You must be logged in to view this form. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. in Pilates. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets. However, this does not influence our evaluations. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Pre-qualified offers are not binding. In addition, he served as an online media manager for the University of Nevada, Reno. Due Date: Paid monthly and annually. 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 joining Planet Fitness, Ms. Simmons worked in Finance and Business Planning roles for Timberland, PepsiCo, and Fisher Scientific International. JLM Financial Partners, Austin, Texas, and Eagle Merchant Partners, Atlanta . [47] The contestants on the show worked out on Planet Fitness equipment and then at Planet Fitness gyms near their homes, working with Planet Fitness instructors. 1,600+ locations open and we're just getting started! Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . Fitness franchises are currently booming with the largest franchises globally being Anytime Fitness and Planet Fitness. Although gym franchises require that the owner has previous management experience, most dont require experience in the. Estimated total initial investment: $198,650 to $446,250. Mr. ODonnell has nearly 20 years of experience in a variety of finance and accounting roles. Initial term lengths last 10 years. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. There are some units of Planet fitness franchisees making more than that or some making less than that. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. Prior to joining Planet Fitness, Mr. She received her Bachelors degree from Eastern Connecticut State University. 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. Throughout his tenure at Dunkin Brands, Mr. 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. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. According to Franchise Direct, the initial franchise fee is $20,000, while the area development fee is $10,000. The initial Planet Fitness Franchise Fee is $20,000. Even more reason to consider investing in a gym franchise? Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Classroom Training: 80 hours
LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . Previously, she served as Head of Marketing and Sales for Zipcar, the worlds leading car-sharing network, where she was a key member of the executive leadership team responsible for demand and revenue generation and all marketing functions. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. All told, their gyms boast over 14 million members worldwide. Join PFIFC Verizon Wireless, and Westin, just to name a very few. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. Comment. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. She received her Bachelors degree in Public Communications from American University in Washington, DC, and served on the Board of Directors for the Boys & Girls Clubs of Manchester, NH. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. We now have: 2,400+ locations open (and we're just getting started!) From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. 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. To assign a valuation multiple for Planet Fitness franchises, we leverage estimates from DealStats, a database of acquired private company transactions sourced from U.S. business brokers and SEC filings. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. Initial term lengths last 10 years. - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. Ad Royalty Fee: $300/mo. Franchising Since: 2000. 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. The Grondahls changed the gyms name to Planet Fitness in 1994. ? 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. The graph includes a comparison against the Russell because there is no industry benchmark or line-of-business index for the fitness industry or a peer group that is publicly traded. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. Before the pandemic, it was growing at a rate of approximately 200 units a year, which is impressive. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. Net Worth Requirement: $3,000,000
[13] The new model was an effort to provide a fitness hub for everyday people. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. Year Business Began: 1992. - In currency of Germany, the investment comes around EUR 805,430 to EUR 3,524,180. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. 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. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. 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. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. [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. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Estimated total initial investment: $303,000 to $499,850. Benson, who co-founded the former Cabletron Systems, once the . In this role, he is responsible for all aspects of financial strategy and management. If you acquire rights under our Area Development program, you will pay an Area Development Fee equal to $10,000 per location to be developed under the Area Development Agreement when you sign the Area Development Agreement. Currently, the. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. 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 financial products, shopping products and services are presented without warranty. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Robert Beaupre leads the SMB team at NerdWallet. 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. You have to pay this upfront fee when opening a Planet Fitness franchise. The prospects for growth and success within the industry and the Orange Theory brand itself, are extensive, and some markets continue to be available as they move forward with growing their presence across the country. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. 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. The franchise requires that candidates have access to over $90,000 in liquid capital, and a minimum net worth of $300,000. 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. industry. 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. [22] In 2010, Men's Health magazine called Planet Fitness "the worst gym in America. You may need additional operating capital, or you may need it for a longer period of time. 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. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Prior to Jiffy Lube, he served on Shells global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America. This metric is the standard industry investment amount for a single unit franchise investment in this industry. Paid Grace Period. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. This routine is an 18-minute HIIT workout that targets cardio and endurance. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. 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). Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. At Yum! Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. 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. 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. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. 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. He began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. ", "Planet Fitness revokes woman's membership after transgender complaint", "Planet Fitness Has New Investor; Promotes Rondeau To CEO", "Former Radio Shack CFO Fills Planet Fitness Hole", "Planet Fitness goes public, hits mark in first day of trading", "Ranking America's Best And Worst Franchises: Which Are The Best Investments? Sherrill Kaplan joined Planet Fitness in June 2021 as Chief Digital Officer. Lead Assigning Editor | Small business finances, investing, banking. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. 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. 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 addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Initial franchise terms are 10 years. 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. Even though its smaller than Pure Barre. 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. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. Then, you will be in compliance with the LAF requirement if you spend an amount that satisfies the LAF obligations for all the Planet Fitness businesses in the aggregate.
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