Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. 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. You have to pay this upfront fee when opening a Planet Fitness franchise. On this Wikipedia the language links are at the top of the page across from the article title. He has covered financial topics as an editor for more than a decade. Estimated total initial investment: $58,870 to $521,437. 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. 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. 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. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. [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. in Pilates. Planet Fitness franchisees also compete against other smaller gym and fitness business locations. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. According to their website, Pure Barre is the oldest and most established barre studio out there. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. We were opening our 5th store then. 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 fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. 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. 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. [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. Their website reads, We are not currently accepting new franchisee applications for US expansion.. Mind that the franchise requirements for sale could be different depending on the format and scope of business. Burn Boot Camp 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. Ongoing Royalty Fee: $449 - $549/mo. Prior to that, she served as the Vice President of Digital Marketing & Innovation at Dunkin Brands where she was responsible for developing and marketing Dunkins digital platforms, including the DD Mobile app and the DD Perks loyalty program. Ms. Kaplan holds a B.S. Our franchise contact lists contain contact details for both owners of single franchise units and multi-unit franchise owners, that is, franchisees that own many franchised locations. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. Throughout the years, Chris played a critical role in developing and refining the unique, low-cost/high-value business model and lean operating system that revolutionized both the fitness and franchising industry. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. Thats why we put together this complete mailing/telemarketing list containing contact the names, phone numbers and physical addresses of business owners in the franchise system and certain former franchise operators. At Yum! [4], In October 2011, Planet Fitness reached an agreement with NBC to sponsor the network's reality show The Biggest Loser beginning with the 2012 season. We provide estimated franchise costs for some countries: [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. In this role, he will lead the Companys technology evolution and strategy, focused on delivering technology solutions that will continue to enhance the member experience while optimizing infrastructure, data and operations for flexibility and scale. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. 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. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. 1 comment. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. The biggest expenses in the additional costs section are leasehold improvements and construction costs which vary greatly from $1,250,000 to $2,163,000. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. Initial Franchise Fee: $20,000 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. This investment is much higher than the industry standard of $253,000. 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. 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. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. 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. [60], In October 2017, Planet Fitness and its members raised $1 million which it donated to the non-profit Boys and Girls Clubs of America. Over the last three years, franchises have opened at a rate of 148 units a year. [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. 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. 6.4 miles away from Planet Fitness. This metric is the standard industry investment amount for a single unit franchise investment in this industry. Theyll provide you with a personal support team, comprehensive training, and marketing support over the course of your franchise agreements six-year term (or 10, if youre in California). Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. 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. [17] They also dramatically reduced prices to compete against better-known brands. 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. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. 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. The prospects for growth and success within the industry and the Orange Theory brand itself, are extensive, and some markets continue to be available as they move forward with growing their presence across the country. 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. Many of these are one-time fees that are needed to launch the franchise. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. 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. 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. Planet Fitness Initial franchise fee: $20,000 Estimated total initial investment: $1 million to $4.1 million Planet Fitness trademarked the phrase "judgment free zone," so that alone. The Area Development Fee is uniform and non-refundable. Here is a list of our partners and here's how we make money. 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 joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. This influences which products we write about and where and how the product appears on a page. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. . There are some units of Planet fitness franchisees making more than that or some making less than that. Even more reason to consider investing in a gym franchise? Royalty fees and advertising fees are generally calculated as a percentage of gross sales in franchise agreements, but Anytime Fitness rates are flat from month to month, which makes it easier for you to plan and organize your expenses. All initial fees are the same for both initial and conversion franchises. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. 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. 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. Please renew to keep using our services. [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 franchise was founded in 1992 and has been franchising since 2003. Lead Assigning Editor | Small business finances, investing, banking. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. Initial term lengths last 10 years. 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. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia 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. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. The total investment to open a Planet Fitness gym ranges from $728,290 - $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. 8. 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. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. It is reported to be the nations fastest growing fitness center franchise. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. Although gym franchises require that the owner has previous management experience, most dont require experience in the. However, this does not influence our evaluations. [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. Brands, he supported the team tasked with transforming and modernizing technology and data systems both domestically for KFC and internationally in Australia for Pizza Hut. 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. 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. 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 Bill Bode serves as Division President, U.S. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. 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 Before the pandemic, it was growing at a rate of approximately 200 units a year, which is impressive. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. 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 In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. In addition, he served as an online media manager for the University of Nevada, Reno. Even though its smaller than Pure Barre. 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. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. [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. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. Initial investments: $969,600 - $4,242,500 [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Franchise. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. 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. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. service, Computer System. 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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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 Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. 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. 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. Thats why we put together this complete mailing/telemarketing list containing contact the names, phone numbers and physical addresses of business owners in the franchise system and certain former franchise operators. ? We believe everyone should be able to make financial decisions with confidence. Looks like your subscription is due. 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. The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. Here is a list of our partners. [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. 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 is responsible for all aspects of financial strategy and management. This FREE 10-part progressive program will help you get movin'. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. Today the brand has over 2,000 locations system-wide. She received her Bachelors degree from Eastern Connecticut State University. 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. Bode held several senior leadership positions at Dunkin' Brands, including serving as Regional Vice President of Dunkin' Donuts Northeast where he was responsible for overseeing the operations of more than 2,600 restaurants. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. Prior to joining Planet Fitness, Mr. The most popular workout model from Snap Fitness is known as MYFIT. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. Be advised to match Planet Fitness franchise cost and profit by analyzing low and high fees you need to pay starting a Planet Fitness franchise. The name came from his daughter's school project, "Fitness Planet". Find other similar franchises in our catalog! 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 . [54][55] Also in 2016, the company donated more than $1 million to the program. 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. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. Previously, he was the Chief Technology Officer at Airline Report Corporation, where he modernized the technology needed to process billions of dollars in payments annually. Year Business Began: 1992. 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. 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. Paid by you to advertisers or Planet Fitness if it elects to collect from you. Over the last three years, the company has been expanding. All reactions: 8. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. Former Gov. 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. Rated Excellent on TrustPilot with feedback from 50+ customers. Assistant Assigning Editor | Small-business finance, personal finance. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. It offers classes for dance, aqua, cycle, box, pilates, and many more. 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. 4. 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. Paid Grace Period. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. Gathering all available information about each potential franchise will help you land on the gym that not only works for you financially, but that also resonates with your lifestyle and values. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Estimated total initial investment: $198,650 to $446,250. Thanks to that near-legendary status in the fitness world, and their loyal customers. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. Our partners compensate us. 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 that he served as the Chief Operating Officer since 2003.
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