"[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. Paid Grace Period. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. 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). industry. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. 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. Your actual costs may be higher or lower depending on the size of your Planet Fitness business, the volume, and usage of your members, or changes in the market. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. The most popular workout model from Snap Fitness is known as MYFIT. History of Planet Fitness in Timeline - Popular Timelines The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. [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. 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. 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). 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. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Franchise fee: one-time $42,500 Royalty fees: $699/mo Planet Fitness Planet fitness has locations in Canada, Mexico, Panama, and all 50 states of the US. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. 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. 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. 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. At the moment we can not connect you to the representative of this franchise. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. has opened over 4,000 locations on all seven continents. Franchise candidates can expect to pay anywhere between $354k to $1.2m. We offer detailed franchise research and contact data reports. 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. Over the last three years, franchises have opened at a rate of 148 units a year. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. Here is a list of our partners and here's how we make money. Year Business Began: 1992. PDF Together We Are Franchising Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. So how do we make money? 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. 1,600+ locations open and we're just getting started! Total Investment $728,290 - $3,777,800. 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. is growing quickly: In 2018, The Bar Method saw a 118% growth rate. 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. | United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. All initial fees are the same for both initial and conversion franchises. Over the last three years, the company has been expanding. 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. Initial franchise terms are 10 years. process lies in obtaining a current list of Planet Fitness franchise owners. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. In this role, he oversees the Companys accounting and treasury functions. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Planet Fitness Franchise Owners Contact List $ 149 Verified List of Planet Fitness Owners Contact Data We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. 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. Annually Updated with New Owners of Planet Fitness Locations in the USA. The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. There are some units of Planet fitness franchisees making more than that or some making less than that. Comment. [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. Currently, the. 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. You have to pay this upfront fee when opening a Planet Fitness franchise. [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. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. 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. Estimated total initial investment: $1 million to $4.1 million. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. 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. Mr. Barber has over 20 years of experience in leadership experience across a variety of industries, most recently serving as the Senior Vice President of Information Technology at United Natural Foods Inc. She is based in Santa Monica, California. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. This is significantly lower than the midpoint investment of $3,273,500. 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. How Much Does A Planet Fitness Owner Make? - drfranchises.com Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. Youre about to cancel your subscription. 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. FranchiseComplaints.org 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. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. 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. Additional Training: Ongoing training We were opening our 5th store then. This covers the cost of being able to use their name and logo. Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. Planet Fitness Franchise Cost & Opportunities 2023 | Franchise Help As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Initial Franchise Fee: $20,000 The Area Development Fee is uniform and non-refundable. 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. This routine is an 18-minute HIIT workout that targets cardio and endurance. If you own and operate multiple Planet Fitness businesses in the same market area and LAF spending for them is combined. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. While this may be the business for you, make sure also to check out other companies offered on Vetted Biz and in the Fitness Industry. He has covered financial topics as an editor for more than a decade. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. [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. 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. 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. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. 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. As a result, she has played an instrumental role in the major strategic decisions made by the Company. However, the profit varies on your location also. Estimated total initial investment: $198,650 to $446,250. [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. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Once you start operating your Pure Barre location, youll be responsible for a monthly royalty fee of 7% of gross sales and a 1% monthly marketing fee. When evaluating offers, please review the financial institutions Terms and Conditions. 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. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. You'll also benefit from . Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. 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. That said, as of June 2022, Planet Fitness has paused offering franchises. The total investment ranges from $728,290 to $3,777,800. 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. Start a Planet Fitness Franchise in 2023 - Entrepreneur 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 Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. [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. 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. 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. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. Planet Fitness Announces Winners of Annual Franchisee Awards - PR Newswire Training starts with one week at the companys San Francisco headquarters, followed up by three to six months of training, led by a dedicated trainer, in your home location. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. This metric is the standard industry investment amount for a single unit franchise investment in this industry. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. 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. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. 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. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. He began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO.