for Fitness Franchise Owners. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment You must pay a supplemental fee of $5,000, per location remaining to be developed, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. This information may be different than what you see when you visit a financial institution, service provider or specific products site. According to their website, Pure Barre is the oldest and most established barre studio out there. Their website reads, We are not currently accepting new franchisee applications for US expansion.. You must maintain the franchise premises according to Planet Fitness brand standards. List to Contact Planet Fitness Franchise Owners - Planet Fitness Owners Contact List. The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. Jennifer Simmons joined Planet Fitness in 2013 as a business analyst, later joining the executive leadership team as Senior Vice President of Business Strategy and Analytics and in 2022 was named Division President, Corporate Clubs. If you can name a franchise business, it's probably on our Franchise owners marketing list. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. Even though the history of barre dates back to 1959, when the discipline was created by former ballerina Lotte Berk, the ballet/Pilates/yoga hybrid saw a huge boom in the 2010s. He began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Largest Planet Fitness Franchisee Acquires 19 Planet Fitness Clubs in Ms. Medeiros received her Bachelors degree from the University of New Hampshire. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. You'll build confidence while increasing your fitness knowledge. Prior to that, he served as the Director and General Manager of internet startup Kozmo, where he was responsible for new market development and operations. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. Pre-qualified offers are not binding. Over the last three years, franchises have opened at a rate of 148 units a year. History of Planet Fitness in Timeline - Popular Timelines [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. All told, their gyms boast over 14 million members worldwide. in Pilates. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. 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. Their popularity mostly comes down to their unique business model: All Anytime Fitness locations are open 24 hours a day, seven days a week, and members can access any of those 4,000+ locations no matter where they are in the world. Its also a good idea to reach out to at least a few former Planet Fitness franchisees to find out why they left or were terminated from the franchise system. 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. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. 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. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. Both within the fitness industry and American culture at large, Golds Gym has become legendary for their famous members (including Arnold Schwarzenegger) and their status as the mecca of bodybuilding. Since their founding by a Merchant Marine veteran in 1965, the Los Angeles-based gym has opened over 700 gyms in 29 states and 29 countries, and their international membership is 3 million devotees strong. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. After establishing a strong reputation across the fitness industry, Latham decided to seek a larger challenge and transitioned from the study of physiology to owning a gym that implemented a business model that remains in place across all studios to this day: offering trainer-led group workout sessions, which are broken into intervals of cardiovascular and strength training. 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. When evaluating offers, please review the financial institutions Terms and Conditions. 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. Year Business Began: 1992. 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. That said, all of the gym franchises on this list (and those that arent on this list) allow curious investors to request more information for free. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. 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. We provide estimated franchise costs for some countries: Share. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Initial franchise terms are 10 years. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. Franchise. The graph below and the table that accompanies it depicts the total return to shareholders between 2015 and 2021 on Planet Fitness class A common stock relative to the performance of the S&P 500 Index and the Russell 2000. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO Chris Rondeau, who was still in college at the time, to run the gyms front desk. Initial term lengths last 10 years. 1,600+ locations open and we're just getting started! But buying into a gym franchise is a less risky venture than building a gym from the ground up. You have to pay this upfront fee when opening a Planet Fitness franchise. locations around the U.S. as well as Canada and the Dominican Republic. How Much Does A Planet Fitness Owner Make? - drfranchises.com [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". Ms. Kaplan holds a B.S. [47] The contestants on the show worked out on Planet Fitness equipment and then at Planet Fitness gyms near their homes, working with Planet Fitness instructors. 2% of the total gross monthly EFT Dues Draft. Please confirm by clicking on the Cancel Subscriptionbutton below. Under Rondeaus leadership, Planet Fitness has experienced tremendous growth and has been recognized for many accolades including, Entrepreneur Franchise 500 Fastest Growing Franchise List, Franchise Times Top 200, Forbes Americas Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. West Hampton, NH 03842, USA, Interested? 1 comment. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. 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. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 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. Headquarters: Hampton, New Hampshire. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. [3] The company reports that it has around 2,400 clubs,[4] making it one of the largest fitness club franchises by number of members and locations. All financial products, shopping products and services are presented without warranty. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. In this role, he leads all aspects of our U.S. in Management Information Systems from Northwood University. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. 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. subject to maximum fee of $40,000, Concurrently with our granting a successor franchise to you, Actual costs (approximately $1,200 per visit), Cure Period Extension Fee (Franchise Agreement), Paid monthly via EFT on the day designated as your Monthly Membership Billing Day, as defined in our Franchise Agreement, Grace Period Fee (Area Development Agreement), Paid monthly beginning on the first day of the Our partners cannot pay us to guarantee favorable reviews of their products or services. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. 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. The fitness center industry is mainly divided into two groups, either a specialized fitness boutique or a full-scale gym with multiple amenities and services. The initial Planet Fitness Franchise Fee is $20,000. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). However, this does not influence our evaluations. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. [46], Planet Fitness reported that it has around 2,400 gyms worldwide with a total membership of 17 million, generating an annual revenue of $936.8 million at the end of 2022. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. [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. In other words, franchising takes most of the heavy lifting off your shoulders. Benson is back on the board of Planet Fitness Call (888) 977-4374. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. 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. The chain has over a thousand locations with over 400 units outside the US. [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. After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. Net Worth Requirement: $3,000,000 When evaluating offers, please review the financial institutions Terms and Conditions. Former Gov. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. Based on a midpoint investment of $1,378,500 with estimated profits of $94,820 (10% profit margin) it would take about 15 years to recoup your investment. Currently, the. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. has over 8,900 franchises across the country. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. In this role, she is responsible for driving our digital vision and strategy, including leading the continuous enhancement of our mobile app, with a focus on consumer engagement, loyalty and a differentiated omni-channel experience to accelerate Planet Fitness growth and success. The gym utilizes a "lunk alarm", which is a loud siren and rotating light that is used when a gymgoer grunts too loudly or drops weights. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. There are very few reasons why one might want to open a Planet Fitness franchise. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. Orange Theory is currently headquartered in Boca Raton, FL, and is run by its CEO Dave Long who previously served as the main developer and owner of the European Wax Center. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. This could be an indicator that franchisees are doing really well. To be eligible to open a Crunch Fitness franchise, candidates must have at least $1 million in net worth and access to $300,000 to $400,000 in liquid assets. Throughout her tenure with Planet Fitness, Ms. Simmons built the Business Strategy and Analytics functions from the ground up, leveraging data, analytics and insights to develop and drive Planet Fitness overarching corporate strategy, propel the business forward, and reinforce the brands industry leadership position. This is a good indication of high growth as a company overall. Planet Fitness Franchise Cost & Opportunities 2023 | Franchise Help 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. Under Rondeau's leadership, Planet Fitness has experienced tremendous growth and has been recognized for many accolades including, Entrepreneur Franchise 500 - Fastest Growing Franchise List, Franchise Times' Top 200, Forbes' America's Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. 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. 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. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO.
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