Sorry. We now have: 2,400+ locations open (and we're just getting started!) According to their website, Pure Barre is the oldest and most established barre studio out there. [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. All told, their gyms boast over 14 million members worldwide. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. Estimated total initial investment: $303,000 to $499,850. But buying into a gym franchise is a less risky venture than building a gym from the ground up. You must maintain your equipment according to Planet Fitness brand standards. Orange Theory is currently headquartered in Boca Raton, FL, and is run by its CEO Dave Long who previously served as the main developer and owner of the European Wax Center. Prior to that he served as the Chief Operating Officer since 2003. Annually Updated with New Owners of Planet Fitness Locations in the USA.
Call (888) 977-4374. FranchiseComplaints.org She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. Join PFIFC 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. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. Plus, that smaller pool of franchisees means each one receives more personalized support from the company.
Planet Fitness Franchise Costs, Fees, Revenues, Profits (2022 Review) If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. 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. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. 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. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support 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. 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.
Planet Fitness Franchise Owners Contact List Initial term lengths last 10 years. 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. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning.
This FREE 10-part progressive program will help you get movin'. She received her Bachelors degree in Public Communications from American University in Washington, DC, and served on the Board of Directors for the Boys & Girls Clubs of Manchester, NH. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. Youre about to cancel your subscription. [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. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. In this role, he is responsible for all aspects of financial strategy and management. Currently, the. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. industry. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. Initial franchise terms are 10 years. in Management Information Systems from Northwood University. 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. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? 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. 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. At Yum! Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. 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. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x.
Planet Fitness Gym - Franchise Solutions Planet Fitness Franchise Cost Worth the Profit? - Vetted Biz [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. Assistant Assigning Editor | Small-business finance, personal finance. Here is a list of our partners and here's how we make money. It is reported to be the nations fastest growing fitness center franchise. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Franchise candidates can expect to pay anywhere between $354k to $1.2m. To be eligible to open a. , candidates must have at least $1 million in net worth and access to $300,000 to $400,000 in liquid assets. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. The name came from his daughter's school project, "Fitness Planet". Cash Required $1,500,000. 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. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. 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. The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. Initial term lengths last 10 years. Over the last three years, the company has been expanding. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Estimated total initial investment: $1 million to $4.1 million. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. When evaluating offers, please review the financial institutions Terms and Conditions. [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. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. 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. 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. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia 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. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. [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. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. There are some units of Planet fitness franchisees making more than that or some making less than that. 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. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. 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. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. Disclaimer: NerdWallet strives to keep its information accurate and up to date. [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. 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. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. [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. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. [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. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. Even more reason to consider investing in a gym franchise? Ms. Kaplan holds a B.S. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. All initial fees are the same for both initial and conversion franchises. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. Ongoing Royalty Fee: $449 - $549/mo. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. On this Wikipedia the language links are at the top of the page across from the article title. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. 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. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Rated Excellent on TrustPilot with feedback from 50+ customers. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. 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. NerdWallet strives to keep its information accurate and up to date. 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. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. 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? At the moment we can not connect you to the representative of this franchise. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . The Planet Fitness initial franchise fee is $20,000. This routine is an 18-minute HIIT workout that targets cardio and endurance. [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. 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. Like. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. At Jiffy Lube, he oversaw the strategic direction of the company, and managed franchise relationships to create a shared vision for the brand, drive network growth, and maintain Jiffy Lubes leading market share. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes.
Largest Planet Fitness Franchisee Acquires 19 Planet Fitness Clubs in 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 * The data above, compiled from the Planet Fitness FDD (Franchise Disclosure Document) 2020, represent the estimated financial range for the initial setting up and first 6 months of operation for a new Planet Fitness gym. However, this does not influence our evaluations. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. Today the brand has over 2,000 locations system-wide. However, the profit varies on your location also. With that said, a Planet Fitness franchise . This information may be different than what you see when you visit a financial institution, service provider or specific products site. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure.