Previously, she served as Head of Marketing and Sales for Zipcar, the worlds leading car-sharing network, where she was a key member of the executive leadership team responsible for demand and revenue generation and all marketing functions. 4 Liberty Ln. But buying into a gym franchise is a less risky venture than building a gym from the ground up. 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. That said, as of June 2022, Planet Fitness has paused offering franchises. Planet Fitness Franchise Owners Contact List This routine is an 18-minute HIIT workout that targets cardio and endurance. The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. Mr. Barber holds a B.S. [29], In 2020, the company received criticism for charging its customers for March dues "despite closing its facilities nationwide due to the novel coronavirus pandemic. Prior to joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. Throughout his tenure at Dunkin Brands, Mr. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. Kick off your search with this list of nine of the most promising gym franchises to buy. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. As a result, she has played an instrumental role in the major strategic decisions made by the Company. Our partners cannot pay us to guarantee favorable reviews of their products or services. The Initial Franchise Fee is uniform and non-refundable. [18] This low-cost business model focuses on the needs of occasional or first-time health club members, rather than more experienced members,[6] and depends on many members rarely showing up. Comment. After you cover your startup costs, your total gross monthly take could greatly exceed your expectations, depending on how many memberships you sell. She received her Bachelors degree from Eastern Connecticut State University. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. [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. [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. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO Chris Rondeau, who was still in college at the time, to run the gyms front desk. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. PDF Together We Are Franchising The graph below and the table that accompanies it depicts the total return to shareholders between 2015 and 2021 on Planet Fitness class A common stock relative to the performance of the S&P 500 Index and the Russell 2000. In this role, he will lead the Companys technology evolution and strategy, focused on delivering technology solutions that will continue to enhance the member experience while optimizing infrastructure, data and operations for flexibility and scale. It offers classes for dance, aqua, cycle, box, pilates, and many more. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. 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. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. Please scroll down for a partial list of franchise businesses. service, Computer System. 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. Throughout the years, Chris played a critical role in developing and refining the unique, low-cost/high-value business model and lean operating system that revolutionized both the fitness and franchising industry. Prior to that, she served as the Vice President of Digital Marketing & Innovation at Dunkin Brands where she was responsible for developing and marketing Dunkins digital platforms, including the DD Mobile app and the DD Perks loyalty program. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. This article originally appeared on JustBusiness, a subsidiary of NerdWallet. Franchise fee: one-time $10,000 for a 10-year renewable agreement. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. In this role, he leads all aspects of our U.S. 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. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. 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. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. 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. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. Assistant Assigning Editor | Small-business finance, personal finance. 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. 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. 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. Find Accurate Contact Data for Fitness Franchise Owners. That said, franchisees are responsible for additional costs, including a monthly continuing franchise fee (CFF) of either 20% of gross revenue or at least $250 per month. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . 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. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. 1 comment. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. 2% of the total gross monthly EFT Dues Draft. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. 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. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). 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. 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. 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. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. Planet Fitness estimates the total costs to re-equip your facility with both cardio equipment and all other exercise equipment will range from $314,000 to $922,000 every 5 to 7 years. 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. Paid by you to advertisers or Planet Fitness if it elects to collect from you. In addition, he served as an online media manager for the University of Nevada, Reno. 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. When evaluating offers, please review the financial institutions Terms and Conditions. [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. Over the last three years, the company has been expanding. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. Building in competition to workouts enhances ones motivation and keeps consumers coming back. 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. The 2019 Planet Fitness Franchise Awards were given to the following: Hall of Fame: Jeff & James Innocenti - PF Supreme Franchisee of the Year: Mike Turner & CJ Bouchard - Excel Fitness Operator of the Year: Steve Kindler, Jr. - National Fitness Partners Developer of the Year: Tim Kelleher - Taymax Group Today the brand has over 2,000 locations system-wide. Both franchising units and company-operated stores have increased. Benson is back on the board of Planet Fitness In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. - In currency of the United Kingdom, the investment comes around 694,900 to 3,040,600. This influences which products we write about and where and how the product appears on a page. 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. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a. takes you straight to the source. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. Lets get started. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. 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 . 8. Pre-qualified offers are not binding. [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. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. All told, their gyms boast over 14 million members worldwide. Annually Updated with New Owners of Planet Fitness Locations in the USA. On this Wikipedia the language links are at the top of the page across from the article title. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. But perhaps most important to this process is interviewing current franchisees. Join now to become a registered PFIFC member and gain access to a wealth of information that will help you succeed as a Planet Fitness owner. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Prior to that, Ms. Gentilozzi served as Senior Vice President of Human Resources at Aropostale, supporting over 25,000 employees in 1,000 retail locations throughout the U.S., Canada, and Puerto Rico. At Yum! Initial franchise terms are 10 years. Franchise Owners Marketing Lists - Dataman Group Direct They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see the mustache commercial? 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. You must be logged in to view this form. Liquid Cash Requirement: $1,500,000. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. Top Fitness Franchises to Check Out - Franchise How This metric is the standard industry investment amount for a single unit franchise investment in this industry. Crunch isnt quite as widespread as Planet Fitnesscurrently, they have 300+ open locations in 29 states and five countriesbut with plans to open an additional 1,000+ locations, theyre growing quickly. Prior to joining Planet Fitness, Mr. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. 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. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. According to their website, Pure Barre is the oldest and most established barre studio out there.
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