Looks like your subscription is due. 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. 1 comment. 3- Based on a midpoint investment of $3,273,300 with estimated profits of $831,881 at a 15% profit margin, it would take about 14 years to recoup your investment. Mr. Barber holds a B.S. 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. [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. Benson, who co-founded the former Cabletron Systems, once the . Throughout her tenure with Planet Fitness, Ms. Simmons built the Business Strategy and Analytics functions from the ground up, leveraging data, analytics and insights to develop and drive Planet Fitness overarching corporate strategy, propel the business forward, and reinforce the brands industry leadership position. Planet Fitness Announces 2019 Franchise Awards Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting 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. Headquarters: Hampton, New Hampshire. [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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. [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. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Over the last three years, franchises have opened at a rate of 148 units a year. Currently, the. Benson is back on the board of Planet Fitness These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. 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). 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. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. The Planet Fitness initial franchise fee is $20,000. To assign a valuation multiple for Planet Fitness franchises, we leverage estimates from DealStats, a database of acquired private company transactions sourced from U.S. business brokers and SEC filings. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. 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. It is reported to be the nations fastest growing fitness center franchise. West Hampton, NH 03842, USA, Interested? The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. 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. The concept currently has over 1,000 franchises in the United States and another 150 international locations and is a subsidiary of Ultimate Fitness Holdings. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Initial investments: $969,600 - $4,242,500
[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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. Even though its smaller than Pure Barre. Airfare, ground transportation, meals, lodging, Government agencies and bonding companies, Payroll, debt services, ongoing pre-sale/grand opening marketing, and cash to cover miscellaneous day-to-day expenses, Estimated Selling Price = Net Sales * 0.67, Estimated Selling Price = Net Sales * 1.21. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. Estimated Number of Units: 2,300. [10][7], Berks had started his own Planet Fitness gym in 1993 in Sunrise, Florida, and eventually expanded it to three clubs, along with a Gold's Gym franchise. FranchiseComplaints.org 6.4 miles away from Planet Fitness. [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. Estimated total initial investment: $2,405 to $3,200. Thats why we put together this complete mailing/telemarketing list containing contact the names, phone numbers and physical addresses of business owners in the franchise system and certain former franchise operators. 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. 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. Prior to that, she served as the Vice President of Digital Marketing & Innovation at Dunkin Brands where she was responsible for developing and marketing Dunkins digital platforms, including the DD Mobile app and the DD Perks loyalty program. 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. Like. Annually Updated with New Owners of Planet Fitness Locations in the USA. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. PLANET FITNESS - 57 Photos & 19 Reviews - Yelp "[20] In 2003, Planet Fitness opened its first franchised location in Florida, with Eric Dore and Shane McGuiness. Former Gov. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. industry. 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. Cash Required $1,500,000. All reactions: 8. 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. The Area Development Fee is uniform and non-refundable. Initial term lengths last 10 years. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. subject to maximum fee of $40,000, Concurrently with our granting a successor franchise to you, Actual costs (approximately $1,200 per visit), Cure Period Extension Fee (Franchise Agreement), Paid monthly via EFT on the day designated as your Monthly Membership Billing Day, as defined in our Franchise Agreement, Grace Period Fee (Area Development Agreement), Paid monthly beginning on the first day of the
Thanks to that near-legendary status in the fitness world, and their loyal customers. All told, their gyms boast over 14 million members worldwide. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. Net Worth Requirement: $3,000,000
[16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. Planet Fitness Franchise Ownership FAQs - smallbiztrends.com 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. 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, she is responsible for all aspects of the companys internal and external communications, including public relations, crisis management, executive communications, philanthropy, community relations and sustainability. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. has opened over 4,000 locations on all seven continents. 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. 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. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. When evaluating offers, please review the financial institutions Terms and Conditions. Do not sell or share my personal information. Initial Franchise Fee: $20,000
[36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Paid Grace Period. 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 estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. Planet Fitness Franchise (Costs + Fees + FDD) | Franchise Direct And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Orange Theorys success is quite similar to Pelotons rise to fame. Franchising Since: 2000. The chain has over a thousand locations with over 400 units outside the US. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. 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. This FREE 10-part progressive program will help you get movin'. PF Independent Franchisee Council Planet Fitness Franchise Owners Contact List $ 149 Verified List of Planet Fitness Owners Contact Data We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. 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. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. 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. We were opening our 5th store then. 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 . 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. Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. The Grondahls changed the gyms name to Planet Fitness in 1994. 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. This could be an indicator that franchisees are doing really well. in Pilates. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. service, Computer System. Initial franchise terms are 10 years. There are some units of Planet fitness franchisees making more than that or some making less than that. 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. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. The initial Planet Fitness Franchise Fee is $20,000. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. 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. Planet Fitness trademarked the phrase judgment free zone, so that alone should give you a sense of this gyms major value: inclusivity for all people, regardless of their fitness levels. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. 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. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. There are very few reasons why one might want to open a Planet Fitness franchise. 10 Qualities of Highly Successful Fitness Franchise Owners [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. Additional Training: Ongoing training
Are fitness franchises profitable in 2022? - Glofox 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. 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. Planet Fitness - Wikipedia Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. ", "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? 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. The Best Fitness Franchises You Can Buy - Trafft Bill Bode serves as Division President, U.S. Planet Fitness Independent Franchisee Council Join Us Today! Training starts with one week at the companys San Francisco headquarters, followed up by three to six months of training, led by a dedicated trainer, in your home location. Additionally, he held several leadership positions at Liz Claiborne, was Chief Financial Officer at Burlington Coat Factory, and served as Chief Operating Officer of Bath & Body Works. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. 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. Franchise Owners Marketing Lists - Dataman Group Direct This information may be different than what you see when you visit a financial institution, service provider or specific products site. All financial products, shopping products and services are presented without warranty. 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. 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. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. This metric is the standard industry investment amount for a single unit franchise investment in this industry.