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West Hampton, NH 03842, USA, Interested? 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. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . You must be logged in to view this form. 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. To be eligible to open a. , candidates must have at least $1 million in net worth and access to $300,000 to $400,000 in liquid assets. This could be an indicator that franchisees are doing really well. service, Computer System. 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). JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . [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 franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. The Area Development Fee is in addition to the then-current Initial Franchise Fee due for each location at the time the Franchise Agreement for that location is executed. This is a good indication of high growth as a company overall. Browse 1000s of reports on 1000s of franchise systems. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. As a result, she has played an instrumental role in the major strategic decisions made by the Company. 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. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. There are very few reasons why one might want to open a Planet Fitness franchise. Prior to joining Planet Fitness, Mr. Net Worth Requirement: $3,000,000 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. Total Investment $728,290 - $3,777,800. Here is a list of our partners and here's how we make money. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. Franchise Owners Marketing Lists - Dataman Group Direct 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. Are fitness franchises profitable in 2022? - Glofox Planet Fitness Franchise Cost & Opportunities 2023 | Franchise Help These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. FranchiseComplaints.org From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. 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. Start a Planet Fitness Franchise in 2023 - Entrepreneur 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. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. This is significantly lower than the midpoint investment of $3,273,500. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. 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. The chain has over a thousand locations with over 400 units outside the US. Founded in 1992 in Dover, N.H., Planet Fitness is now the fastest-growing full size health club franchise in the United States, and has revolutionized the industry with a combination of extremely . 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. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. Youre about to cancel your subscription. "[20] In 2003, Planet Fitness opened its first franchised location in Florida, with Eric Dore and Shane McGuiness. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. In this role, he oversees the Companys accounting and treasury functions. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. The name came from his daughter's school project, "Fitness Planet". According to their website, Pure Barre is the oldest and most established barre studio out there. Call (888) . Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Initial Franchise Fee: $20,000 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. In addition, he served as an online media manager for the University of Nevada, Reno. The minimum net worth required to own an Orange Theory franchise is $500,000 and the applicant must have liquid assets of at least $150,000. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. Many or all of the products featured here are from our partners who compensate us. Annually Updated with New Owners of Planet Fitness Locations in the USA. 1. Initial franchise terms are 10 years. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. 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. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. 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. Who Owns Planet Fitness? (Franchise, CEO & More) - Trusty Spotter https://www.palmbeachpost.com/story/business/2012/05/19/at-youfit-health-clubs-patrons/7332606007/, "Planet Fitness headquarters moving to Hampton", "Planet Fitness Sets New Membership Records", "4 international franchises that landed Down Under in 2019", "The fastest-growing gym in America has $10 memberships and gives out free pizza, bagels, and candy", "Fit for franchising: From first gym in Dover, Planet Fitness building big brand", https://www.franchise-info.ca/franchise_news/2014/01/how-planet-fitness-became-the-leader-in-fitness-franchising.html#.Y-Hc-BZMEWM, "How Planet Fitness Became the Leader in Fitness Franchising - News", "Marc Grondahl of Planet Fitness: How a Lean Business Model Became a Franchise Heavyweight", "YouFit Health Club expanding across South Florida, around nation | The Starting Gate", "No-frills gym offers fitness without flash", "Fast and Serious: FT ranks the smartest-growing brands", "Franchise Players: We Were Planet Fitness's First Franchisees. ", "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? The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. 8. They provide an affordable, high-quality fitness experience in a welcoming environment. Planet Fitness Franchise Cost and Requirements for 2023 - IFPG Our opinions are our own. . Pre-qualified offers are not binding. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. All financial products, shopping products and services are presented without warranty. Looks like your subscription is due. 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. Planet Fitness Franchise Cost Worth the Profit? - Vetted Biz locations around the U.S. as well as Canada and the Dominican Republic. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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. 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. 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. Even more reason to consider investing in a gym franchise? The 2019 Planet Fitness Franchise Awards were given to the following: Hall of Fame: Jeff & James Innocenti - PF Supreme Franchisee of the Year: Mike Turner & CJ Bouchard - Excel Fitness Operator of the Year: Steve Kindler, Jr. - National Fitness Partners Developer of the Year: Tim Kelleher - Taymax Group Estimated total initial investment: $303,000 to $499,850. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. All told, their gyms boast over 14 million members worldwide. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. Prior to joining Dunkin' Brands, he was a Dunkin' Donuts franchisee in Richmond, VA. Tom Fitzgerald joined Planet Fitness in 2020 as the Companys Chief Financial Officer. industry. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Planet Fitness Franchise Owners Contact List Annually Updated with New Owners of Planet Fitness Locations in the USA. Liquid Cash Requirement: $1,500,000. Orange Theorys success is quite similar to Pelotons rise to fame. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 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. Planet Fitness Franchise Costs, Fees, Revenues, Profits (2022 Review)

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