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. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. [17] They also dramatically reduced prices to compete against better-known brands. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Kick off your search with this list of nine of the most promising gym franchises to buy. Estimated total initial investment: $303,000 to $499,850. Thanks to that near-legendary status in the fitness world, and their loyal customers. You must be logged in to view this form. She received her Bachelors degree from Eastern Connecticut State University. Even more reason to consider investing in a gym franchise? After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. 1. Even though its smaller than Pure Barre. Comment. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. We offer detailed franchise research and contact data reports. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. Throughout his tenure at Dunkin Brands, Mr. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. Browse 1000s of reports on 1000s of franchise systems. 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 All initial fees are the same for both initial and conversion franchises. Annually Updated with New Owners of Planet Fitness Locations in the USA. All financial products, shopping products and services are presented without warranty. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. 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. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. 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. 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. 6.4 miles away from Planet Fitness. Planet Fitness franchisees also compete against other smaller gym and fitness business locations. It offers classes for dance, aqua, cycle, box, pilates, and many more. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Today the brand has over 2,000 locations system-wide. 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. As a result, she has played an instrumental role in the major strategic decisions made by the Company. 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. 1,600+ locations open and we're just getting started! Estimated total initial investment: $1 million to $4.1 million. Sorry. When evaluating offers, please review the financial institutions Terms and Conditions. West Hampton, NH 03842, USA, Interested? [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. Lets get started. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Prior to joining Planet Fitness, Mr. Plus, the outlook for gym franchises is bright: According to a report by IBISWorld, the health and wellness boom over the past few years has led to a sizable increase in gym membership levels, which continues to grow. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. However, the profit varies on your location also. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. In addition, he served as an online media manager for the University of Nevada, Reno. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. [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. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. 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. [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. 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. Throughout her tenure with Planet Fitness, Ms. Simmons built the Business Strategy and Analytics functions from the ground up, leveraging data, analytics and insights to develop and drive Planet Fitness overarching corporate strategy, propel the business forward, and reinforce the brands industry leadership position. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. 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. 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. 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. 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. 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. 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. Mind that the franchise requirements for sale could be different depending on the format and scope of business. 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. Find other similar franchises in our catalog! Planet Fitness trademarked the phrase judgment free zone, so that alone should give you a sense of this gyms major value: inclusivity for all people, regardless of their fitness levels. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. Benson, who co-founded the former Cabletron Systems, once the . He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. With this purchase, which was for an undisclosed amount, United PF's club count has . To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. At Yum! Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. But buying into a gym franchise is a less risky venture than building a gym from the ground up. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . An offshoot of the (purportedly) $7 billion UFC brand, UFC Gyms offer MMA-inspired personal and specialized training, traditional and fusion martial arts classes, and youth fitness classes. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. 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. 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. NerdWallet strives to keep its information accurate and up to date. 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. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. [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. Initial term lengths last 10 years. The Grondahls changed the gyms name to Planet Fitness in 1994. You'll build confidence while increasing your fitness knowledge. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. 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. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. An offshoot of the (purportedly) $7 billion UFC brand, UFC Gyms offer MMA-inspired personal and specialized training, traditional and fusion martial arts classes, and youth fitness classes. Depending on the location and pre-existing structure that is being purchased, you could see your expenditure being on the lower or higher end of this spectrum. Initial franchise terms are 10 years. 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. In this role, he leads all aspects of our U.S. 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. Initial franchise terms are 10 years. Robert Beaupre leads the SMB team at NerdWallet. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. With that said, a Planet Fitness franchise . Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. This metric is the standard industry investment amount for a single unit franchise investment in this industry. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. [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. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. This could be an indicator that franchisees are doing really well. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. 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. 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. 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. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Even more reason to consider investing in a gym franchise? Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. Then, the last four workouts in the program will take place in the gym and you'll learn how . [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. 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. The initial Planet Fitness Franchise Fee is $20,000. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. He began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. Performing this action will delete your account. 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. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. But perhaps most important to this process is interviewing current franchisees. 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. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. 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. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. 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. We were opening our 5th store then. 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. Our partners compensate us. 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. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. Here is a list of our partners. All told, their gyms boast over 14 million members worldwide. 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. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. Many or all of the products featured here are from our partners who compensate us. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. 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. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. The initial Planet Fitness Franchise Fee is $20,000. 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. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. She is based in Santa Monica, California. Assistant Assigning Editor | Small-business finance, personal finance. 3- Based on a midpoint investment of $3,273,300 with estimated profits of $831,881 at a 15% profit margin, it would take about 14 years to recoup your investment. 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. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. In this role, he is responsible for all aspects of financial strategy and management. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. Planet Fitness Independent Franchisee Council Join Us Today! There are tons of gym franchises seeking new location owners, but this list represents nine of the most promising gym franchises on the market right nowbased mainly on name recognition, growth rate, and franchisor support system. ? And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. 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 Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. 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. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. [54][55] Also in 2016, the company donated more than $1 million to the program. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Call (888) 977-4374. 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. 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. It is reported to be the nations fastest growing fitness center franchise. This is a good indication of high growth as a company overall. We provide estimated franchise costs for some countries: | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. 4. The minimum net worth required to own an Orange Theory franchise is $500,000 and the applicant must have liquid assets of at least $150,000. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. Their website reads, We are not currently accepting new franchisee applications for US expansion.. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Franchise fee: one-time $10,000 for a 10-year renewable agreement. Both franchising units and company-operated stores have increased. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Gym franchises dont get much more classic than Jazzercise, the high-intensity, dance-cardio fusion class that became a fitness mainstay during the 80s exercise boom. The franchise has since modernized their routines and worked Pilates, yoga, hip hop, kickboxing, and strength training into their classes, which they claim can burn up to 800 calories in one hour. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. 1 comment. This FREE 10-part progressive program will help you get movin'. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. 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. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. This information may be different than what you see when you visit a financial institution, service provider or specific products site. service, Computer System. 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. You have to pay this upfront fee when opening a Planet Fitness franchise. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. 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. So how do we make money? 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. 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. 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. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of Rated Excellent on TrustPilot with feedback from 50+ customers. 8. They provide an affordable, high-quality fitness experience in a welcoming environment. Planet Fitness has more members and locations than any other fitness brand. 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. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. You may need additional operating capital, or you may need it for a longer period of time. 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.
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