locations around the U.S. as well as Canada and the Dominican Republic. 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. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. 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. 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. 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. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Verizon Wireless, and Westin, just to name a very few. industry. Throughout his tenure at Dunkin Brands, Mr. process lies in obtaining a current list of Planet Fitness franchise owners. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. The initial Planet Fitness Franchise Fee is $20,000. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. Initial franchise terms are 10 years. The Area Development Fee is in addition to the then-current Initial Franchise Fee due for each location at the time the Franchise Agreement for that location is executed. 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. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Ongoing Royalty Fee: $449 - $549/mo. Chris Rondeau has served as the Chief Executive Officer of Planet Fitness since January 2013. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. [35], The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. On this Wikipedia the language links are at the top of the page across from the article title. Estimated total initial investment: $303,000 to $499,850. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. . 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Thanks to that near-legendary status in the fitness world, and their loyal customers. 1 comment. All financial products, shopping products and services are presented without warranty. [25][26] The company went public on August 6, 2015. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. Burn Boot Camp You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. 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. Find Accurate Contact Data for Fitness Franchise Owners. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. 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 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. 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. Orangetheory claims to be one of the fastest-growing franchises in the world, and theyre ranked 60th in Inc. Magazines Fastest Growing Private Companies List. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. 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. 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. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. Reaching out to multi-unit franchise owners and regional developers gives you the ability to get your products and services into many locations with just one sale . When evaluating offers, please review the financial institutions Terms and Conditions. There are some units of Planet fitness franchisees making more than that or some making less than that. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. . The fitness center industry is mainly divided into two groups, either a specialized fitness boutique or a full-scale gym with multiple amenities and services. 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. Paid by you to advertisers or Planet Fitness if it elects to collect from you. Disclaimer: NerdWallet strives to keep its information accurate and up to date. The Grondahls changed the gyms name to Planet Fitness in 1994. The total investment ranges from $728,290 to $3,777,800. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. Although gym franchises require that the owner has previous management experience, most dont require experience in the. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. 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. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. 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. 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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Even though the history of barre dates back to 1959, when the discipline was created by former ballerina Lotte Berk, the ballet/Pilates/yoga hybrid saw a huge boom in the 2010s. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. [13] The new model was an effort to provide a fitness hub for everyday people. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. Additional Training: Ongoing training Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. The Planet Fitness initial franchise fee is $20,000. ? 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. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. 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. 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Net Worth Requirement: $3,000,000 Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Upon your submission of your Construction Development Plans for our approval, Point of Sale Support, Processing and Account Management Services Fees, $149-$199 plus processing and credit card fees based on the number of transactions processed per month or number of eligible accounts enrolled in collections. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. Annually Updated with New Owners of Planet Fitness Locations in the USA. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017.

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