Ms. Simmons has an MBA in Finance from the University of New Hampshire and holds dual Bachelors degrees in Economics and Sociology from Indiana University. Find Accurate Contact Data for Fitness Franchise Owners. This covers the cost of being able to use their name and logo. [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. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. 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. You'll also benefit from . Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. All reactions: 8. 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. 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. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. . Even more reason to consider investing in a gym franchise? The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. 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. 8. Paid Grace Period. 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. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. 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. Medeiros received her Bachelors degree from the University of New Hampshire. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). You have to pay this upfront fee when opening a Planet Fitness franchise. According to their website, Pure Barre is the oldest and most established barre studio out there. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. 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. The U.S. has the biggest Fitness market in the world, both in terms of revenue and in the number of members enrolled in a fitness facility. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. They provide an affordable, high-quality fitness experience in a welcoming environment. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. 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. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. Although gym franchises require that the owner has previous management experience, most dont require experience in the. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Planet Fitness franchisees also compete against other smaller gym and fitness business locations. "[20] In 2003, Planet Fitness opened its first franchised location in Florida, with Eric Dore and Shane McGuiness. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Many or all of the products featured here are from our partners who compensate us. 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. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. 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. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. 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. But buying into a gym franchise is a less risky venture than building a gym from the ground up. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Do not sell or share my personal information. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. That way, participants can both track their own progress, and see how it stacks up to other people in the classso if you thrive on competition, this is the gym franchise for you. Comment. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. Have questions? In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Prior to joining Planet Fitness, Mr. The initial Planet Fitness Franchise Fee is $20,000. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. We provide estimated franchise costs for some countries: 1 comment. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. History of Planet Fitness in Timeline - Popular Timelines We were opening our 5th store then. industry. 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. Burn Boot Camp And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a Pure Barre franchise takes you straight to the source. Paid by you to advertisers or Planet Fitness if it elects to collect from you. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. Year Business Began: 1992. How Much Does A Planet Fitness Owner Make? - drfranchises.com This article originally appeared on JustBusiness, a subsidiary of NerdWallet. ", "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? All told, their gyms boast over 14 million members worldwide. 4. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. The Best Fitness Franchises You Can Buy - Trafft At Yum! Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. 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. in Pilates. However, the profit varies on your location also. 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. 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. 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. 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. Planet Fitness | Judgement Free Zone | Gym and Fitness Club 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. Total Investment $728,290 - $3,777,800. Benson is back on the board of Planet Fitness Fitness centers have experienced sustained growth since the post-economic crisis in 2009. Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And has opened over 4,000 locations on all seven continents. 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. [17] They also dramatically reduced prices to compete against better-known brands. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. [25][26] The company went public on August 6, 2015. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of 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. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. 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. 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. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. In her role as Division President, Corporate Clubs, Ms. Simmons will be responsible for leading the Company's Corporate Club portfolio including driving overall performance, leading and developing the team, and identifying strategic growth and expansion opportunities of the brand's corporate store fleet, which consists of more than 200 locations across 14 states and Canada. 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. 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. She played a pivotal role in creating breakthrough nation marketing campaigns that have built the brand over the past two decades, including iconic advertising campaigns like Lift Things and No Gymtimidation, along with pillar marketing sponsorships like the brands New Years Eve celebration in Times Square. First, youll need to winnow down your list to only the gyms whose investment levels align with your financials, as well as your eligibility to secure franchise financing or gym financing. Planet Fitness has more members and locations than any other fitness brand. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. You have to pay this upfront fee when opening a Planet Fitness franchise. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. Start a Planet Fitness Franchise in 2023 - Entrepreneur So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. 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 Due Date: Paid monthly and annually. The Grondahls changed the gyms name to Planet Fitness in 1994. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. Robert Beaupre leads the SMB team at NerdWallet. 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 . Ongoing Royalty Fee: $449 - $549/mo. Looks like your subscription is due. In this role, he is responsible for all aspects of financial strategy and management. She is based in Santa Monica, California. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. 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. [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. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. 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. Planet Fitness franchise is growing, and it is growing fast. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. Lead Assigning Editor | Small business finances, investing, banking. Fitness Franchisee Contact Lists - FranchiseComplaints.org Planet Fitness Gym - Franchise Solutions Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. 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. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. 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. 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. FranchiseComplaints.org Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. 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). 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. Planet Fitness Franchise [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. 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. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. 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. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated.

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