Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Order now to get instant access to the complete Planet Fitness franchise owners. 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. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. This influences which products we write about and where and how the product appears on a page. Mr. Hymes has over 30 years of experience leading domestic and international retail, franchise, and e-commerce businesses for global companies, most recently serving as the President and Chief Executive Officer of Jiffy Lube International. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. 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. The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Robert Beaupre leads the SMB team at NerdWallet. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. PF Independent Franchisee Council At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. This metric is the standard industry investment amount for a single unit franchise investment in this industry. Ongoing Royalty Fee: $449 - $549/mo. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. 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. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. 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. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. [13] The new model was an effort to provide a fitness hub for everyday people. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Pre-qualified offers are not binding. Even though its smaller than Pure Barre. process lies in obtaining a current list of Planet Fitness franchise owners. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. Mr. Barber holds a B.S. 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. With that accessible attitude in mind, Planet Fitness tries particularly to target the 80% of the American and Canadian population who dont have gym memberships. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. 4 Liberty Ln. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. 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. Are fitness franchises profitable in 2022? - Glofox Find other similar franchises in our catalog! 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. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. Headquarters: Hampton, 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. Annually Updated with New Owners of Planet Fitness Locations in the USA. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. 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. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. 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. Franchising | Planet Fitness 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. 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. 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 franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. 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. All financial products, shopping products and services are presented without warranty. Ms. Kaplan holds a B.S. Here is a list of our partners. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. [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. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. Then, the last four workouts in the program will take place in the gym and you'll learn how . - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. At Yum! Planet Fitness Franchise Cost and Requirements for 2023 - IFPG The second Toronto location opened in early 2015. PDF Together We Are Franchising 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. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. . [60], In October 2017, Planet Fitness and its members raised $1 million which it donated to the non-profit Boys and Girls Clubs of America. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. 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. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. In this role, he leads all aspects of our U.S. 2% of the total gross monthly EFT Dues Draft. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Many or all of the products featured here are from our partners who compensate us. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. Estimated total initial investment: $1 million to $4.1 million. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . 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. 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. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Throughout his tenure at Dunkin Brands, Mr. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. Franchise. 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. The initial Planet Fitness Franchise Fee is $20,000. The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Net Worth Requirement: $3,000,000 You'll build confidence while increasing your fitness knowledge. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. Ad Royalty Fee: $300/mo. 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. According to their website, Pure Barre is the oldest and most established barre studio out there. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. 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. According to their website, Pure Barre is the oldest and most established barre studio out there. The Best Fitness Franchises You Can Buy - Trafft Building in competition to workouts enhances ones motivation and keeps consumers coming back. If you sign an Area Development Agreement, the Initial Franchise Fee for each location opened under the Area Development Agreement will be $20,000 for Franchise Agreements entered into within four years of the effective date of your Area Development Agreement. The Initial Franchise Fee is uniform and non-refundable. History of Planet Fitness in Timeline - Popular Timelines Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. 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. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. You'll also benefit from . 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. Please renew to keep using our services. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). Classroom Training: 80 hours ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . Join PFIFC 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. 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. Christine Aebischer is an assistant assigning editor on the small-business team at NerdWallet who has covered business and personal finance for nearly a decade.
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