Initial term lengths last 10 years. 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. 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. Mr. Hymes started his career at Kmart Corporation, where he worked his way up the ranks starting as an hourly store team member and entered management after graduating with a Marketing degree from Northwest Missouri State University. In 2020, he joined the International Franchise Association (IFA) Board of Directors; board members are drawn from a world-class set of franchise brands. 1- Based on a midpoint investment of $3,273,300 with estimated profits of $77,293 at a 5% profit margin it would take about 42 years to recoup your investment. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. Rated Excellent on TrustPilot with feedback from 50+ customers. 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. [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. Franchising began one year later, and today Orange Theory studios can be found in 18 countries, and across 49 states. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. 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. Lead Assigning Editor | Small business finances, investing, banking. 4. Robert Beaupre leads the SMB team at NerdWallet. was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. Even after the pandemic hit, it continued to grow at a rate of over 100 units. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the Planet Fitness business that are due and payable to you each month and annually, as applicable, by or on behalf of your members through authorized EFT withdrawals (the EFT Dues Draft), regardless of the amount of membership fees you collect. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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. Mr. ODonnell holds a CPA and received his Bachelors degree in Accounting from Assumption College in Massachusetts. Initial term lengths last 10 years. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. There are very few reasons why one might want to open a Planet Fitness franchise. 1. [49] [50], Since 2015, Planet Fitness has been a personal sponsor of NASCAR driver and champion Joey Logano. 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. It is important to talk to other franchisees and see what their costs were for leasehold improvements and construction. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Royalty fees and advertising fees are generally calculated as a percentage of gross sales in franchise agreements, but Anytime Fitness rates are flat from month to month, which makes it easier for you to plan and organize your expenses. Paid Grace Period. service, Computer System. 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. 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. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. If you can name a franchise business, it's probably on our Franchise owners marketing list. ASK QUESTIONS ABOUT THE FRANCHISE, Distributorship Opportunities For Business, the terms of The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Due Date: Paid monthly and annually. According to their website, Pure Barre is the oldest and most established barre studio out there. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. The second Toronto location opened in early 2015. 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. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. ", "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? Call (888) . [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. 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. Burn Boot Camp The Area Development Fee is uniform and non-refundable. 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. Orangetheory Fitness provides a totally unique (and seriously hard) group workout experience. You'll also benefit from . Then, the last four workouts in the program will take place in the gym and you'll learn how . 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. 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 Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. 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. 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. Participants are given heart-rate monitors, and their results are displayed on screens throughout the room over the course of this hour-long, interval-based, coach-led workout. [52], In March 2016, Planet Fitness partnered with STOMP Out Bullying,[53] a national organization dedicated to bullying prevention, and the Boys & Girls Clubs of America to launch the company's national philanthropic initiative to address bullying, The Judgement Free Generation. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . 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. The most popular workout model from Snap Fitness is known as MYFIT. The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. With this purchase, which was for an undisclosed amount, United PF's club count has . Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. 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. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. Over the last three years, franchises have opened at a rate of 148 units a year. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart . 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. Theyll provide you with a personal support team, comprehensive training, and marketing support over the course of your franchise agreements six-year term (or 10, if youre in California). United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. 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. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. 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. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. 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. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. 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 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. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. After establishing a strong reputation across the fitness industry, Latham decided to seek a larger challenge and transitioned from the study of physiology to owning a gym that implemented a business model that remains in place across all studios to this day: offering trainer-led group workout sessions, which are broken into intervals of cardiovascular and strength training. NerdWallet strives to keep its information accurate and up to date. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. Franchising Since: 2000. FranchiseComplaints.org 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. Prior to that he served as the Chief Operating Officer since 2003. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. [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. Previously, Mr. Fitzgerald served as Chief Administrative Officer of Sears Canada. For those looking to get started with a Planet Fitness franchise, it's important to factor in all of these costs so that you have a clear understanding of the total investment required. While this may be the business for you, make sure also to check out other companies offered on Vetted Biz and in the Fitness Industry. [15], Rondeau and the Grondahls recognized that there was a greater opportunity to serve a much larger segment of the population if they changed the gym environment, both in attitude and format, by creating a non-intimidating, low-cost model. Mind that the franchise requirements for sale could be different depending on the format and scope of business. Franchise fee: one-time $42,500 Royalty fees: $699/mo Planet Fitness Planet fitness has locations in Canada, Mexico, Panama, and all 50 states of the US. When evaluating offers, please review the financial institutions Terms and Conditions. Bringing Franchise Owners Together to Share and Grow. Youre about to cancel your subscription. Even more reason to consider investing in a gym franchise? He also currently serves on the Board of Directors of the NH/VT/ME Region of the American Red Cross and the Business & Industry Association of New Hampshire. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). Looks like your subscription is due. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. [41][42] In October 2015 the company opened their second international location in Santo Domingo, Dominican Republic. This metric is the standard industry investment amount for a single unit franchise investment in this industry. Order now to get instant access to the complete Planet Fitness franchise owners. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. It was founded in 2001, began franchising in 2008, and currently has over 120 locations in 26 states. This influences which products we write about and where and how the product appears on a page. Thanks to that near-legendary status in the fitness world, and their loyal customers, Jazzercise has over 8,900 franchises across the country. 6.4 miles away from Planet Fitness. Even if your network of Planet Fitness franchises earns above $% a million, you will not be able to recover costs just by selling it. ", "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. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Estimated total initial investment: $198,650 to $446,250. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. There are tons of gym franchises seeking new location owners, but this list represents nine of the most promising gym franchises on the market right nowbased mainly on name recognition, growth rate, and franchisor support system. 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. Benson, who co-founded the former Cabletron Systems, once the . She received her Bachelors degree from Eastern Connecticut State University. Both franchising units and company-operated stores have increased. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. [54][55] Also in 2016, the company donated more than $1 million to the program.
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