So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. Franchise Owners Contact Lists - FranchiseComplaints.org 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 On this Wikipedia the language links are at the top of the page across from the article title. Many or all of the products featured here are from our partners who compensate us. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. The Planet Fitness initial franchise fee is $20,000. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. If you can name a franchise business, it's probably on our Franchise owners marketing list. Initial term lengths last 10 years. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. We offer detailed franchise research and contact data reports. - In currency of the United Kingdom, the investment comes around 694,900 to 3,040,600. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. 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. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. 1. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. If you sign an Area Development Agreement, the Initial Franchise Fee for each location opened under the Area Development Agreement will be $20,000 for Franchise Agreements entered into within four years of the effective date of your Area Development Agreement. has over 8,900 franchises across the country. Bill Bode serves as Division President, U.S. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. You must maintain your equipment according to Planet Fitness brand standards. This is significantly lower than the midpoint investment of $3,273,500. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. [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. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. 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. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. The concept currently has over 1,000 franchises in the United States and another 150 international locations and is a subsidiary of Ultimate Fitness Holdings. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. 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. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. 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. Initial investments: $969,600 - $4,242,500
Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. 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. You have to pay this upfront fee when opening a Planet Fitness franchise. There are some units of Planet fitness franchisees making more than that or some making less than that. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. locations around the U.S. as well as Canada and the Dominican Republic. 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. Ms. Kaplan holds a B.S. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. You have to pay this upfront fee when opening a Planet Fitness franchise. The second Toronto location opened in early 2015. 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. Prior to that he served as the Chief Operating Officer since 2003. Planet Fitness Gym - Franchise Solutions Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. 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. 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. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. 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. Largest Planet Fitness Franchisee Group Acquired by New York Private Although gym franchises require that the owner has previous management experience, most dont require experience in the. 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. The Area Development Fee is uniform and non-refundable. List to Contact Planet Fitness Franchise Owners - Planet Fitness Owners Contact List. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. Do not sell or share my personal information. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. Ms. Gentilozzi has more than 30 years of Human Resources leadership experience at national retail brands, most recently serving as Executive Vice President of Human Resources at FULLBEAUTY Brands where she led all HR initiatives to support 2,000 associates. Mr. Barber holds a B.S. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. 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. In this role, he is responsible for all aspects of financial strategy and management. ? Join PFIFC So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. 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. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. Paid by you to advertisers or Planet Fitness if it elects to collect from you. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Estimated total initial investment: $198,650 to $446,250. Lead Assigning Editor | Small business finances, investing, banking. 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. This influences which products we write about and where and how the product appears on a page. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Browse 1000s of reports on 1000s of franchise systems. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. 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. The total investment ranges from $728,290 to $3,777,800. Planet Fitness Franchise Cost & Opportunities 2023 | Franchise Help PF Independent Franchisee Council As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Benson is back on the board of Planet Fitness Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. has opened over 4,000 locations on all seven continents. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. Throughout his tenure at Dunkin Brands, Mr. Burn Boot Camp Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. Robert Beaupre leads the SMB team at NerdWallet. NerdWallet strives to keep its information accurate and up to date. [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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. History of Planet Fitness in Timeline - Popular Timelines 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. Estimated total initial investment: $1 million to $4.1 million. You must be logged in to view this form. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. While this may be the business for you, make sure also to check out other companies offered on Vetted Biz and in the Fitness Industry. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. 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. Planet Fitness | Judgement Free Zone | Gym and Fitness Club 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. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. Planet Fitness Announces 2019 Franchise Awards Estimated Number of Units: 2,300. 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. Planet Fitness Franchise | Cost, Fees & Earning Stats (2023) She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. Estimated total initial investment: $2,405 to $3,200. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. 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. 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. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. ", "Planet Fitness revokes woman's membership after transgender complaint", "Planet Fitness Has New Investor; Promotes Rondeau To CEO", "Former Radio Shack CFO Fills Planet Fitness Hole", "Planet Fitness goes public, hits mark in first day of trading", "Ranking America's Best And Worst Franchises: Which Are The Best Investments? Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. 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. 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. Find Accurate Contact Data for Fitness Franchise Owners. The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). Performing this action will delete your account. Due Date: Paid monthly and annually. 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. FranchiseComplaints.org Franchise fee: one-time $10,000 for a 10-year renewable agreement. 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 Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. All financial products, shopping products and services are presented without warranty. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Our partners cannot pay us to guarantee favorable reviews of their products or services. Liquid Cash Requirement: $1,500,000. Then, the last four workouts in the program will take place in the gym and you'll learn how . Pre-qualified offers are not binding. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. Verizon Wireless, and Westin, just to name a very few. 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? Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And All told, their gyms boast over 14 million members worldwide. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Ad Royalty Fee: $300/mo. However, this does not influence our evaluations. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. 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. Planet Fitness Franchise Cost and Requirements for 2023 - IFPG [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. Airfare, ground transportation, meals, lodging, Government agencies and bonding companies, Payroll, debt services, ongoing pre-sale/grand opening marketing, and cash to cover miscellaneous day-to-day expenses, Estimated Selling Price = Net Sales * 0.67, Estimated Selling Price = Net Sales * 1.21. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. [56][57][58] Planet Fitness has also provided mini "Judgement Free Zone" gyms to Boys & Girls Clubs in Manchester, New Hampshire[59] and Pasadena, California. The Initial Franchise Fee is uniform and non-refundable. 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. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). The initial Planet Fitness Franchise Fee is $20,000. Comment. Their website reads, We are not currently accepting new franchisee applications for US expansion.. Annually Updated with New Owners of Planet Fitness Locations in the USA. We provide estimated franchise costs for some countries:
From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). Bringing Franchise Owners Together to Share and Grow. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. 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. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. This investment is much higher than the industry standard of $253,000. Planet Fitness Franchise Cost Worth the Profit? - Vetted Biz The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. The 2019 Planet Fitness Franchise Awards were given to the following: Hall of Fame: Jeff & James Innocenti - PF Supreme Franchisee of the Year: Mike Turner & CJ Bouchard - Excel Fitness Operator of the Year: Steve Kindler, Jr. - National Fitness Partners Developer of the Year: Tim Kelleher - Taymax Group "[20] In 2003, Planet Fitness opened its first franchised location in Florida, with Eric Dore and Shane McGuiness. Join now to become a registered PFIFC member and gain access to a wealth of information that will help you succeed as a Planet Fitness owner. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. This covers the cost of being able to use their name and logo. At the moment we can not connect you to the representative of this franchise. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Additionally, he held several leadership positions at Liz Claiborne, was Chief Financial Officer at Burlington Coat Factory, and served as Chief Operating Officer of Bath & Body Works. Year Business Began: 1992. All initial fees are the same for both initial and conversion franchises. We now have: 2,400+ locations open (and we're just getting started!) 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. It is reported to be the nations fastest growing fitness center franchise. 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. Paid Grace Period. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the Planet Fitness business that are due and payable to you each month and annually, as applicable, by or on behalf of your members through authorized EFT withdrawals (the EFT Dues Draft), regardless of the amount of membership fees you collect. You'll also benefit from . $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. 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. Franchise Owners Marketing Lists - Dataman Group Direct Plus, that smaller pool of franchisees means each one receives more personalized support from the company. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. Cash Required $1,500,000. "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." 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. 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. PLANET FITNESS - 57 Photos & 19 Reviews - Yelp Start a Planet Fitness Franchise in 2023 - Entrepreneur 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. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. She received her Bachelors degree from Eastern Connecticut State University. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. 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. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. Assistant Assigning Editor | Small-business finance, personal finance. 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.