planet fitness franchise owners list
The initial Planet Fitness Franchise Fee is $20,000. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. Throughout her tenure, she has held roles of increasing responsibility, with her most recent position being Vice President of National Marketing. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. NerdWallet strives to keep its information accurate and up to date. Throughout her tenure with Planet Fitness, Ms. Simmons built the Business Strategy and Analytics functions from the ground up, leveraging data, analytics and insights to develop and drive Planet Fitness overarching corporate strategy, propel the business forward, and reinforce the brands industry leadership position. 4. Youre about to cancel your subscription. That said, as of June 2022, Planet Fitness has paused offering franchises. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Additional Training: Ongoing training Bringing Franchise Owners Together to Share and Grow. Initial franchise fee: $30,000 to $50,000, Estimated total initial investment: $100,000 to $2 million. 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. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . Estimated annual transaction costs per location range from $9,000- $72,000, Equal to 50% of our then-current initial franchise fee. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. [3] The company reports that it has around 2,400 clubs,[4] making it one of the largest fitness club franchises by number of members and locations. But buying into a gym franchise is a less risky venture than building a gym from the ground up. 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. 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. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. This covers the cost of being able to use their name and logo. Liquid Cash Requirement: $1,500,000. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. Year Business Began: 1992. 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. Estimated total initial investment: $2,405 to $3,200. Kick off your search with this list of nine of the most promising gym franchises to buy. Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. In addition, he served as an online media manager for the University of Nevada, Reno. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 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. In her role as Chief Brand Officer, she is responsible for leading Planet Fitness brand strategy and working collaboratively with agencies and across the organization to ensure the brand vision comes to life through national and local marketing strategy, creative, brand marketing sponsorships and activations, and social media. Planet Fitness franchise is growing, and it is growing fast. The Initial Franchise Fee is uniform and non-refundable. 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. All financial products, shopping products and services are presented without warranty. HAMPTON, N.H., Jan. 11, 2022 - Planet Fitness, Inc. (NYSE: PLNT ), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced today it has signed a definitive agreement to acquire Sunshine Fitness Growth Holdings, LLC ("Sunshine Fitness"), a leading owner and Even though its smaller than Pure Barre. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Franchise. At Yum! 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. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). Headquarters: Hampton, New Hampshire. She is based in Santa Monica, California. 2% of the total gross monthly EFT Dues Draft. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. He has covered financial topics as an editor for more than a decade. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. You have to pay this upfront fee when opening a Planet Fitness franchise. She played a pivotal role in creating breakthrough nation marketing campaigns that have built the brand over the past two decades, including iconic advertising campaigns like Lift Things and No Gymtimidation, along with pillar marketing sponsorships like the brands New Years Eve celebration in Times Square. All reactions: 8. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. FranchiseComplaints.org 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. If you can name a franchise business, it's probably on our Franchise owners marketing list. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. Net Worth Requirement: $3,000,000 [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. Pre-qualified offers are not binding. Our partners compensate us. [44][37] In 2016, over 90% of Planet Fitness locations were opened by existing franchise owners. Franchise Sales Manager Planet Fitness 4 Liberty Lane West Hampton, NH 03842 Phone: (603) 750-0001 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. 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. 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. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. 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. The Planet Fitness initial franchise fee is $20,000. 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. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. 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. Craig Benson has rejoined the board of directors of Planet Fitness, a national gym chain based in Hampton in which he is a substantial franchisee and which uses software from a company that Benson partly owns, according to a Securities and Exchange Commission filing. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. Orange Theory is currently headquartered in Boca Raton, FL, and is run by its CEO Dave Long who previously served as the main developer and owner of the European Wax Center. The biggest expenses in the additional costs section are leasehold improvements and construction costs which vary greatly from $1,250,000 to $2,163,000. 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. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. 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. Benson, who co-founded the former Cabletron Systems, once the . Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Planet Fitness Franchise Owners Contact List $ 149 Add to cart; GNC Franchisee Owners List $ 129 - $ 179 Select options; Club Pilates Franchisee Owners List $ 99 Add to cart; Golds Gym Franchisee Owners List 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. 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. [54][55] Also in 2016, the company donated more than $1 million to the program. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. We offer detailed franchise research and contact data reports. [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. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. 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. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. Initial investments: $969,600 - $4,242,500 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. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. [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. 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. All initial fees are the same for both initial and conversion franchises. Find other similar franchises in our catalog! Mind that the franchise requirements for sale could be different depending on the format and scope of business. Total Investment $728,290 - $3,777,800. 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? Ongoing Royalty Fee: $449 - $549/mo. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. Verizon Wireless, and Westin, just to name a very few. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. 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. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Prior to that he served as the Chief Operating Officer since 2003.
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