Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. Please renew to keep using our services. 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. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. The most popular workout model from Snap Fitness is known as MYFIT. Our franchise contact lists contain contact details for both owners of single franchise units and multi-unit franchise owners, that is, franchisees that own many franchised locations. 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. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. [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. [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. 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. The $10 per month level includes access to cardio and strength equipment, unlimited group fitness instruction and pizza and bagels once a month; the $24.99 per month ("Black Card") level allows members to bring one guest per day at no charge, access to all Planet Fitness locations, and access to extra amenities, such as tanning booths, massage chairs, red light therapy and water massage beds. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. At the moment we can not connect you to the representative of this franchise. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. This is significantly lower than the midpoint investment of $3,273,500. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Orange Theory was ranked 49th in the franchise 500 rankings according to entrepreneur.com. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. Estimated total initial investment: $198,650 to $446,250. [54][55] Also in 2016, the company donated more than $1 million to the program. [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. Planet Fitness franchise is growing, and it is growing fast. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. Initial franchise terms are 10 years. 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). 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. [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. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. has opened over 4,000 locations on all seven continents. The initial Planet Fitness Franchise Fee is $20,000. 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. Currently, the. 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. 1. 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. 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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. 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. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. Due Date: Paid monthly and annually. 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. Planet Fitness Franchise Ownership FAQs - smallbiztrends.com Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. [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. Kick off your search with this list of nine of the most promising gym franchises to buy. He has covered financial topics as an editor for more than a decade. 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. 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 routine is an 18-minute HIIT workout that targets cardio and endurance. industry. 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. in Management Information Systems from Northwood University. Planet Fitness Franchise Cost and Requirements for 2023 - IFPG Planet Fitness Independent Franchisee Council Join Us Today! It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. 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). You must maintain your equipment according to Planet Fitness brand standards. 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. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Planet Fitness franchise costs, based on Item 7 of the company's 2022 FDD: Initial Franchise Fee: $20,000 Site Selection Costs: $0 to $10,000 Construction Development Plan Review Fee: $0 to $4,000 Leasehold Improvements: $1,250,000 to $2,163,000 Fitness Equipment: $34,000 to $953,000 Non-Fitness Equipment: $63,000 to $825,000 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). It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. 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. 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. When evaluating offers, please review the financial institutions Terms and Conditions. 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. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Corporate Governance - Management Team - Planet Fitness In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. Even more reason to consider investing in a gym franchise? So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. 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. If you sign an Area Development Agreement, the Initial Franchise Fee for each location opened under the Area Development Agreement will be $20,000 for Franchise Agreements entered into within four years of the effective date of your Area Development Agreement. Initial investments: $969,600 - $4,242,500 Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Call (888) 977-4374. All reactions: 8. Then, the last four workouts in the program will take place in the gym and you'll learn how . Initial term lengths last 10 years. 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. 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. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. 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. [15], Rondeau and the Grondahls recognized that there was a greater opportunity to serve a much larger segment of the population if they changed the gym environment, both in attitude and format, by creating a non-intimidating, low-cost model. "[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. The initial Planet Fitness Franchise Fee is $20,000. Club Pilates North Shore is a boutique Pilates studio specializing in reformer fusion classes for anyone, at any age or fitness level. 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. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. 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. FranchiseComplaints.org 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. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. 2% of the total gross monthly EFT Dues Draft. But buying into a gym franchise is a less risky venture than building a gym from the ground up. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. 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.
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