Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. Ms. Kaplan holds a B.S. 1,600+ locations open and we're just getting started! Planet Fitness Franchise | Cost, Fees & Earning Stats (2023) Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Largest Planet Fitness Franchisee Acquires 19 Planet Fitness Clubs in 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. 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). It offers classes for dance, aqua, cycle, box, pilates, and many more. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. Mr. Hymes started his career at Kmart Corporation, where he worked his way up the ranks starting as an hourly store team member and entered management after graduating with a Marketing degree from Northwest Missouri State University. We provide estimated franchise costs for some countries:
LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . 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. Initial term lengths last 10 years. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. The name came from his daughter's school project, "Fitness Planet". If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. 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. Pre-qualified offers are not binding. This influences which products we write about and where and how the product appears on a page. Estimated total initial investment: $58,870 to $521,437. Even more reason to consider investing in a gym franchise? Mind that the franchise requirements for sale could be different depending on the format and scope of business. Franchising | Planet Fitness SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of
So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. Prior to that he served as the Chief Operating Officer since 2003. 1 comment. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. "[20] In 2003, Planet Fitness opened its first franchised location in Florida, with Eric Dore and Shane McGuiness. [46], Planet Fitness reported that it has around 2,400 gyms worldwide with a total membership of 17 million, generating an annual revenue of $936.8 million at the end of 2022. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. Franchise Owners Marketing Lists - Dataman Group Direct Paid Grace Period. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. . 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. 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. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. [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. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. service, Computer System. 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. [37], The club's two membership levels are $10 and $24.99 per month in the United states[38] and in Canada they charge $15 and $25 per month. 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. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. 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. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. When evaluating offers, please review the financial institutions Terms and Conditions. [25][26] The company went public on August 6, 2015. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. [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. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. in Pilates. This FREE 10-part progressive program will help you get movin'. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Paid by you to advertisers or Planet Fitness if it elects to collect from you. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. Robert Beaupre leads the SMB team at NerdWallet. 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. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Please confirm by clicking on the Cancel Subscriptionbutton below. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. You'll build confidence while increasing your fitness knowledge. 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. 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. [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. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Gym franchises dont get much more classic than Jazzercise, the high-intensity, dance-cardio fusion class that became a fitness mainstay during the 80s exercise boom. Pre-qualified offers are not binding. The total investment ranges from $728,290 to $3,777,800. 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. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. 4 Liberty Ln. 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. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. There are some units of Planet fitness franchisees making more than that or some making less than that. 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. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . Find other similar franchises in our catalog! 10 Qualities of Highly Successful Fitness Franchise Owners [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. 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. Planet Fitness Franchise Cost and Requirements for 2023 - IFPG To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. The most popular workout model from Snap Fitness is known as MYFIT. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. When evaluating offers, please review the financial institutions Terms and Conditions. 6.4 miles away from Planet Fitness. 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 Please scroll down for a partial list of franchise businesses. In this role, he is responsible for all aspects of financial strategy and management. Find Accurate Contact Data for Fitness Franchise Owners. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. 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. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. 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. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. Your actual costs may be higher or lower depending on the size of your Planet Fitness business, the volume, and usage of your members, or changes in the market. Both franchising units and company-operated stores have increased. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. 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. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. Planet Fitness - Wikipedia List to Contact Planet Fitness Franchise Owners - Planet Fitness Owners Contact List. [10][7], Berks had started his own Planet Fitness gym in 1993 in Sunrise, Florida, and eventually expanded it to three clubs, along with a Gold's Gym franchise. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. She received her Bachelors degree from Eastern Connecticut State University. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. 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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. 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 With this purchase, which was for an undisclosed amount, United PF's club count has . [15], Rondeau and the Grondahls recognized that there was a greater opportunity to serve a much larger segment of the population if they changed the gym environment, both in attitude and format, by creating a non-intimidating, low-cost model. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the, You must maintain your equipment according to, Your actual costs may be higher or lower depending on the size of your, You must maintain the franchise premises according to, Franchise Disclosure Document (FDD) Database, Your Lender; Approved Suppliers; Our Affiliate, Paid to various media companies and other third parties to promote the opening of your business, Computer System, Point of Sale System, and other Supplies, Utilities, banks/credit card companies, leased equipment vendors, alarm company, telephone company, Your Out-of-Pocket Initial Training Expenses. Planet Fitness has more members and locations than any other fitness brand. Their website reads, We are not currently accepting new franchisee applications for US expansion.. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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 . Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. Top Fitness Franchises to Check Out - Franchise How 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. 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. 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. 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. They provide an affordable, high-quality fitness experience in a welcoming environment. This is a good indication of high growth as a company overall. [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. According to their website, Pure Barre is the oldest and most established barre studio out there. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Who Owns Planet Fitness? (Franchise, CEO & More) - Trusty Spotter The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. To assign a valuation multiple for Planet Fitness franchises, we leverage estimates from DealStats, a database of acquired private company transactions sourced from U.S. business brokers and SEC filings. Over the last three years, the company has been expanding. [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. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Both within the fitness industry and American culture at large, Golds Gym has become legendary for their famous members (including Arnold Schwarzenegger) and their status as the mecca of bodybuilding. Since their founding by a Merchant Marine veteran in 1965, the Los Angeles-based gym has opened over 700 gyms in 29 states and 29 countries, and their international membership is 3 million devotees strong. You have to pay this upfront fee when opening a Planet Fitness franchise. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. PF Independent Franchisee Council The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No.