"I decided I didn't want to deal with that crowd, so that's when I opened the original Planet Fitness club in Sunrise, Florida, in 1993." The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. So how do we make money? 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. With that accessible attitude in mind, Planet Fitness tries particularly to target the 80% of the American and Canadian population who dont have gym memberships. Find other similar franchises in our catalog! Here is a list of our partners and here's how we make money. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. He joined the Company as General Counsel in 2014 and played a critical role in the Companys initial public offering in August of 2015, and has since overseen all public company, corporate governance and franchising matters as a key member of the companys leadership team. HAMPTON, N.H., Jan. 11, 2022 - Planet Fitness, Inc. (NYSE: PLNT ), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced today it has signed a definitive agreement to acquire Sunshine Fitness Growth Holdings, LLC ("Sunshine Fitness"), a leading owner and Our opinions are our own. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. The Grondahls changed the gyms name to Planet Fitness in 1994. 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. Start a Planet Fitness Franchise in 2023 - Entrepreneur The franchise has since modernized their routines and worked Pilates, yoga, hip hop, kickboxing, and strength training into their classes, which they claim can burn up to 800 calories in one hour. Do not sell or share my personal information. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. Prior to that he served as the Chief Operating Officer since 2003. 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. [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 franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. Participants are given heart-rate monitors, and their results are displayed on screens throughout the room over the course of this hour-long, interval-based, coach-led workout. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. Call (888) 977-4374. 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. That said, as of June 2022, Planet Fitness has paused offering franchises. 1. 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. 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. She received her Bachelors degree in Public Communications from American University in Washington, DC, and served on the Board of Directors for the Boys & Girls Clubs of Manchester, NH. This investment is much higher than the industry standard of $253,000. The Area Development Fee is in addition to the then-current Initial Franchise Fee due for each location at the time the Franchise Agreement for that location is executed. Over the last three years, franchises have opened at a rate of 148 units a year. The total investment ranges from $728,290 to $3,777,800. 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. Planet Fitness Gym - Franchise Solutions The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. With this purchase, which was for an undisclosed amount, United PF's club count has . 4 Liberty Ln. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. This information may be different than what you see when you visit a financial institution, service provider or specific products site. ? Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. industry. 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 We provide estimated franchise costs for some countries: We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. Mr. Hymes has over 30 years of experience leading domestic and international retail, franchise, and e-commerce businesses for global companies, most recently serving as the President and Chief Executive Officer of Jiffy Lube International. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Classroom Training: 80 hours If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Planet Fitness estimates the total costs to re-equip your facility with both cardio equipment and all other exercise equipment will range from $314,000 to $922,000 every 5 to 7 years. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. 10 Qualities of Highly Successful Fitness Franchise Owners Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. 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. Planet Fitness has more members and locations than any other fitness brand. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. We got you! This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. [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. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. However, this does not influence our evaluations. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. 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. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. On this Wikipedia the language links are at the top of the page across from the article title. Headquarters: Hampton, New Hampshire. All financial products, shopping products and services are presented without warranty. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. 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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. First, youll need to winnow down your list to only the gyms whose investment levels align with your financials, as well as your eligibility to secure franchise financing or gym financing. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. 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. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. Cash Required $1,500,000. Franchise Owners Marketing Lists - Dataman Group Direct Mind that the franchise requirements for sale could be different depending on the format and scope of business. in Pilates. Planet Fitness Franchise (Costs + Fees + FDD) | Franchise Direct Many of these are one-time fees that are needed to launch the franchise. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. 1 comment. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. Year Business Began: 1992. 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. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. 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. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. Ms. Kaplan holds a B.S. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. [52], In March 2016, Planet Fitness partnered with STOMP Out Bullying,[53] a national organization dedicated to bullying prevention, and the Boys & Girls Clubs of America to launch the company's national philanthropic initiative to address bullying, The Judgement Free Generation. Even though its smaller than Pure Barre. In addition, he served as an online media manager for the University of Nevada, Reno. 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. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Benson is back on the board of Planet Fitness Initial franchise terms are 10 years. The second Toronto location opened in early 2015. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. Planet Fitness franchisees also compete against other smaller gym and fitness business locations. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. 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. Have questions? There are tons of gym franchises seeking new location owners, but this list represents nine of the most promising gym franchises on the market right nowbased mainly on name recognition, growth rate, and franchisor support system. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. Building in competition to workouts enhances ones motivation and keeps consumers coming back. [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. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. https://www.palmbeachpost.com/story/business/2012/05/19/at-youfit-health-clubs-patrons/7332606007/, "Planet Fitness headquarters moving to Hampton", "Planet Fitness Sets New Membership Records", "4 international franchises that landed Down Under in 2019", "The fastest-growing gym in America has $10 memberships and gives out free pizza, bagels, and candy", "Fit for franchising: From first gym in Dover, Planet Fitness building big brand", https://www.franchise-info.ca/franchise_news/2014/01/how-planet-fitness-became-the-leader-in-fitness-franchising.html#.Y-Hc-BZMEWM, "How Planet Fitness Became the Leader in Fitness Franchising - News", "Marc Grondahl of Planet Fitness: How a Lean Business Model Became a Franchise Heavyweight", "YouFit Health Club expanding across South Florida, around nation | The Starting Gate", "No-frills gym offers fitness without flash", "Fast and Serious: FT ranks the smartest-growing brands", "Franchise Players: We Were Planet Fitness's First Franchisees. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. She is based in Santa Monica, California. In this role, he is responsible for all aspects of financial strategy and management. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. With that said, a Planet Fitness franchise . Are fitness franchises profitable in 2022? - Glofox So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. Our partners compensate us. The name came from his daughter's school project, "Fitness Planet". Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". FranchiseComplaints.org The Area Development Fee is uniform and non-refundable. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. 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. 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. Prior to that, she served as the Vice President of Digital Marketing & Innovation at Dunkin Brands where she was responsible for developing and marketing Dunkins digital platforms, including the DD Mobile app and the DD Perks loyalty program. 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. 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. service, Computer System. 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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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. Planet Fitness Franchise Owners Contact List $ 149 Add to cart; GNC Franchisee Owners List $ 129 - $ 179 Select options; Club Pilates Franchisee Owners List $ 99 Add to cart; Golds Gym Franchisee Owners List But perhaps most important to this process is interviewing current franchisees. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. 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. All reactions: 8. Planet Fitness Franchise Cost and Requirements for 2023 - IFPG Crunchs fees are on the lower end of the scale: Royalty fees are 5% of monthly gross sales, and advertising fees are 2% of monthly gross sales. According to their website, Pure Barre is the oldest and most established barre studio out there. 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. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. 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. Planet Fitness Franchise Planet Fitness Independent Franchisee Council Join Us Today! Verizon Wireless, and Westin, just to name a very few. 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. PLANET FITNESS - 57 Photos & 19 Reviews - Yelp 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. You must maintain your equipment according to Planet Fitness brand standards. When evaluating offers, please review the financial institutions Terms and Conditions.
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