Pre-qualified offers are not binding. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. 1 comment. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the Planet Fitness business that are due and payable to you each month and annually, as applicable, by or on behalf of your members through authorized EFT withdrawals (the EFT Dues Draft), regardless of the amount of membership fees you collect. 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. The biggest expenses in the additional costs section are leasehold improvements and construction costs which vary greatly from $1,250,000 to $2,163,000. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, 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. The prospects for growth and success within the industry and the Orange Theory brand itself, are extensive, and some markets continue to be available as they move forward with growing their presence across the country. If you can name a franchise business, it's probably on our Franchise owners marketing list. Comment. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. 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. Both franchising units and company-operated stores have increased. Lead Assigning Editor | Small business finances, investing, banking. 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. has over 8,900 franchises across the country. We now have: 2,400+ locations open (and we're just getting started!) 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. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. 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. Throughout the years, Chris played a critical role in developing and refining the unique, low-cost/high-value business model and lean operating system that revolutionized both the fitness and franchising industry. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. All told, their gyms boast over 14 million members worldwide. 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. The Initial Franchise Fee is uniform and non-refundable. Year Business Began: 1992. 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. Estimated total initial investment: $198,650 to $446,250. You must maintain your equipment according to Planet Fitness brand standards. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. 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. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. The initial Planet Fitness Franchise Fee is $20,000. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. Use this opportunity to ask qualitative questions that you wouldnt necessarily have answered through the FDD, or from the franchisors marketing materialslike how happy they are with the initial training and ongoing support they receive, and their opinions about the overall outlook of the business. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". 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. 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. Call (888) . Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. 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. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. [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. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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. At the moment we can not connect you to the representative of this franchise. 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. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Estimated total initial investment: $1 million to $4.1 million. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. 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. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. 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. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. Our partners compensate us. According to their website, Pure Barre is the oldest and most established barre studio out there. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. 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. ", "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? The Planet Fitness initial franchise fee is $20,000. [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. Bill Bode serves as Division President, U.S. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. 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. Under Rondeau's 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' America's Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. Rated Excellent on TrustPilot with feedback from 50+ customers. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. 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. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. Initial term lengths last 10 years. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Ad Royalty Fee: $300/mo. 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 holds an MBA in Finance from Indiana University Kelley School of Business and received his Bachelors degree in Finance from the University of Florida. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. [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. Franchising Since: 2000. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. Share. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Due Date: Paid monthly and annually. 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. 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. 1. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. Currently, the Orangetheory franchise has over 1,100 studios in 49 U.S. states and 22 countries internationally (they started in 2010, for some context about just how quickly theyre growing). And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. 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. 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. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. West Hampton, NH 03842, USA, Interested? Initial franchise terms are 10 years. Previously, he was the Chief Technology Officer at Airline Report Corporation, where he modernized the technology needed to process billions of dollars in payments annually. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Planet Fitness Franchise Cost The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 - $4,921,000. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). Prior to joining Dunkin' Brands, he was a Dunkin' Donuts franchisee in Richmond, VA. Tom Fitzgerald joined Planet Fitness in 2020 as the Companys Chief Financial Officer. 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 . Prior to that he served as the Chief Operating Officer since 2003. 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. 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. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Before the pandemic, it was growing at a rate of approximately 200 units a year, which is impressive. 2% of the total gross monthly EFT Dues Draft. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. In addition, he served as an online media manager for the University of Nevada, Reno. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. In her role as Chief Brand Officer, she is responsible for leading Planet Fitness brand strategy and working collaboratively with agencies and across the organization to ensure the brand vision comes to life through national and local marketing strategy, creative, brand marketing sponsorships and activations, and social media. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. At Yum! Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. [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. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. With that said, a Planet Fitness franchise . [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. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. The private equity owners of United PF Partners, the largest Planet Fitness franchisee conglomerate, have sold the group to American Securities, another New York-based private equity firm, for an undisclosed sum, the companies announced in a Jan. 6 media release. Sorry. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. This is a good indication of high growth as a company overall. service, Computer System. This could be an indicator that franchisees are doing really well. 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. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services .
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