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You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. The second Toronto location opened in early 2015. . 1- Based on a midpoint investment of $3,273,300 with estimated profits of $77,293 at a 5% profit margin it would take about 42 years to recoup your investment. Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. Throughout her tenure with Planet Fitness, Ms. Simmons built the Business Strategy and Analytics functions from the ground up, leveraging data, analytics and insights to develop and drive Planet Fitness overarching corporate strategy, propel the business forward, and reinforce the brands industry leadership position. 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. Additional Training: Ongoing training Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Their website reads, We are not currently accepting new franchisee applications for US expansion.. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. 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. 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. 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. Pre-qualified offers are not binding. Participants are given heart-rate monitors, and their results are displayed on screens throughout the room over the course of this hour-long, interval-based, coach-led workout. Year Business Began: 1992. The total investment ranges from $728,290 to $3,777,800. You must maintain the franchise premises according to Planet Fitness brand standards. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Have questions? At Jiffy Lube, he oversaw the strategic direction of the company, and managed franchise relationships to create a shared vision for the brand, drive network growth, and maintain Jiffy Lubes leading market share. 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. Planet Fitness Franchise Cost and Requirements for 2023 - IFPG * The data above, compiled from the Planet Fitness FDD (Franchise Disclosure Document) 2020, represent the estimated financial range for the initial setting up and first 6 months of operation for a new Planet Fitness gym. Corporate Governance - Management Team - Planet Fitness Performing this action will delete your account. 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. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. Planet Fitness Franchise Ownership FAQs - smallbiztrends.com Mind that the franchise requirements for sale could be different depending on the format and scope of business. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Largest Planet Fitness Franchisee Acquires 19 Planet Fitness Clubs in If you can name a franchise business, it's probably on our Franchise owners marketing list. One of the best ways to thoroughly research a franchise or business opportunity investment before purchasing one is to get feedback from current and former franchisees involved in the franchise system. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. 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. [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. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. Find other similar franchises in our catalog! Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. 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. 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. Throughout his tenure at Dunkin Brands, Mr. Benson is back on the board of Planet Fitness 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. Top Fitness Franchises to Check Out - Franchise How 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. This influences which products we write about and where and how the product appears on a page. 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. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. 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. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. Then, the last four workouts in the program will take place in the gym and you'll learn how . Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. [43], With the addition of a Planet Fitness outlet in Hawaii in January 2018,[44] Planet Fitness had 1,500 locations with an estimated 10 million members across 50 states, the District of Columbia, the Dominican Republic, Mexico, and Panama[45] and Canada. 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. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . The chain has over a thousand locations with over 400 units outside the US. According to their website, Pure Barre is the oldest and most established barre studio out there. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. PLANET FITNESS - 57 Photos & 19 Reviews - Yelp The Area Development Fee is uniform and non-refundable. 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. But buying into a gym franchise is a less risky venture than building a gym from the ground up. We got you! In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. 1. 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. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). service, Computer System. Many or all of the products featured here are from our partners who compensate us. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. [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. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. Headquarters: Hampton, New Hampshire. 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. The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 $4,921,000. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. We believe everyone should be able to make financial decisions with confidence. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. Annually Updated with New Owners of Planet Fitness Locations in the USA. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . You must commit to opening a one or more PLANET FITNESS locations as a condition of acquiring area development rights, either yourself or through one or more entities in which you own 51% or more interest. Our partners compensate us. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. 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? An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. 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 competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Jennifer Simmons joined Planet Fitness in 2013 as a business analyst, later joining the executive leadership team as Senior Vice President of Business Strategy and Analytics and in 2022 was named Division President, Corporate Clubs. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. You must maintain your equipment according to Planet Fitness brand standards. Franchising Since: 2000. At Yum! So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. 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. This FREE 10-part progressive program will help you get movin'. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. 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. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Mr. Barber holds a B.S. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. History of Planet Fitness in Timeline - Popular Timelines Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. Lets get started. 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. [32][33], Planet Fitness started franchising units in 2003. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. 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. [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. Call us direct at (855) 822-0912, Get Contact Details & Mailing List of Planet Fitness Franchisees, The difficult part of this step of the franchise buying due diligence. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. 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 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? United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. The private equity owners of United PF Partners, the largest Planet Fitness franchisee conglomerate, have sold the group to American Securities, another New York-based private equity firm, for an undisclosed sum, the companies announced in a Jan. 6 media release. [10][7], Berks had started his own Planet Fitness gym in 1993 in Sunrise, Florida, and eventually expanded it to three clubs, along with a Gold's Gym franchise. Lead Assigning Editor | Small business finances, investing, banking. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. All told, their gyms boast over 14 million members worldwide. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. 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. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. 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.