It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. 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. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. [29], In 2020, the company received criticism for charging its customers for March dues "despite closing its facilities nationwide due to the novel coronavirus pandemic. That said, all of the gym franchises on this list (and those that arent on this list) allow curious investors to request more information for free. 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. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. There are some units of Planet fitness franchisees making more than that or some making less than that. It offers classes for dance, aqua, cycle, box, pilates, and many more. Throughout his tenure at Dunkin Brands, Mr. [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. Burn Boot Camp Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Verizon Wireless, and Westin, just to name a very few. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. Please renew to keep using our services. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. in Pilates. This metric is the standard industry investment amount for a single unit franchise investment in this industry. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. 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. 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. Kick off your search with this list of nine of the most promising gym franchises to buy. Planet Fitness estimates the total costs to re-equip your facility with both cardio equipment and all other exercise equipment will range from $314,000 to $922,000 every 5 to 7 years. [46], Planet Fitness reported that it has around 2,400 gyms worldwide with a total membership of 17 million, generating an annual revenue of $936.8 million at the end of 2022. Bringing Franchise Owners Together to Share and Grow. She played a pivotal role in creating breakthrough nation marketing campaigns that have built the brand over the past two decades, including iconic advertising campaigns like Lift Things and No Gymtimidation, along with pillar marketing sponsorships like the brands New Years Eve celebration in Times Square. When evaluating offers, please review the financial institutions Terms and Conditions. Prior to that, he served as the Director and General Manager of internet startup Kozmo, where he was responsible for new market development and operations. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Brands, he supported the team tasked with transforming and modernizing technology and data systems both domestically for KFC and internationally in Australia for Pizza Hut. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. 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. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. Over the last three years, franchises have opened at a rate of 148 units a year. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. If you can name a franchise business, it's probably on our Franchise owners marketing list. 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. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. 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). ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. 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. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. It is reported to be the nations fastest growing fitness center franchise. 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. To assign a valuation multiple for Planet Fitness franchises, we leverage estimates from DealStats, a database of acquired private company transactions sourced from U.S. business brokers and SEC filings. 8. You may need additional operating capital, or you may need it for a longer period of time. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. [31], While Planet Fitness closed many facilities during the onset of the COVID pandemic, during the Delta and Omicron variants there was not a decrease in gym attendance. Once you start operating your Pure Barre location, youll be responsible for a monthly royalty fee of 7% of gross sales and a 1% monthly marketing fee. We offer detailed franchise research and contact data reports. Initial term lengths last 10 years. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. Disclaimer: NerdWallet strives to keep its information accurate and up to date. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 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. 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. 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. 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). 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 . Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. industry. ? The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. 6.4 miles away from Planet Fitness. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. 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. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. 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. 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. Even more reason to consider investing in a gym franchise? [54][55] Also in 2016, the company donated more than $1 million to the program. 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. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. Do not sell or share my personal information. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. You must maintain the franchise premises according to Planet Fitness brand standards. You must be logged in to view this form. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. The Planet Fitness initial franchise fee is $20,000. Youre about to cancel your subscription. 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. In her role as Division President, Corporate Clubs, Ms. Simmons will be responsible for leading the Company's Corporate Club portfolio including driving overall performance, leading and developing the team, and identifying strategic growth and expansion opportunities of the brand's corporate store fleet, which consists of more than 200 locations across 14 states and Canada. Additional Training: Ongoing training [17] They also dramatically reduced prices to compete against better-known brands. Even though its smaller than Pure Barre. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. 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. 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 is a profitable business for the franchisor, with retained earnings of $210 million in 2021. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. Paid Grace Period. Then, the last four workouts in the program will take place in the gym and you'll learn how . 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. Franchise. 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. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. Estimated total initial investment: $303,000 to $499,850. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. All told, their gyms boast over 14 million members worldwide. 4 Liberty Ln. [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. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. Our partners cannot pay us to guarantee favorable reviews of their products or services. Estimated total initial investment: $198,650 to $446,250. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. Here is a list of our partners and here's how we make money. Lead Assigning Editor | Small business finances, investing, banking. [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. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. But buying into a gym franchise is a less risky venture than building a gym from the ground up. Prior to joining Planet Fitness, Mr. Robert Beaupre leads the SMB team at NerdWallet. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. 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. 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. The name came from his daughter's school project, "Fitness Planet". Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. 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. 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. 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. Airfare, ground transportation, meals, lodging, Government agencies and bonding companies, Payroll, debt services, ongoing pre-sale/grand opening marketing, and cash to cover miscellaneous day-to-day expenses, Estimated Selling Price = Net Sales * 0.67, Estimated Selling Price = Net Sales * 1.21. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. 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. Cash Required $1,500,000. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. The initial Planet Fitness Franchise Fee is $20,000. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. Many or all of the products featured here are from our partners who compensate us. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. 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. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. 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. Our opinions are our own. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . 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. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. "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." 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. 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. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. On this Wikipedia the language links are at the top of the page across from the article title. 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. 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. This routine is an 18-minute HIIT workout that targets cardio and endurance. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. Sorry. 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. This is a good indication of high growth as a company overall. 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. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. 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. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. In fact, in a recent Inc. 5000 list of the 10 fastest growing franchises, four were fitness franchises. . You have to pay this upfront fee when opening a Planet Fitness franchise. 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. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. 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. 1,600+ locations open and we're just getting started! In this role, he is responsible for all aspects of financial strategy and management. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. 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. 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. Headquarters: Hampton, New Hampshire. 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. The board of directors at Planet Fitness is as follows: Stephen Spinelli, Jr. (Ph.D.), Chairman Chris Rondeau (CEO) Bernard Acoca Enshalla Anderson Craig Benson Cammie Dunaway Frances Gregg Rathke Christopher Tanco Order now to get instant access to the complete Planet Fitness franchise owners. 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. 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. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. Planet Fitness franchisees also compete against other smaller gym and fitness business locations. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. 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. ", "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? 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. At Yum! All told, their gyms boast over 14 million members worldwide. 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. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. HAMPTON, N.H., Jan. 11, 2022 - Planet Fitness, Inc. (NYSE: PLNT ), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced today it has signed a definitive agreement to acquire Sunshine Fitness Growth Holdings, LLC ("Sunshine Fitness"), a leading owner and Our partners compensate us. He joined the Company as General Counsel in 2014 and played a critical role in the Companys initial public offering in August of 2015, and has since overseen all public company, corporate governance and franchising matters as a key member of the companys leadership team. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . With that said, a Planet Fitness franchise . Rated Excellent on TrustPilot with feedback from 50+ customers. Under Rondeaus leadership, Planet Fitness has experienced tremendous growth and has been recognized for many accolades including, Entrepreneur Franchise 500 Fastest Growing Franchise List, Franchise Times Top 200, Forbes Americas Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. 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.
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