Your actual costs may be higher or lower depending on the size of your Planet Fitness business, the volume, and usage of your members, or changes in the market. 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. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. service, Computer System. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. History of Planet Fitness in Timeline - Popular Timelines ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. 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. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. 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. 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? 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. 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. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. Liquid Cash Requirement: $1,500,000. That said, as of June 2022, Planet Fitness has paused offering franchises. 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. In her role as Division President, Corporate Clubs, Ms. Simmons will be responsible for leading the Company's Corporate Club portfolio including driving overall performance, leading and developing the team, and identifying strategic growth and expansion opportunities of the brand's corporate store fleet, which consists of more than 200 locations across 14 states and Canada. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Be advised to match Planet Fitness franchise cost and profit by analyzing low and high fees you need to pay starting a Planet Fitness franchise. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. We offer detailed franchise research and contact data reports. This routine is an 18-minute HIIT workout that targets cardio and endurance. Planet Fitness Franchise Ownership FAQs - smallbiztrends.com If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. She is based in Santa Monica, California. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. 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. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. "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." Please confirm by clicking on the Cancel Subscriptionbutton below. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. Due Date: Paid monthly and annually. [43], With the addition of a Planet Fitness outlet in Hawaii in January 2018,[44] Planet Fitness had 1,500 locations with an estimated 10 million members across 50 states, the District of Columbia, the Dominican Republic, Mexico, and Panama[45] and Canada. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. 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 $400,000 in liquid assets. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. ", "2017 Top Franchises from Entrepreneur's Franchise 500 List", "Planet Fitness members outraged over March bill amid coronavirus closures", "Planet Fitness CEO says gym visits are holding up against the omicron variant", "Planet Fitness Seeing Minimal Impact So Far From Omicron", "Planet Fitness Franchise (Costs + Fees + FDD)", "Planet Fitness Franchise Costs & Fees, Planet Fitness FDD & Franchise Information | FranchiseDirect.com", "Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And Investment Information", "Planet Fitness Prices & Membership Cost", "17 January Gym Discounts That Are Too Cheap to Pass Up", "Planet Fitness is raising the price of its Black Card membership but still offers a $10 option", "American gym powerhouse chooses Brampton for first suburban Canadian location", "Cheap 'n' cheerful chinups: Canada welcomes Planet Fitness, the $10 gym for those bad at gym", "Planet Fitness Continues International Expansion in Dominican Republic", "Planet Fitness opens first Hawaii location at Ala Moana Center", "10 Million Reasons to Get Pumped About Planet Fitness", "Planet Fitness to Sponsor 'The Biggest Loser', "50 Cent and Joan Rivers Kick It At The Gym [PHOTOS]", "Planet Fitness To Launch New Global Campaign On New Year's Eve", "Planet Fitness sponsors New Year's Eve celebration despite pandemic", "David Gilliland Racing Fielding Fourth Entry for Joey Logano in Bristol Dirt Race", "The Judgement Free Zone: Judgement Free Generation Video Contest", "Planet Fitness Opens In Fremont, Donates $1K To Boys & Girls Club", "Planet Fitness 'Judgment Free Zones' a Model of Inclusion", "Planet Fitness Anti-Bullying Initiative $1M Success", "Planet Fitness debuts fitness room for kids at Boys and Girls Club in Manchester", "Planet Fitness Opens Judgement Free Gym at Pasadena Boys and Girls Club", "Planet Fitness raises $1M for Boys and Girls Clubs of America", "Planet Fitness named national gym sponsor of 'The Biggest Loser', https://en.wikipedia.org/w/index.php?title=Planet_Fitness&oldid=1142494313, Companies based in Rockingham County, New Hampshire, Companies listed on the New York Stock Exchange, Health care companies established in 1992, Medical and health organizations based in New Hampshire, Short description is different from Wikidata, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 2 March 2023, at 18:29. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. [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. HAMPTON, N.H., Jan. 11, 2022 - Planet Fitness, Inc. (NYSE: PLNT ), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced today it has signed a definitive agreement to acquire Sunshine Fitness Growth Holdings, LLC ("Sunshine Fitness"), a leading owner and 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. The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. [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. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Initial franchise terms are 10 years. List to Contact Planet Fitness Franchise Owners - Planet Fitness Owners Contact List. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. In this role, he leads all aspects of our U.S. 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. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. industry. . 1,600+ locations open and we're just getting started! Both franchising units and company-operated stores have increased. Corporate Governance - Management Team - Planet Fitness in Pilates. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. NerdWallet strives to keep its information accurate and up to date. [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. 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. 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. 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. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. 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. Year Business Began: 1992. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Ms. Kaplan holds a B.S. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. Planet Fitness Franchise | Cost, Fees & Earning Stats (2023) Planet Fitness Franchise Costs, Fees, Revenues, Profits (2022 Review) Even more reason to consider investing in a gym franchise? Theyll provide you with a personal support team, comprehensive training, and marketing support over the course of your franchise agreements six-year term (or 10, if youre in California). Ms. Simmons has an MBA in Finance from the University of New Hampshire and holds dual Bachelors degrees in Economics and Sociology from Indiana University. [17] They also dramatically reduced prices to compete against better-known brands. 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. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Benson, who co-founded the former Cabletron Systems, once the . This metric is the standard industry investment amount for a single unit franchise investment in this industry. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. With that said, a Planet Fitness franchise . [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. 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. In other words, franchising takes most of the heavy lifting off your shoulders. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. Burn Boot Camp Lead Assigning Editor | Small business finances, investing, banking. They provide an affordable, high-quality fitness experience in a welcoming environment. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. Mr. Barber holds a B.S. Previously, she served as Head of Marketing and Sales for Zipcar, the worlds leading car-sharing network, where she was a key member of the executive leadership team responsible for demand and revenue generation and all marketing functions. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Franchising | Planet Fitness 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. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. 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. Even more reason to consider investing in a gym franchise? 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. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. First, youll need to winnow down your list to only the gyms whose investment levels align with your financials, as well as your eligibility to secure franchise financing or gym financing. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. Bill Bode serves as Division President, U.S. Planet Fitness Announces Winners of Annual Franchisee Awards - PR Newswire The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. Youre about to cancel your subscription. [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. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Planet Fitness franchise is growing, and it is growing fast. 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. Cash Required $1,500,000. Initial Franchise Fee: $20,000 In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. 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). 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. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. So how do we make money? Share. 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. 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. In this role, she is responsible for driving our digital vision and strategy, including leading the continuous enhancement of our mobile app, with a focus on consumer engagement, loyalty and a differentiated omni-channel experience to accelerate Planet Fitness growth and success. The initial Planet Fitness Franchise Fee is $20,000. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. The Initial Franchise Fee is uniform and non-refundable. This is significantly lower than the midpoint investment of $3,273,500. When evaluating offers, please review the financial institutions Terms and Conditions. There are very few reasons why one might want to open a Planet Fitness franchise. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. ? 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. You must maintain your equipment according to Planet Fitness brand standards. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000.