The Best Fitness Franchises You Can Buy - Trafft Kick off your search with this list of nine of the most promising gym franchises to buy. [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. As a result, she has played an instrumental role in the major strategic decisions made by the Company. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. Even more reason to consider investing in a gym franchise? 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. 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. 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. [32][33], Planet Fitness started franchising units in 2003. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Planet Fitness, Inc. to Acquire 114 Locations From One of Its Top Franchise fee: one-time $10,000 for a 10-year renewable agreement. [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. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. That said, as of June 2022, Planet Fitness has paused offering franchises. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Like. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. 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. Paid Grace Period. 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. [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. Franchise candidates can expect to pay anywhere between $354k to $1.2m. 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. 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. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. It offers classes for dance, aqua, cycle, box, pilates, and many more. There are some units of Planet fitness franchisees making more than that or some making less than that. You have to pay this upfront fee when opening a Planet Fitness franchise. The second Toronto location opened in early 2015. This FREE 10-part progressive program will help you get movin'. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. FranchiseComplaints.org $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. In this role, she is responsible for all aspects of the companys internal and external communications, including public relations, crisis management, executive communications, philanthropy, community relations and sustainability. All financial products, shopping products and services are presented without warranty. You may need additional operating capital, or you may need it for a longer period of time. Browse 1000s of reports on 1000s of franchise systems. 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. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. Call (888) . The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. You must be logged in to view this form. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. We provide estimated franchise costs for some countries: Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. Planet Fitness Announces 2019 Franchise Awards 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. 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. Initial term lengths last 10 years. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. Planet Fitness Franchise Initial Franchise Fee: $20,000 Planet Fitness franchise is growing, and it is growing fast. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. In this role, he will lead the Companys technology evolution and strategy, focused on delivering technology solutions that will continue to enhance the member experience while optimizing infrastructure, data and operations for flexibility and scale. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. List to Contact Planet Fitness Franchise Owners - Planet Fitness Owners Contact List. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. Franchise. Royalty fees and advertising fees are generally calculated as a percentage of gross sales in franchise agreements, but Anytime Fitness rates are flat from month to month, which makes it easier for you to plan and organize your expenses. Planet Fitness Fitness clubs 2023 Franchise 500 Rank #28 Ranked #7 last year See the Full List Initial investment $1.6M - $4.9M Units as of 2022 2,324 25.0% over 3 years Jump to Franchising. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Mr. Fitzgerald has over 30 years of leadership experience in financial management in the retail industry, most recently serving as Chief Financial Officer and Senior Vice President at Potbelly Sandwich Works. 4 Liberty Ln. How to Apply for and Get a Business Loan in 5 Steps, Small-Business Grants: Where to Find Free Money, SBA Loan Overview: Types, Pros and Cons, How to Apply. The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. You'll also benefit from . It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. locations around the U.S. as well as Canada and the Dominican Republic. Ongoing Royalty Fee: $449 - $549/mo. [60], In October 2017, Planet Fitness and its members raised $1 million which it donated to the non-profit Boys and Girls Clubs of America. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. PLANET FITNESS - 57 Photos & 19 Reviews - Yelp Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. Share. The concept currently has over 1,000 franchises in the United States and another 150 international locations and is a subsidiary of Ultimate Fitness Holdings. Both within the fitness industry and American culture at large, Golds Gym has become legendary for their famous members (including Arnold Schwarzenegger) and their status as the mecca of bodybuilding. Since their founding by a Merchant Marine veteran in 1965, the Los Angeles-based gym has opened over 700 gyms in 29 states and 29 countries, and their international membership is 3 million devotees strong. Prior to that he served as the Chief Operating Officer since 2003. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. Prior to joining Planet Fitness, Mr. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. [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. Rated Excellent on TrustPilot with feedback from 50+ customers. 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. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. 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. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. Assistant Assigning Editor | Small-business finance, personal finance. [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. 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 . 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. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. Youre about to cancel your subscription. 1,600+ locations open and we're just getting started! Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. She received her Bachelors degree from Eastern Connecticut State University. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. Annually Updated with New Owners of Planet Fitness Locations in the USA. