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This article originally appeared on JustBusiness, a subsidiary of NerdWallet. The Planet Fitness initial franchise fee is $20,000. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. Bringing Franchise Owners Together to Share and Grow. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. 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. Join PFIFC has over 8,900 franchises across the country. You'll also benefit from . Verizon Wireless, and Westin, just to name a very few. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. Prior to joining Planet Fitness, Mr. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . 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. 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. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. All initial fees are the same for both initial and conversion franchises. [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. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. This covers the cost of being able to use their name and logo. Today the brand has over 2,000 locations system-wide. We provide estimated franchise costs for some countries: Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. The initial Planet Fitness Franchise Fee is $20,000. There are some units of Planet fitness franchisees making more than that or some making less than that. ", "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. Initial franchise terms are 10 years. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. 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. Ad Royalty Fee: $300/mo. Call (888) . 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. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 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. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. You'll build confidence while increasing your fitness knowledge. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. 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. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. [54][55] Also in 2016, the company donated more than $1 million to the program. This document includes information about the franchises financial standing, capital requirements, franchisee training, and ongoing franchise fees, among other crucial information. 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. To be eligible to open a Crunch Fitness franchise, candidates must have at least $1 million in net worth and access to $300,000 to $400,000 in liquid assets. Mr. Barber holds a B.S. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. However, the profit varies on your location also. Please renew to keep using our services. 2- Based on a midpoint investment of $3,273,300 with estimated profits of $154,587 at a 10% profit margin, it would take about 21 years to recoup your investment. You must be logged in to view this form. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. 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. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. Bill Bode serves as Division President, U.S. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. Even more reason to consider investing in a gym franchise? 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. 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. 1,600+ locations open and we're just getting started! 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. 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. 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 Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. There are very few reasons why one might want to open a Planet Fitness franchise. Robert Beaupre leads the SMB team at NerdWallet. All financial products, shopping products and services are presented without warranty. [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. 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. 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. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. Christine Aebischer is an assistant assigning editor on the small-business team at NerdWallet who has covered business and personal finance for nearly a decade. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. 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? 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. Do not sell or share my personal information. The franchise has since modernized their routines and worked Pilates, yoga, hip hop, kickboxing, and strength training into their classes, which they claim can burn up to 800 calories in one hour. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . Lead Assigning Editor | Small business finances, investing, banking. [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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Rated Excellent on TrustPilot with feedback from 50+ customers. Orange Theorys success is quite similar to Pelotons rise to fame. All financial products, shopping products and services are presented without warranty. It is reported to be the nations fastest growing fitness center franchise. However, this does not influence our evaluations. Year Business Began: 1992. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. Additionally, he held several leadership positions at Liz Claiborne, was Chief Financial Officer at Burlington Coat Factory, and served as Chief Operating Officer of Bath & Body Works. This investment is much higher than the industry standard of $253,000. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. * 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. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. Share. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. Greater of $15,000 or 7% of the total gross quarterly EFT Dues Draft, Expended quarterly according to our Methods of Operations as per your advertising budget, Varies, maximum of 9% total gross monthly EFT Dues Draft, Our actual costs, which may range from $3,000 to $15,000. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. Sorry. 6.4 miles away from Planet Fitness. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Ms. Kaplan holds a B.S. 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. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. Former Gov. He joined the Company as General Counsel in 2014 and played a critical role in the Companys initial public offering in August of 2015, and has since overseen all public company, corporate governance and franchising matters as a key member of the companys leadership team.