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. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. According to their website, Pure Barre is the oldest and most established barre studio out there. She is based in Santa Monica, California. 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][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. 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. Planet Fitness franchise costs, based on Item 7 of the company's 2022 FDD: Initial Franchise Fee: $20,000 Site Selection Costs: $0 to $10,000 Construction Development Plan Review Fee: $0 to $4,000 Leasehold Improvements: $1,250,000 to $2,163,000 Fitness Equipment: $34,000 to $953,000 Non-Fitness Equipment: $63,000 to $825,000 For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. Our partners cannot pay us to guarantee favorable reviews of their products or services. 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. This investment is much higher than the industry standard of $253,000. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. "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." But buying into a gym franchise is a less risky venture than building a gym from the ground up. Robert Beaupre leads the SMB team at NerdWallet. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. 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 -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. 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. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Benson, who co-founded the former Cabletron Systems, once the . 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. 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. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. Classroom Training: 80 hours Comment. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. Rated Excellent on TrustPilot with feedback from 50+ customers. 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. 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. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Ms. Kaplan holds a B.S. [4], In October 2011, Planet Fitness reached an agreement with NBC to sponsor the network's reality show The Biggest Loser beginning with the 2012 season. 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. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Franchising Since: 2000. According to their website, Pure Barre is the oldest and most established barre studio out there. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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. 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 total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. 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? The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. 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. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. Bringing Franchise Owners Together to Share and Grow. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. Initial term lengths last 10 years. It is reported to be the nations fastest growing fitness center franchise. 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. Total Investment $728,290 - $3,777,800. 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. The Grondahls changed the gyms name to Planet Fitness in 1994. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. The most popular workout model from Snap Fitness is known as MYFIT. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. Prior to joining Planet Fitness, Mr. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. [37], The club's two membership levels are $10 and $24.99 per month in the United states[38] and in Canada they charge $15 and $25 per month. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? Liquid Cash Requirement: $1,500,000. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. 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. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Order now to get instant access to the complete Planet Fitness franchise owners. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Annually Updated with New Owners of Planet Fitness Locations in the USA. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. - In currency of the United Kingdom, the investment comes around 694,900 to 3,040,600. 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. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. Performing this action will delete your account. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. In other words, franchising takes most of the heavy lifting off your shoulders. Headquarters: Hampton, New Hampshire. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. 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. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . [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. 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). [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. The total investment ranges from $728,290 to $3,777,800. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. 6.4 miles away from Planet Fitness. 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. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. 4. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. Mind that the franchise requirements for sale could be different depending on the format and scope of business. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. 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. Assistant Assigning Editor | Small-business finance, personal finance. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. 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. 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. [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. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. 2% of the total gross monthly EFT Dues Draft. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. Many of these are one-time fees that are needed to launch the franchise. The board of directors at Planet Fitness is as follows: Stephen Spinelli, Jr. (Ph.D.), Chairman Chris Rondeau (CEO) Bernard Acoca Enshalla Anderson Craig Benson Cammie Dunaway Frances Gregg Rathke Christopher Tanco As of December 2021, 98% of all franchised stores were owned and operated by A franchisee group that owned at least three stores, and while Planet Fitness Largest franchisee owned 175 Stores, Only 33% of its franchisee groups own more than 10 stores. [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. 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 has the franchise fee of up to $20,000, with total initial investment from $969,600. [54][55] Also in 2016, the company donated more than $1 million to the program. 8. Our partners compensate us. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. In this role, he oversees the Companys accounting and treasury functions. Call us direct at (855) 822-0912, Get Contact Details & Mailing List of Planet Fitness Franchisees, The difficult part of this step of the franchise buying due diligence. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. They provide an affordable, high-quality fitness experience in a welcoming environment. 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. 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 . 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. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia Both within the fitness industry and American culture at large, Golds Gym has become legendary for their famous members (including Arnold Schwarzenegger) and their status as the mecca of bodybuilding. Since their founding by a Merchant Marine veteran in 1965, the Los Angeles-based gym has opened over 700 gyms in 29 states and 29 countries, and their international membership is 3 million devotees strong. [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. [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 believe everyone should be able to make financial decisions with confidence. [52], In March 2016, Planet Fitness partnered with STOMP Out Bullying,[53] a national organization dedicated to bullying prevention, and the Boys & Girls Clubs of America to launch the company's national philanthropic initiative to address bullying, The Judgement Free Generation. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. 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. This is significantly lower than the midpoint investment of $3,273,500. Prior to that he served as the Chief Operating Officer since 2003. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. Throughout his tenure at Dunkin Brands, Mr. Franchise. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. 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. 1. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. Year Business Began: 1992. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. When you go to sell a Planet Fitness franchise based on the median multiple of .67 and net sales in 2021 of $1,545,877, it would sell for $1,035,737. Planet Fitness Independent Franchisee Council Join Us Today! 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. Pre-qualified offers are not binding. 4 Liberty Ln. 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. 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. You'll also benefit from . $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. That said, as of June 2022, Planet Fitness has paused offering franchises. 2- Based on a midpoint investment of $3,273,300 with estimated profits of $154,587 at a 10% profit margin, it would take about 21 years to recoup your investment. Although gym franchises require that the owner has previous management experience, most dont require experience in the. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. "[30] They stated that they were unable to stop the pre-scheduled payments on short notice, but would not charge future monthly dues until they reopen, and would also provide a credit for closed days previously paid for. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the, You must maintain your equipment according to, Your actual costs may be higher or lower depending on the size of your, You must maintain the franchise premises according to, Franchise Disclosure Document (FDD) Database, Your Lender; Approved Suppliers; Our Affiliate, Paid to various media companies and other third parties to promote the opening of your business, Computer System, Point of Sale System, and other Supplies, Utilities, banks/credit card companies, leased equipment vendors, alarm company, telephone company, Your Out-of-Pocket Initial Training Expenses. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. Mr. Barber holds a B.S. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. The U.S. has the biggest Fitness market in the world, both in terms of revenue and in the number of members enrolled in a fitness facility. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. NerdWallet strives to keep its information accurate and up to date. Find other similar franchises in our catalog! Thanks to that near-legendary status in the fitness world, and their loyal customers. 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. in Pilates. . Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. We now have: 2,400+ locations open (and we're just getting started!) The initial Planet Fitness Franchise Fee is $20,000. Estimated total initial investment: $303,000 to $499,850. Ms. Gentilozzi has more than 30 years of Human Resources leadership experience at national retail brands, most recently serving as Executive Vice President of Human Resources at FULLBEAUTY Brands where she led all HR initiatives to support 2,000 associates.
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