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. With that said, a Planet Fitness franchise . ? Under Rondeau's 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' America's Best Franchises, Newsweek Best Customer Service, and Best Places to Work in New Hampshire. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. Mr. Hymes has over 30 years of experience leading domestic and international retail, franchise, and e-commerce businesses for global companies, most recently serving as the President and Chief Executive Officer of Jiffy Lube International. Over the last three years, the company has been expanding. Pre-qualified offers are not binding. 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. 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. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. 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. This is significantly lower than the midpoint investment of $3,273,500. Planet Fitness Franchise Ownership FAQs - smallbiztrends.com As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. 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. 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? 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. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Here is a list of our partners and here's how we make money. 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. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. 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. There are very few reasons why one might want to open a Planet Fitness franchise. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. 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. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. We offer detailed franchise research and contact data reports. Who Owns Planet Fitness? (Franchise, CEO & More) - Trusty Spotter This could be an indicator that franchisees are doing really well. The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. . The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. 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. The fitness center industry is mainly divided into two groups, either a specialized fitness boutique or a full-scale gym with multiple amenities and services. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. Mr. Barber holds a B.S. ", "2017 Top Franchises from Entrepreneur's Franchise 500 List", "Planet Fitness members outraged over March bill amid coronavirus closures", "Planet Fitness CEO says gym visits are holding up against the omicron variant", "Planet Fitness Seeing Minimal Impact So Far From Omicron", "Planet Fitness Franchise (Costs + Fees + FDD)", "Planet Fitness Franchise Costs & Fees, Planet Fitness FDD & Franchise Information | FranchiseDirect.com", "Planet Fitness Franchise Cost & Fees | How To Open | Opportunities And Investment Information", "Planet Fitness Prices & Membership Cost", "17 January Gym Discounts That Are Too Cheap to Pass Up", "Planet Fitness is raising the price of its Black Card membership but still offers a $10 option", "American gym powerhouse chooses Brampton for first suburban Canadian location", "Cheap 'n' cheerful chinups: Canada welcomes Planet Fitness, the $10 gym for those bad at gym", "Planet Fitness Continues International Expansion in Dominican Republic", "Planet Fitness opens first Hawaii location at Ala Moana Center", "10 Million Reasons to Get Pumped About Planet Fitness", "Planet Fitness to Sponsor 'The Biggest Loser', "50 Cent and Joan Rivers Kick It At The Gym [PHOTOS]", "Planet Fitness To Launch New Global Campaign On New Year's Eve", "Planet Fitness sponsors New Year's Eve celebration despite pandemic", "David Gilliland Racing Fielding Fourth Entry for Joey Logano in Bristol Dirt Race", "The Judgement Free Zone: Judgement Free Generation Video Contest", "Planet Fitness Opens In Fremont, Donates $1K To Boys & Girls Club", "Planet Fitness 'Judgment Free Zones' a Model of Inclusion", "Planet Fitness Anti-Bullying Initiative $1M Success", "Planet Fitness debuts fitness room for kids at Boys and Girls Club in Manchester", "Planet Fitness Opens Judgement Free Gym at Pasadena Boys and Girls Club", "Planet Fitness raises $1M for Boys and Girls Clubs of America", "Planet Fitness named national gym sponsor of 'The Biggest Loser', https://en.wikipedia.org/w/index.php?title=Planet_Fitness&oldid=1142494313, Companies based in Rockingham County, New Hampshire, Companies listed on the New York Stock Exchange, Health care companies established in 1992, Medical and health organizations based in New Hampshire, Short description is different from Wikidata, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 2 March 2023, at 18:29. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Largest Planet Fitness Franchisee Acquires 19 Planet Fitness Clubs in Find Accurate Contact Data for Fitness Franchise Owners. Planet Fitness Franchise (Costs + Fees + FDD) | Franchise Direct 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 4. 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. 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. 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. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. This influences which products we write about and where and how the product appears on a page. Estimated total initial investment: $58,870 to $521,437. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. Planet Fitness | Judgement Free Zone | Gym and Fitness Club Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 2% of the total gross monthly EFT Dues Draft. Sorry. The total investment ranges from $728,290 to $3,777,800. Performing this action will delete your account. When evaluating offers, please review the financial institutions Terms and Conditions. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. 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. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. By contacting current franchise owners and asking about their experience with the franchised business, the earnings and/or success thus far, training and support from the franchisor, Pla-FitFranchise, and whether or not they would buy the franchise again if they could do it all over again, you can learn what its really like to own a Planet Fitness business before you actually purchase a franchise. 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. There are tons of gym franchises seeking new location owners, but this list represents nine of the most promising gym franchises on the market right nowbased mainly on name recognition, growth rate, and franchisor support system. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. 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. 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. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system.
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