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. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. When you go to sell a Planet Fitness franchise based on the median multiple of .67 and net sales in 2021 of $1,545,877, it would sell for $1,035,737. 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 franchise also requires that candidates have at least $100,000 in combined liquid assets and a total net worth of at least $250,000. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise.
Planet Fitness Independent Franchisee Council Join Us Today! An offshoot of the (purportedly) $7 billion UFC brand, UFC Gyms offer MMA-inspired personal and specialized training, traditional and fusion martial arts classes, and youth fitness classes. This information may be different than what you see when you visit a financial institution, service provider or specific products site. With that said, a Planet Fitness franchise . However, this does not influence our evaluations. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. We believe that this franchise is an option for those that are passionate about fitness and are willing to put in the hours to make the business run smoothly. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. Planet Fitness Franchise Owners Contact List $ 149 Verified List of Planet Fitness Owners Contact Data We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. But perhaps most important to this process is interviewing current franchisees. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. Bringing Franchise Owners Together to Share and Grow. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. The more franchises you own, the more earning potential you have as private equity firms become interested in your business instead of individual owner-operators. Looks like your subscription is due. Please scroll down for a partial list of franchise businesses. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. 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. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Now, We Own 22 Locations", "What your new gym doesn't want you to know", "Planet Fitness vs. the lunkheads: Why is a health club trying to alienate people who love to work out? All financial products, shopping products and services are presented without warranty. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Our opinions are our own. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Estimated Number of Units: 2,300. Mr. Fitzgerald has over 30 years of leadership experience in financial management in the retail industry, most recently serving as Chief Financial Officer and Senior Vice President at Potbelly Sandwich Works. [13] The new model was an effort to provide a fitness hub for everyday people. Even though its smaller than Pure Barre. You'll build confidence while increasing your fitness knowledge. 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. Youre about to cancel your subscription. Sorry. Gym franchises dont get much more classic than Jazzercise, the high-intensity, dance-cardio fusion class that became a fitness mainstay during the 80s exercise boom. 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. The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Pre-qualified offers are not binding. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. 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 term lengths last 10 years. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Training starts with one week at the companys San Francisco headquarters, followed up by three to six months of training, led by a dedicated trainer, in your home location. But buying into a gym franchise is a less risky venture than building a gym from the ground up. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Orange Theorys success is quite similar to Pelotons rise to fame. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. 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. In this role, he oversees the Companys accounting and treasury functions. Many of these are one-time fees that are needed to launch the franchise. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Browse 1000s of reports on 1000s of franchise systems. 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. Ad Royalty Fee: $300/mo. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. So how do we make money? Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. The Area Development Fee is uniform and non-refundable. All told, their gyms boast over 14 million members worldwide. Call (888) 977-4374. 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. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. Depending on the location and pre-existing structure that is being purchased, you could see your expenditure being on the lower or higher end of this spectrum. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . One of the best ways to thoroughly research a franchise or business opportunity investment before purchasing one is to get feedback from current and former franchisees involved in the franchise system. Kick off your search with this list of nine of the most promising gym franchises to buy. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Assistant Assigning Editor | Small-business finance, personal finance. The graph includes a comparison against the Russell because there is no industry benchmark or line-of-business index for the fitness industry or a peer group that is publicly traded. You'll also benefit from . 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. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. He has covered financial topics as an editor for more than a decade. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. The $10 per month level includes access to cardio and strength equipment, unlimited group fitness instruction and pizza and bagels once a month; the $24.99 per month ("Black Card") level allows members to bring one guest per day at no charge, access to all Planet Fitness locations, and access to extra amenities, such as tanning booths, massage chairs, red light therapy and water massage beds. service, Computer System. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. The private equity owners of United PF Partners, the largest Planet Fitness franchisee conglomerate, have sold the group to American Securities, another New York-based private equity firm, for an undisclosed sum, the companies announced in a Jan. 6 media release. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. Over the last three years, the company has been expanding. [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. