West Hampton, NH 03842, USA, Interested? Throughout his tenure at Dunkin Brands, Mr. 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. This influences which products we write about and where and how the product appears on a page. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. 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. Pre-qualified offers are not binding. 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. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Orange Theorys success is quite similar to Pelotons rise to fame. FranchiseComplaints.org [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. It offers classes for dance, aqua, cycle, box, pilates, and many more. 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. [17] They also dramatically reduced prices to compete against better-known brands. 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. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Have questions? Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. Franchising Since: 2000. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). 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). has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. 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. In this role, he oversees the Companys accounting and treasury functions. However, this does not influence our evaluations. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. 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. All told, their gyms boast over 14 million members worldwide. 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.
PDF Together We Are Franchising [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. The Planet Fitness initial franchise fee is $20,000. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. Even more reason to consider investing in a gym franchise? Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Planet Fitness Franchise Owners' Salary Your gross monthly take is based on your memberships, which range from $10 to $25 per month for the franchise. Estimated total initial investment: $2,405 to $3,200. Estimated total initial investment: $198,650 to $446,250. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. NerdWallet strives to keep its information accurate and up to date. Their website reads, We are not currently accepting new franchisee applications for US expansion.. Then, the last four workouts in the program will take place in the gym and you'll learn how . According to their website, Pure Barre is the oldest and most established barre studio out there. When evaluating offers, please review the financial institutions Terms and Conditions.
Planet Fitness Gym - Franchise Solutions And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Liquid Cash Requirement: $1,500,000. Over the last three years, franchises have opened at a rate of 148 units a year. Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace.
$10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. There are very few reasons why one might want to open a Planet Fitness franchise. This could be an indicator that franchisees are doing really well. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. Estimated total initial investment: $304,500 to $2.1 million. 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. Our partners compensate us. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. 8. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. Annually Updated with New Owners of Planet Fitness Locations in the USA. ", "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? 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. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. 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. Its also a good idea to reach out to at least a few former Planet Fitness franchisees to find out why they left or were terminated from the franchise system. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. So how do we make money? [13] The new model was an effort to provide a fitness hub for everyday people. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. 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. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . This investment is much higher than the industry standard of $253,000. Brands, he supported the team tasked with transforming and modernizing technology and data systems both domestically for KFC and internationally in Australia for Pizza Hut. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. 1. 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. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. 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 .
Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. 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. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. 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. Find other similar franchises in our catalog! Find Accurate Contact Data for Fitness Franchise Owners.
Planet Fitness | Judgement Free Zone | Gym and Fitness Club It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. We provide estimated franchise costs for some countries:
Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. Benson, who co-founded the former Cabletron Systems, once the . Cash Required $1,500,000. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. [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. 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. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . When you go to sell a Planet Fitness franchise based on the median multiple of .67 and net sales in 2021 of $1,545,877, it would sell for $1,035,737. [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. 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? [32][33], Planet Fitness started franchising units in 2003. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. [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. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. The Initial Franchise Fee is uniform and non-refundable. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. 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. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. As a result, she has played an instrumental role in the major strategic decisions made by the Company. All initial fees are the same for both initial and conversion franchises. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country.