By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. Estimated total initial investment: $58,870 to $521,437. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. You have to pay this upfront fee when opening a Planet Fitness franchise. Prior to that he served as the Chief Operating Officer since 2003. 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. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. 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. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. Planet Fitness Franchise Cost & Opportunities 2023 | Franchise Help The initial Planet Fitness Franchise Fee is $20,000. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. 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. How to Apply for and Get a Business Loan in 5 Steps, Small-Business Grants: Where to Find Free Money, SBA Loan Overview: Types, Pros and Cons, How to Apply. 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. He also currently serves on the Board of Directors of the NH/VT/ME Region of the American Red Cross and the Business & Industry Association of New Hampshire. We were opening our 5th store then. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. Currently, the Orangetheory franchise has over 1,100 studios in 49 U.S. states and 22 countries internationally (they started in 2010, for some context about just how quickly theyre growing). The Best Fitness Franchises You Can Buy - Trafft When evaluating offers, please review the financial institutions Terms and Conditions. 2- Based on a midpoint investment of $3,273,300 with estimated profits of $154,587 at a 10% profit margin, it would take about 21 years to recoup your investment. With this purchase, which was for an undisclosed amount, United PF's club count has . Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Fitness Franchisee Contact Lists - FranchiseComplaints.org "[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. 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. However, the profit varies on your location also. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. You may need additional operating capital, or you may need it for a longer period of time. Rated Excellent on TrustPilot with feedback from 50+ customers. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. [32][33], Planet Fitness started franchising units in 2003. Initial term lengths last 10 years. 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. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. 1. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. 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. 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. This is a good indication of high growth as a company overall. 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. 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. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. Lets get started. Ms. Kaplan holds a B.S. 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. Former Gov. Initial term lengths last 10 years. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. . This article originally appeared on JustBusiness, a subsidiary of NerdWallet. Many of these are one-time fees that are needed to launch the franchise. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). 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. Call (888) . They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. In addition, he served as an online media manager for the University of Nevada, Reno. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Orange Theorys success is quite similar to Pelotons rise to fame. [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. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. 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. 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. The name came from his daughter's school project, "Fitness Planet". The Initial Franchise Fee is uniform and non-refundable. 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. Our partners compensate us. 4. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . All financial products, shopping products and services are presented without warranty. Here is a list of our partners and here's how we make money. After four years the Initial Franchise Fee for each location opened under the Area Development Agreement will be equal to then-current Initial Franchise Fee being charged to new franchisees. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. 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. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. 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. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. Planet Fitness franchise is growing, and it is growing fast. All told, their gyms boast over 14 million members worldwide. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. Franchising Since: 2000. Initial investments: $969,600 - $4,242,500
Planet Fitness Franchise (Costs + Fees + FDD) | Franchise Direct The Area Development Fee is uniform and non-refundable. [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. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. Who Owns Planet Fitness? (Franchise, CEO & More) - Trusty Spotter Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. 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. You must maintain the franchise premises according to Planet Fitness brand standards. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. [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. 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. He has covered financial topics as an editor for more than a decade. 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. 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. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. 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. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. industry. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. 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. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. Have questions? With that said, a Planet Fitness franchise . [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. 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. Franchise. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. This investment is much higher than the industry standard of $253,000. Liquid Cash Requirement: $1,500,000. Call us direct at (855) 822-0912, Get Contact Details & Mailing List of Planet Fitness Franchisees, The difficult part of this step of the franchise buying due diligence. Under Rondeaus leadership, Planet Fitness has experienced tremendous growth and has been recognized for many accolades including, Entrepreneur Franchise 500 Fastest Growing Franchise List, Franchise Times Top 200, Forbes Americas Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . At Yum! Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. Performing this action will delete your account. 4 Liberty Ln. Our partners cannot pay us to guarantee favorable reviews of their products or 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 . Craig Benson has rejoined the board of directors of Planet Fitness, a national gym chain based in Hampton in which he is a substantial franchisee and which uses software from a company that Benson partly owns, according to a Securities and Exchange Commission filing. 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. Planet Fitness Franchise Cost and Requirements for 2023 - IFPG 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. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. Even though its smaller than Pure Barre. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. However, this does not influence our evaluations. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. Youre about to cancel your subscription. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO Chris Rondeau, who was still in college at the time, to run the gyms front desk. 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. The Planet Fitness initial franchise fee is $20,000. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. Although gym franchises require that the owner has previous management experience, most dont require experience in the. This information may be different than what you see when you visit a financial institution, service provider or specific products site. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. 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. You must maintain your equipment according to Planet Fitness brand standards. According to their website, Pure Barre is the oldest and most established barre studio out there. Assistant Assigning Editor | Small-business finance, personal finance. We believe everyone should be able to make financial decisions with confidence. Here is a list of our partners. 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 growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. FranchiseComplaints.org Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. Our opinions are our own. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Annually Updated with New Owners of Planet Fitness Locations in the USA. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. 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 She is based in Santa Monica, California. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. Earlier in her career, Ms. Kaplan held several digital and marketing leadership roles at global brands including American Express and Citi, Inc. She serves as an independent member of the Fiesta Restaurant Group Board of Directors, as well as the Massachusetts Innovation & Technology Exchange (MITX). 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. Ad Royalty Fee: $300/mo. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. Jamie Medeiros joined Planet Fitness in 2000, where she worked at the front desk in the Companys third location before transitioning to the Planet Fitness corporate marketing team. 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. [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. in Pilates. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62].