Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. This is a good indication of high growth as a company overall. Net Worth Requirement: $3,000,000 On this Wikipedia the language links are at the top of the page across from the article title. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Former Gov. Pre-qualified offers are not binding. has over 8,900 franchises across the country. 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. 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. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . And with an incredibly low initial franchise fee and upfront investment, Jazzercise is one of the best low-cost franchises youll find, especially within the health and fitness industry. All told, their gyms boast over 14 million members worldwide. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. At Yum! "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. In this role, she is responsible for driving our digital vision and strategy, including leading the continuous enhancement of our mobile app, with a focus on consumer engagement, loyalty and a differentiated omni-channel experience to accelerate Planet Fitness growth and success. Estimated total initial investment: $1 million to $4.1 million. [32][33], Planet Fitness started franchising units in 2003. Even more reason to consider investing in a gym franchise? has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. 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 . The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. When evaluating offers, please review the financial institutions Terms and Conditions. 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. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. ? The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. When evaluating offers, please review the financial institutions Terms and Conditions. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. 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. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. We now have: 2,400+ locations open (and we're just getting started!) Estimated total initial investment: $304,500 to $2.1 million. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. Sorry. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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. 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. But perhaps most important to this process is interviewing current franchisees. Initial investments: $969,600 - $4,242,500 Burn Boot Camp Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia 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? So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. Robert Beaupre leads the SMB team at NerdWallet. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. locations around the U.S. as well as Canada and the Dominican Republic. [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. Earlier in her career, Ms. Kaplan held several digital and marketing leadership roles at global brands including American Express and Citi, Inc. She serves as an independent member of the Fiesta Restaurant Group Board of Directors, as well as the Massachusetts Innovation & Technology Exchange (MITX). [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. 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. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. 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. in Pilates. 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. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. 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. 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. [25][26] The company went public on August 6, 2015. West Hampton, NH 03842, USA, Interested? 1,600+ locations open and we're just getting started! 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. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. [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. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. "[30] They stated that they were unable to stop the pre-scheduled payments on short notice, but would not charge future monthly dues until they reopen, and would also provide a credit for closed days previously paid for. Estimated Number of Units: 2,300. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. 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. We believe everyone should be able to make financial decisions with confidence. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). Find Accurate Contact Data for Fitness Franchise Owners. The Grondahls changed the gyms name to Planet Fitness in 1994. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. [17] They also dramatically reduced prices to compete against better-known brands. The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. 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. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. The gym utilizes a "lunk alarm", which is a loud siren and rotating light that is used when a gymgoer grunts too loudly or drops weights. . Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. Over the last three years, the company has been expanding. [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. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. 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. "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." The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. 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. However, this does not influence our evaluations. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Franchise. You have to pay this upfront fee when opening a Planet Fitness franchise. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. [15], Rondeau and the Grondahls recognized that there was a greater opportunity to serve a much larger segment of the population if they changed the gym environment, both in attitude and format, by creating a non-intimidating, low-cost model. 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. Additional Training: Ongoing training Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . 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. 2% of the total gross monthly EFT Dues Draft. [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. 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. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. This covers the cost of being able to use their name and logo. 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). In other words, franchising takes most of the heavy lifting off your shoulders. 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. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. Lead Assigning Editor | Small business finances, investing, banking. You must be logged in to view this form. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. Share. He began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. This metric is the standard industry investment amount for a single unit franchise investment in this industry. 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.
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