[39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. Initial term lengths last 10 years. 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. 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. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. 4 Liberty Ln. Now, We Own 22 Locations", "What your new gym doesn't want you to know", "Planet Fitness vs. the lunkheads: Why is a health club trying to alienate people who love to work out? Annually Updated with New Owners of Planet Fitness Locations in the USA. 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. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 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. Initial Franchise Fee: $20,000 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. [47] The contestants on the show worked out on Planet Fitness equipment and then at Planet Fitness gyms near their homes, working with Planet Fitness instructors. [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. We offer detailed franchise research and contact data reports. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. 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. Initial term lengths last 10 years. Here is a list of our partners and here's how we make money. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. Planet Fitness franchisees also compete against other smaller gym and fitness business locations. This influences which products we write about and where and how the product appears on a page. [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. Paid by you to advertisers or Planet Fitness if it elects to collect from you. She is based in Santa Monica, California. 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. Before the pandemic, it was growing at a rate of approximately 200 units a year, which is impressive. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. 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. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Throughout his tenure at Dunkin Brands, Mr. Headquarters: Hampton, New Hampshire. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . 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. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. 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. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. Total Investment $728,290 - $3,777,800. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. 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. 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. Join PFIFC From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). The Area Development Fee is uniform and non-refundable. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. Our opinions are our own. Mr. Barber holds a B.S. The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. In addition, he served as an online media manager for the University of Nevada, Reno. [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. Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a. takes you straight to the source. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. 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. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 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. Order now to get instant access to the complete Planet Fitness franchise owners. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Although gym franchises require that the owner has previous management experience, most dont require experience in the. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. 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. 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. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. 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. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. We now have: 2,400+ locations open (and we're just getting started!) 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. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. You'll build confidence while increasing your fitness knowledge. 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. Find other similar franchises in our catalog! [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. 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. The total investment ranges from $728,290 to $3,777,800. Rated Excellent on TrustPilot with feedback from 50+ customers. [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. The second Toronto location opened in early 2015. Call (888) 977-4374. Year Business Began: 1992. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Sorry. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. Bringing Franchise Owners Together to Share and Grow. "I decided I didn't want to deal with that crowd, so that's when I opened the original Planet Fitness club in Sunrise, Florida, in 1993." Like. Our partners cannot pay us to guarantee favorable reviews of their products or services. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. It offers classes for dance, aqua, cycle, box, pilates, and many more. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. "[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. At Yum! Mr. Fitzgerald holds an MBA in Finance from Indiana University Kelley School of Business and received his Bachelors degree in Finance from the University of Florida. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. 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. [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. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. 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. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. [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. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. 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. West Hampton, NH 03842, USA, Interested? With this purchase, which was for an undisclosed amount, United PF's club count has . 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. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. Browse 1000s of reports on 1000s of franchise systems. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. So how do we make money? Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. 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. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. 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. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. subject to maximum fee of $40,000, Concurrently with our granting a successor franchise to you, Actual costs (approximately $1,200 per visit), Cure Period Extension Fee (Franchise Agreement), Paid monthly via EFT on the day designated as your Monthly Membership Billing Day, as defined in our Franchise Agreement, Grace Period Fee (Area Development Agreement), Paid monthly beginning on the first day of the The initial Planet Fitness Franchise Fee is $20,000. 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. It is reported to be the nations fastest growing fitness center franchise. [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. 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. Former Gov. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. Planet Fitness Initial franchise fee: $20,000 Estimated total initial investment: $1 million to $4.1 million Planet Fitness trademarked the phrase "judgment free zone," so that alone. Please renew to keep using our services. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. Net Worth Requirement: $3,000,000 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. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. He joined the Company as General Counsel in 2014 and played a critical role in the Companys initial public offering in August of 2015, and has since overseen all public company, corporate governance and franchising matters as a key member of the companys leadership team. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. The gym utilizes a "lunk alarm", which is a loud siren and rotating light that is used when a gymgoer grunts too loudly or drops weights. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. This investment is much higher than the industry standard of $253,000. Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. According to their website, Pure Barre is the oldest and most established barre studio out there. Annually Updated with New Owners of Planet Fitness Locations in the USA. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. But buying into a gym franchise is a less risky venture than building a gym from the ground up. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. in Pilates. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. 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. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Whether youre a gym rat yourself or youre passionate about helping others achieve their health goals, starting a fitness business can be a dream gig for health-conscious entrepreneurs. [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. [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. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. We provide estimated franchise costs for some countries: 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. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. 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. 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. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. Building in competition to workouts enhances ones motivation and keeps consumers coming back. For those looking to get started with a Planet Fitness franchise, it's important to factor in all of these costs so that you have a clear understanding of the total investment required. Franchise. All financial products, shopping products and services are presented without warranty. 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. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. This FREE 10-part progressive program will help you get movin'. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. 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. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. 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. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. . Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. 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. 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. Assistant Assigning Editor | Small-business finance, personal finance. industry. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. That said, franchisees are responsible for additional costs, including a monthly continuing franchise fee (CFF) of either 20% of gross revenue or at least $250 per month. This is a good indication of high growth as a company overall. Initial franchise terms are 10 years. Initial franchise terms are 10 years. 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.
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