Robert Beaupre leads the SMB team at NerdWallet. 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. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. According to their website, Pure Barre is the oldest and most established barre studio out there. 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. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. [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. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. Like. This routine is an 18-minute HIIT workout that targets cardio and endurance. 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. Over the last three years, franchises have opened at a rate of 148 units a year. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. 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. 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. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Once you start operating your Pure Barre location, youll be responsible for a monthly royalty fee of 7% of gross sales and a 1% monthly marketing fee. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. 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. 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. But buying into a gym franchise is a less risky venture than building a gym from the ground up. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. The Grondahls changed the gyms name to Planet Fitness in 1994. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. All reactions: 8. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. [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. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Please confirm by clicking on the Cancel Subscriptionbutton below. 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. 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. Headquarters: Hampton, New Hampshire. 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. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. 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. Then, the last four workouts in the program will take place in the gym and you'll learn how . 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. 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. If you can name a franchise business, it's probably on our Franchise owners marketing list. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. 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? 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). [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. 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. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. 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. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 Even after the pandemic hit, it continued to grow at a rate of over 100 units. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. 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. 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. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. An offshoot of the (purportedly) $7 billion UFC brand, UFC Gyms offer MMA-inspired personal and specialized training, traditional and fusion martial arts classes, and youth fitness classes. They provide an affordable, high-quality fitness experience in a welcoming environment. When evaluating offers, please review the financial institutions Terms and Conditions. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. At the moment we can not connect you to the representative of this franchise. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. Ad Royalty Fee: $300/mo. 6.4 miles away from Planet Fitness. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. This is a good indication of high growth as a company overall. All financial products, shopping products and services are presented without warranty. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. [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 name came from his daughter's school project, "Fitness Planet". Our opinions are our own. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Our partners compensate us. Our partners cannot pay us to guarantee favorable reviews of their products or services. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. 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. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. 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. 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. That said, as of June 2022, Planet Fitness has paused offering franchises. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. Bringing Franchise Owners Together to Share and Grow. 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 ranges from $728,290 to $3,777,800. 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). It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Mr. Barber has over 20 years of experience in leadership experience across a variety of industries, most recently serving as the Senior Vice President of Information Technology at United Natural Foods Inc. [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. 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. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . The initial Planet Fitness Franchise Fee is $20,000. 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. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. Bill Bode serves as Division President, U.S. There are very few reasons why one might want to open a Planet Fitness franchise. Assistant Assigning Editor | Small-business finance, personal finance. [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. The chain has over a thousand locations with over 400 units outside the US. She is based in Santa Monica, California. 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. [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. 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. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. 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. Paid Grace Period. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. 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 The Initial Franchise Fee is uniform and non-refundable. 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. 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. This covers the cost of being able to use their name and logo. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. Prior to joining Dunkin' Brands, he was a Dunkin' Donuts franchisee in Richmond, VA. Tom Fitzgerald joined Planet Fitness in 2020 as the Companys Chief Financial Officer. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. One of the best ways to thoroughly research a franchise or business opportunity investment before purchasing one is to get feedback from current and former franchisees involved in the franchise system. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. ", "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? 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. 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 owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. in Management Information Systems from Northwood University. [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. Please scroll down for a partial list of franchise businesses. Have questions? Currently, the. Here is a list of our partners and here's how we make money. But perhaps most important to this process is interviewing current franchisees. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. 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. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. 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. 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. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. Although gym franchises require that the owner has previous management experience, most dont require experience in the. 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. Gym franchises dont get much more classic than Jazzercise, the high-intensity, dance-cardio fusion class that became a fitness mainstay during the 80s exercise boom. Lead Assigning Editor | Small business finances, investing, banking. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. [21] Some bodybuilders and weight lifters have found the way they're portrayed in Planet Fitness TV commercials to be offensive, and the way they're treated in Planet Fitness gyms to be "quite possibly discriminatory. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . Liquid Cash Requirement: $1,500,000. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment You must be logged in to view this form. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. https://www.palmbeachpost.com/story/business/2012/05/19/at-youfit-health-clubs-patrons/7332606007/, "Planet Fitness headquarters moving to Hampton", "Planet Fitness Sets New Membership Records", "4 international franchises that landed Down Under in 2019", "The fastest-growing gym in America has $10 memberships and gives out free pizza, bagels, and candy", "Fit for franchising: From first gym in Dover, Planet Fitness building big brand", https://www.franchise-info.ca/franchise_news/2014/01/how-planet-fitness-became-the-leader-in-fitness-franchising.html#.Y-Hc-BZMEWM, "How Planet Fitness Became the Leader in Fitness Franchising - News", "Marc Grondahl of Planet Fitness: How a Lean Business Model Became a Franchise Heavyweight", "YouFit Health Club expanding across South Florida, around nation | The Starting Gate", "No-frills gym offers fitness without flash", "Fast and Serious: FT ranks the smartest-growing brands", "Franchise Players: We Were Planet Fitness's First Franchisees. 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). Craig Benson has rejoined the board of directors of Planet Fitness, a national gym chain based in Hampton in which he is a substantial franchisee and which uses software from a company that Benson partly owns, according to a Securities and Exchange Commission filing. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. All initial fees are the same for both initial and conversion franchises. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Classroom Training: 80 hours While this may be the business for you, make sure also to check out other companies offered on Vetted Biz and in the Fitness Industry. Rated Excellent on TrustPilot with feedback from 50+ customers. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. 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 Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. Estimated total initial investment: $304,500 to $2.1 million. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million.
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