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. [25][26] The company went public on August 6, 2015. Once you start operating your Pure Barre location, youll be responsible for a monthly royalty fee of 7% of gross sales and a 1% monthly marketing fee. Please renew to keep using our services. Reaching out to multi-unit franchise owners and regional developers gives you the ability to get your products and services into many locations with just one sale . Estimated total initial investment: $303,000 to $499,850. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. 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. Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. At Yum! Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. Initial term lengths last 10 years. Mr. Barber holds a B.S. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. Before the pandemic, it was growing at a rate of approximately 200 units a year, which is impressive. 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. has opened over 4,000 locations on all seven continents. Find other similar franchises in our catalog! You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. In other words, franchising takes most of the heavy lifting off your shoulders. Former Gov. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. At the moment we can not connect you to the representative of this franchise. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. By contacting current franchise owners and asking about their experience with the franchised business, the earnings and/or success thus far, training and support from the franchisor, Pla-FitFranchise, and whether or not they would buy the franchise again if they could do it all over again, you can learn what its really like to own a Planet Fitness business before you actually purchase a franchise. Annually Updated with New Owners of Planet Fitness Locations in the USA. 1. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Here is a list of our partners and here's how we make money. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. Thanks to that near-legendary status in the fitness world, and their loyal customers. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. In her role as Chief Brand Officer, she is responsible for leading Planet Fitness brand strategy and working collaboratively with agencies and across the organization to ensure the brand vision comes to life through national and local marketing strategy, creative, brand marketing sponsorships and activations, and social media. [17] They also dramatically reduced prices to compete against better-known brands. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? Like. Founded in 1992 in Dover, N.H., Planet Fitness is now the fastest-growing full size health club franchise in the United States, and has revolutionized the industry with a combination of extremely . Although gym franchises require that the owner has previous management experience, most dont require experience in the. You have to pay this upfront fee when opening a Planet Fitness franchise. It offers classes for dance, aqua, cycle, box, pilates, and many more. process lies in obtaining a current list of Planet Fitness franchise owners. 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. 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. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. You must commit to opening a one or more PLANET FITNESS locations as a condition of acquiring area development rights, either yourself or through one or more entities in which you own 51% or more interest. locations around the U.S. as well as Canada and the Dominican Republic. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. West Hampton, NH 03842, USA, Interested? has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Christine Aebischer is an assistant assigning editor on the small-business team at NerdWallet who has covered business and personal finance for nearly a decade. Our partners compensate us. Verizon Wireless, and Westin, just to name a very few. 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. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Mr. Fitzgerald holds an MBA in Finance from Indiana University Kelley School of Business and received his Bachelors degree in Finance from the University of Florida. [21] Some bodybuilders and weight lifters have found the way they're portrayed in Planet Fitness TV commercials to be offensive, and the way they're treated in Planet Fitness gyms to be "quite possibly discriminatory. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. Whether youre a gym rat yourself or youre passionate about helping others achieve their health goals, starting a fitness business can be a dream gig for health-conscious entrepreneurs. 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. "[30] They stated that they were unable to stop the pre-scheduled payments on short notice, but would not charge future monthly dues until they reopen, and would also provide a credit for closed days previously paid for. Comment. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. in Management Information Systems from Northwood University. [10][7], Berks had started his own Planet Fitness gym in 1993 in Sunrise, Florida, and eventually expanded it to three clubs, along with a Gold's Gym franchise. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 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
The chain has over a thousand locations with over 400 units outside the US. Franchising Since: 2000. Benson, who co-founded the former Cabletron Systems, once the . 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. The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. We got you! ", "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. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. Franchise. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Estimated total initial investment: $58,870 to $521,437. 1- Based on a midpoint investment of $3,273,300 with estimated profits of $77,293 at a 5% profit margin it would take about 42 years to recoup your investment. The initial Planet Fitness Franchise Fee is $20,000. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. [54][55] Also in 2016, the company donated more than $1 million to the program. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. 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. 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. [37], The club's two membership levels are $10 and $24.99 per month in the United states[38] and in Canada they charge $15 and $25 per month. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). At Jiffy Lube, he oversaw the strategic direction of the company, and managed franchise relationships to create a shared vision for the brand, drive network growth, and maintain Jiffy Lubes leading market share. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Estimated total initial investment: $1 million to $4.1 million. Disclaimer: NerdWallet strives to keep its information accurate and up to date. in Pilates. 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.