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. The chain has over a thousand locations with over 400 units outside the US. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. 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. FranchiseComplaints.org [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. Greater of $15,000 or 7% of the total gross quarterly EFT Dues Draft, Expended quarterly according to our Methods of Operations as per your advertising budget, Varies, maximum of 9% total gross monthly EFT Dues Draft, Our actual costs, which may range from $3,000 to $15,000. Many of these are one-time fees that are needed to launch the franchise. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Estimated total initial investment: $198,650 to $446,250. Please confirm by clicking on the Cancel Subscriptionbutton below. We now have: 2,400+ locations open (and we're just getting started!) ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. There are some units of Planet fitness franchisees making more than that or some making less than that. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. So how do we make money? [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. 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. Call (888) 977-4374. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. 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. 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. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. 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. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. Currently, the. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. 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. 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. The franchise also requires that candidates have at least $100,000 in combined liquid assets and a total net worth of at least $250,000. 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. 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. Their website reads, We are not currently accepting new franchisee applications for US expansion.. On this Wikipedia the language links are at the top of the page across from the article title. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. In this role, he leads all aspects of our U.S. Assistant Assigning Editor | Small-business finance, personal finance. [54][55] Also in 2016, the company donated more than $1 million to the program. Planet Fitness Announces Winners of Annual Franchisee Awards - PR Newswire 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. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. 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. If you acquire rights under our Area Development program, you will pay an Area Development Fee equal to $10,000 per location to be developed under the Area Development Agreement when you sign the Area Development Agreement. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. 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. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. 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 Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. 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. 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. This routine is an 18-minute HIIT workout that targets cardio and endurance. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. This is a good indication of high growth as a company overall. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. 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. However, the profit varies on your location also. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. 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. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. Franchising | Planet Fitness 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. Franchise candidates can expect to pay anywhere between $354k to $1.2m. When evaluating offers, please review the financial institutions Terms and Conditions. Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. has over 8,900 franchises across the country. [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 Planet Fitness initial franchise fee is $20,000. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. Estimated Number of Units: 2,300. This information may be different than what you see when you visit a financial institution, service provider or specific products site. We were opening our 5th store then. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. 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. Brian ODonnell joined Planet Fitness in February 2016 and currently serves as VP, Chief Accounting Officer. 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. In other words, franchising takes most of the heavy lifting off your shoulders. According to their website, Pure Barre is the oldest and most established barre studio out there. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Planet Fitness, Inc. to Acquire 114 Locations From One of Its Top [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Ongoing Royalty Fee: $449 - $549/mo. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. 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. If you are an individual with a passion for fitness and are willing to invest an amount ranging from $657,542 $2,105,322 or more, Orange Theory might be the right fit for you. Mind that the franchise requirements for sale could be different depending on the format and scope of business. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. Estimated total initial investment: $2,405 to $3,200. [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. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. The graph includes a comparison against the Russell because there is no industry benchmark or line-of-business index for the fitness industry or a peer group that is publicly traded. 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. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". We provide estimated franchise costs for some countries: 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. [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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of PF Independent Franchisee Council Do not sell or share my personal information. 10 Qualities of Highly Successful Fitness Franchise Owners . 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. Planet Fitness franchise is growing, and it is growing fast. Mr. Hymes started his career at Kmart Corporation, where he worked his way up the ranks starting as an hourly store team member and entered management after graduating with a Marketing degree from Northwest Missouri State University. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. Franchise Owners Contact Lists - FranchiseComplaints.org However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. There are very few reasons why one might want to open a Planet Fitness franchise. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. Here is a list of our partners. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. 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. Estimated total initial investment: $58,870 to $521,437. Robert Beaupre leads the SMB team at NerdWallet. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. 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. . Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. All told, their gyms boast over 14 million members worldwide. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. Estimated total initial investment: $303,000 to $499,850. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. This investment is much higher than the industry standard of $253,000. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. Former Gov. 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. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. According to their website, Pure Barre is the oldest and most established barre studio out there. 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. 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. 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. This FREE 10-part progressive program will help you get movin'. industry. Initial term lengths last 10 years. 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. Jamie Medeiros joined Planet Fitness in 2000, where she worked at the front desk in the Companys third location before transitioning to the Planet Fitness corporate marketing team. Verizon Wireless, and Westin, just to name a very few. He began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. [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. You have to pay this upfront fee when opening a Planet Fitness franchise. Disclaimer: NerdWallet strives to keep its information accurate and up to date. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. In this role, he oversees the Companys accounting and treasury functions. Crunchs fees are on the lower end of the scale: Royalty fees are 5% of monthly gross sales, and advertising fees are 2% of monthly gross sales. Crunchs fees are on the lower end of the scale: Royalty fees are 5% of monthly gross sales, and advertising fees are 2% of monthly gross sales. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. The total investment ranges from $728,290 to $3,777,800. Today the brand has over 2,000 locations system-wide. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. Over the last three years, the company has been expanding. * 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. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. Browse 1000s of reports on 1000s of franchise systems. Burn Boot Camp The name came from his daughter's school project, "Fitness Planet". 2% of the total gross monthly EFT Dues Draft. 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. Paid Grace Period. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Upon your submission of your Construction Development Plans for our approval, Point of Sale Support, Processing and Account Management Services Fees, $149-$199 plus processing and credit card fees based on the number of transactions processed per month or number of eligible accounts enrolled in collections. Sorry. With that said, a Planet Fitness franchise . Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. That said, as of June 2022, Planet Fitness has paused offering franchises. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. 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. 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. 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. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. The more franchises you own, the more earning potential you have as private equity firms become interested in your business instead of individual owner-operators. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. At Yum! Both franchising units and company-operated stores have increased. [32][33], Planet Fitness started franchising units in 2003. Planet Fitness - Wikipedia 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. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. 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. 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. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. PLANET FITNESS - 57 Photos & 19 Reviews - Yelp Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. 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. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO Chris Rondeau, who was still in college at the time, to run the gyms front desk. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. 6.4 miles away from Planet Fitness. The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. Order now to get instant access to the complete Planet Fitness franchise owners. You'll also benefit from . They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. [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.