She received her Bachelors degree from Eastern Connecticut State University. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. from Boston University and an M.B.A. from the University of Denver, Daniels College of Business. Bringing Franchise Owners Together to Share and Grow. List to Contact Planet Fitness Franchise Owners - Planet Fitness Owners Contact List. 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. has over 8,900 franchises across the country. Then, the last four workouts in the program will take place in the gym and you'll learn how . So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. You must maintain the franchise premises according to Planet Fitness brand standards. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. In addition, he served as an online media manager for the University of Nevada, Reno. 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. There are very few reasons why one might want to open a Planet Fitness franchise. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. You'll build confidence while increasing your fitness knowledge. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. [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. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. 3- Based on a midpoint investment of $3,273,300 with estimated profits of $831,881 at a 15% profit margin, it would take about 14 years to recoup your investment. Planet Fitness - Wikipedia The Planet Fitness initial franchise fee is $20,000. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. Total Investment $728,290 - $3,777,800. First, youll need to winnow down your list to only the gyms whose investment levels align with your financials, as well as your eligibility to secure franchise financing or gym financing. History of Planet Fitness in Timeline - Popular Timelines According to their website, Pure Barre is the oldest and most established barre studio out there. 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. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Our opinions are our own. Cash Required $1,500,000. Both franchising units and company-operated stores have increased. Classroom Training: 80 hours PF Independent Franchisee Council The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. Former Gov. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Mr. Fitzgerald holds an MBA in Finance from Indiana University Kelley School of Business and received his Bachelors degree in Finance from the University of Florida. She is based in Santa Monica, California. Currently, the Orangetheory franchise 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). Planet Fitness Franchise (Costs + Fees + FDD) | Franchise Direct Many of these are one-time fees that are needed to launch the franchise. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. 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). 9 Best Gym Franchises - NerdWallet However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. Annually Updated with New Owners of Planet Fitness Locations in the USA. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. Liquid Cash Requirement: $1,500,000. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. 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. West Hampton, NH 03842, USA, Interested? Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". 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. Rated Excellent on TrustPilot with feedback from 50+ customers. The graph below and the table that accompanies it depicts the total return to shareholders between 2015 and 2021 on Planet Fitness class A common stock relative to the performance of the S&P 500 Index and the Russell 2000. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the Planet Fitness business that are due and payable to you each month and annually, as applicable, by or on behalf of your members through authorized EFT withdrawals (the EFT Dues Draft), regardless of the amount of membership fees you collect. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. It offers classes for dance, aqua, cycle, box, pilates, and many more. PDF Together We Are Franchising 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. 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. New franchise owners can also expect to participate in a comprehensive training program, as the franchise requires their franchisees to be certified barre instructors. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. He also currently serves on the Board of Directors of the NH/VT/ME Region of the American Red Cross and the Business & Industry Association of New Hampshire. Franchise candidates can expect to pay anywhere between $354k to $1.2m. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. [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. ? 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 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. Year Business Began: 1992. They provide an affordable, high-quality fitness experience in a welcoming environment. 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. 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. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. The Best Fitness Franchises You Can Buy - Trafft Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Call (888) 977-4374. Are fitness franchises profitable in 2022? - Glofox 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. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. The initial Planet Fitness Franchise Fee is $20,000. [17] They also dramatically reduced prices to compete against better-known brands. 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. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. Looks like your subscription is due. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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. 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. service, Computer System. 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. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. 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. The second Toronto location opened in early 2015. 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. 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. ", "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 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. Mr. Barber holds a B.S. Like. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. 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. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. 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. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. But perhaps most important to this process is interviewing current franchisees. 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. subject to maximum fee of $40,000, Concurrently with our granting a successor franchise to you, Actual costs (approximately $1,200 per visit), Cure Period Extension Fee (Franchise Agreement), Paid monthly via EFT on the day designated as your Monthly Membership Billing Day, as defined in our Franchise Agreement, Grace Period Fee (Area Development Agreement), Paid monthly beginning on the first day of the However, this does not influence our evaluations. 6.4 miles away from Planet Fitness. Planet Fitness Announces 2019 Franchise Awards 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. Estimated total initial investment: $1 million to $4.1 million. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. 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. 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. "[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. Do not sell or share my personal information. We believe everyone should be able to make financial decisions with confidence. 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. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment 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. 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. Ms. Kaplan has over 20 years of experience, most recently serving as Global Marketing Operations Advisor for Advent International, a global private equity firm. When evaluating offers, please review the financial institutions Terms and Conditions. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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. 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. Start a Planet Fitness Franchise in 2023 - Entrepreneur