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. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. Both franchising units and company-operated stores have increased. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Estimated total initial investment: $303,000 to $499,850. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. 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. 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 Our opinions are our own. Planet Fitness Franchise Owners Contact List $ 149 Add to cart; GNC Franchisee Owners List $ 129 - $ 179 Select options; Club Pilates Franchisee Owners List $ 99 Add to cart; Golds Gym Franchisee Owners List [54][55] Also in 2016, the company donated more than $1 million to the program. Have questions? In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. [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. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Burn Boot Camp Planet Fitness has more members and locations than any other fitness brand. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. 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. 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. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. Franchising Since: 2000. 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. Initial Franchise Fee: $20,000 As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. 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. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. 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). Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. 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. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. We got you! [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. 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. We offer detailed franchise research and contact data reports. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. You must be logged in to view this form. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. industry. [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. 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. With that said, a Planet Fitness franchise . Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. 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. According to their website, Pure Barre is the oldest and most established barre studio out there. NerdWallet strives to keep its information accurate and up to date. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. 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. [32][33], Planet Fitness started franchising units in 2003. All told, their gyms boast over 14 million members worldwide. According to their website, Pure Barre is the oldest and most established barre studio out there. That said, as of June 2022, Planet Fitness has paused offering franchises. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. For those looking to get started with a Planet Fitness franchise, it's important to factor in all of these costs so that you have a clear understanding of the total investment required. Franchise. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". "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." ", "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? The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. Previously, he was the Chief Technology Officer at Airline Report Corporation, where he modernized the technology needed to process billions of dollars in payments annually. 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. Ongoing Royalty Fee: $449 - $549/mo. Prior to joining Planet Fitness, Mr. You'll also benefit from . 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. Bode held several senior leadership positions at Dunkin' Brands, including serving as Regional Vice President of Dunkin' Donuts Northeast where he was responsible for overseeing the operations of more than 2,600 restaurants. [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. On this Wikipedia the language links are at the top of the page across from the article title. [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. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Ms. Gentilozzi has more than 30 years of Human Resources leadership experience at national retail brands, most recently serving as Executive Vice President of Human Resources at FULLBEAUTY Brands where she led all HR initiatives to support 2,000 associates. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? Estimated total initial investment: $304,500 to $2.1 million. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. When evaluating offers, please review the financial institutions Terms and Conditions. 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. 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. 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. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. Initial franchise terms are 10 years. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. Due Date: Paid monthly and annually. Estimated Number of Units: 2,300. There are some units of Planet fitness franchisees making more than that or some making less than that. Thanks to that near-legendary status in the fitness world, and their loyal customers. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. 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 difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Our partners cannot pay us to guarantee favorable reviews of their products or services. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. 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. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. The name came from his daughter's school project, "Fitness Planet". New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. 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. 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. 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. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Franchise fee: one-time $42,500 Royalty fees: $699/mo Planet Fitness Planet fitness has locations in Canada, Mexico, Panama, and all 50 states of the US. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. Initial investments: $969,600 - $4,242,500 Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. 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. 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. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). 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. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment * 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. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. [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. - 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. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. The most popular workout model from Snap Fitness is known as MYFIT. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. It offers classes for dance, aqua, cycle, box, pilates, and many more. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. After establishing a strong reputation across the fitness industry, Latham decided to seek a larger challenge and transitioned from the study of physiology to owning a gym that implemented a business model that remains in place across all studios to this day: offering trainer-led group workout sessions, which are broken into intervals of cardiovascular and strength training. 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. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. "[20] In 2003, Planet Fitness opened its first franchised location in Florida, with Eric Dore and Shane McGuiness. Planet Fitness franchise is growing, and it is growing fast. Orange Theorys success is quite similar to Pelotons rise to fame. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. Estimated total initial investment: $58,870 to $521,437. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. 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.
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