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They provide an affordable, high-quality fitness experience in a welcoming environment. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. 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. Based on a midpoint investment of $1,378,500 with estimated profits of $94,820 (10% profit margin) it would take about 15 years to recoup your investment. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. Initial investments: $969,600 - $4,242,500 Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. The private equity owners of United PF Partners, the largest Planet Fitness franchisee conglomerate, have sold the group to American Securities, another New York-based private equity firm, for an undisclosed sum, the companies announced in a Jan. 6 media release. [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. 4 Liberty Ln. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? In this role, he oversees the Companys accounting and treasury functions. The Area Development Fee is uniform and non-refundable. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. We offer detailed franchise research and contact data reports. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. ", "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. Benson, who co-founded the former Cabletron Systems, once the . "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." 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. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Burn Boot Camp This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. She also served as Senior Vice President of Human Resources at Macys Inc., and has held various leadership positions at The May Department Store Company, including corporate and division roles. The prospects for growth and success within the industry and the Orange Theory brand itself, are extensive, and some markets continue to be available as they move forward with growing their presence across the country. in Management Information Systems from Northwood University. 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. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. Youre about to cancel your subscription. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. Assistant Assigning Editor | Small-business finance, personal finance. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. 1. Join PFIFC At the moment we can not connect you to the representative of this franchise. FranchiseComplaints.org Even though its smaller than Pure Barre. 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. Kick off your search with this list of nine of the most promising gym franchises to buy. Ad Royalty Fee: $300/mo. You'll build confidence while increasing your fitness knowledge. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. [32][33], Planet Fitness started franchising units in 2003. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. 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. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. 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. Participants are given heart-rate monitors, and their results are displayed on screens throughout the room over the course of this hour-long, interval-based, coach-led workout. [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. Comment. 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. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. 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. 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. 2% of the total gross monthly EFT Dues Draft. Initial term lengths last 10 years. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Planet Fitness has more members and locations than any other fitness brand. 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. in Pilates. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. That said, as of June 2022, Planet Fitness has paused offering franchises. It offers classes for dance, aqua, cycle, box, pilates, and many more. We got you! Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. 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. We believe everyone should be able to make financial decisions with confidence. Pre-qualified offers are not binding. The second Toronto location opened in early 2015. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. This covers the cost of being able to use their name and logo. [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. Plus, the outlook for gym franchises is bright: According to a report by IBISWorld, the health and wellness boom over the past few years has led to a sizable increase in gym membership levels, which continues to grow. As a result, she has played an instrumental role in the major strategic decisions made by the Company. 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. Then, the last four workouts in the program will take place in the gym and you'll learn how . 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. The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Mind that the franchise requirements for sale could be different depending on the format and scope of business. Initial term lengths last 10 years. With this purchase, which was for an undisclosed amount, United PF's club count has . Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. Throughout his tenure at Dunkin Brands, Mr. Our opinions are our own. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). 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. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. 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 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. 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. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Paid by you to advertisers or Planet Fitness if it elects to collect from you. Reaching out to multi-unit franchise owners and regional developers gives you the ability to get your products and services into many locations with just one sale . As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. 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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. West Hampton, NH 03842, USA, Interested? It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. She received her Bachelors degree from Eastern Connecticut State University. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. 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. Building in competition to workouts enhances ones motivation and keeps consumers coming back. The chain has over a thousand locations with over 400 units outside the US. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. All told, their gyms boast over 14 million members worldwide. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. Liquid Cash Requirement: $1,500,000. [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. The total investment ranges from $728,290 to $3,777,800. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the Planet Fitness business that are due and payable to you each month and annually, as applicable, by or on behalf of your members through authorized EFT withdrawals (the EFT Dues Draft), regardless of the amount of membership fees you collect. 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. 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. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . 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. Over the last three years, the company has been expanding. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence.
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