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. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. 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. 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. Pre-qualified offers are not binding. [56][57][58] Planet Fitness has also provided mini "Judgement Free Zone" gyms to Boys & Girls Clubs in Manchester, New Hampshire[59] and Pasadena, California. 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. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. 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. After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. Their website reads, We are not currently accepting new franchisee applications for US expansion.. Be advised to match Planet Fitness franchise cost and profit by analyzing low and high fees you need to pay starting a Planet Fitness franchise. 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. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. 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. Find Accurate Contact Data for Fitness Franchise Owners. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Franchise fee: one-time $10,000 for a 10-year renewable agreement. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. Even though its smaller than Pure Barre. in Pilates. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. FranchiseComplaints.org If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. This is a good indication of high growth as a company overall. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. Founded in 1992 in Dover, N.H., Planet Fitness is now the fastest-growing full size health club franchise in the United States, and has revolutionized the industry with a combination of extremely . The second Toronto location opened in early 2015. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Robert Beaupre leads the SMB team at NerdWallet. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . You must maintain the franchise premises according to Planet Fitness brand standards. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. 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). There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. This is significantly lower than the midpoint investment of $3,273,500. Today the brand has over 2,000 locations system-wide. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. 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? 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. 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. https://www.palmbeachpost.com/story/business/2012/05/19/at-youfit-health-clubs-patrons/7332606007/, "Planet Fitness headquarters moving to Hampton", "Planet Fitness Sets New Membership Records", "4 international franchises that landed Down Under in 2019", "The fastest-growing gym in America has $10 memberships and gives out free pizza, bagels, and candy", "Fit for franchising: From first gym in Dover, Planet Fitness building big brand", https://www.franchise-info.ca/franchise_news/2014/01/how-planet-fitness-became-the-leader-in-fitness-franchising.html#.Y-Hc-BZMEWM, "How Planet Fitness Became the Leader in Fitness Franchising - News", "Marc Grondahl of Planet Fitness: How a Lean Business Model Became a Franchise Heavyweight", "YouFit Health Club expanding across South Florida, around nation | The Starting Gate", "No-frills gym offers fitness without flash", "Fast and Serious: FT ranks the smartest-growing brands", "Franchise Players: We Were Planet Fitness's First Franchisees. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. 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. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. "[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. 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. [46], Planet Fitness reported that it has around 2,400 gyms worldwide with a total membership of 17 million, generating an annual revenue of $936.8 million at the end of 2022. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. Our partners compensate us. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Annually Updated with New Owners of Planet Fitness Locations in the USA. Lead Assigning Editor | Small business finances, investing, banking. [21] Some bodybuilders and weight lifters have found the way they're portrayed in Planet Fitness TV commercials to be offensive, and the way they're treated in Planet Fitness gyms to be "quite possibly discriminatory. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. [25][26] The company went public on August 6, 2015. Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. 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. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. Gathering all available information about each potential franchise will help you land on the gym that not only works for you financially, but that also resonates with your lifestyle and values. Find other similar franchises in our catalog! Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. We offer detailed franchise research and contact data reports. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. Do not sell or share my personal information. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). 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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. 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. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. 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. You have to pay this upfront fee when opening a Planet Fitness franchise. In other words, franchising takes most of the heavy lifting off your shoulders. Franchise candidates can expect to pay anywhere between $354k to $1.2m. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. 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. 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. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. $10,000, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. Rated Excellent on TrustPilot with feedback from 50+ customers. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . Ongoing Royalty Fee: $449 - $549/mo. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. Ms. Kaplan holds a B.S. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. 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 Franchise Owners' Salary Your gross monthly take is based on your memberships, which range from $10 to $25 per month for the franchise. With that said, a Planet Fitness franchise . Initial franchise terms are 10 years. The most popular workout model from Snap Fitness is known as MYFIT. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. The initial Planet Fitness Franchise Fee is $20,000. Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. Benson, who co-founded the former Cabletron Systems, once the . To be eligible to open a. , candidates must have at least $1 million in net worth and access to $300,000 to $400,000 in liquid assets. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. Share. 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. Initial term lengths last 10 years. In this role, he is responsible for all aspects of financial strategy and management. 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. The gym utilizes a "lunk alarm", which is a loud siren and rotating light that is used when a gymgoer grunts too loudly or drops weights. Estimated total initial investment: $304,500 to $2.1 million. The Grondahls changed the gyms name to Planet Fitness in 1994. 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. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Our opinions are our own. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. 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. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. 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. Here is a list of our partners and here's how we make money. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. Paid by you to advertisers or Planet Fitness if it elects to collect from you. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. 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. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. Estimated Number of Units: 2,300. Both franchising units and company-operated stores have increased. 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. In addition, he served as an online media manager for the University of Nevada, Reno. There are very few reasons why one might want to open a Planet Fitness franchise. 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. Please confirm by clicking on the Cancel Subscriptionbutton below. The fitness center industry has grown with the rise in disposable income and demand for a more health-conscious lifestyle among millennials. Planet Fitness has more members and locations than any other fitness brand. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. 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. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. in Management Information Systems from Northwood University. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. She received her Bachelors degree from Eastern Connecticut State University. On this Wikipedia the language links are at the top of the page across from the article title. 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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. ", "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. [54][55] Also in 2016, the company donated more than $1 million to the program. 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. . 4 Liberty Ln. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. The Judgement Free Zone was started to help first-time gym users feel more comfortable starting their fitness journey. 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. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a Pure Barre franchise takes you straight to the source. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. 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. You'll build confidence while increasing your fitness knowledge. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms.