Call (888) . Planet Fitness franchise is growing, and it is growing fast. 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. We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. 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). Kathy Gentilozzi joined Planet Fitness in 2019 as the Companys Chief People Officer. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. Our opinions are our own. 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. 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. [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. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. In her role as Division President, Corporate Clubs, Ms. Simmons will be responsible for leading the Company's Corporate Club portfolio including driving overall performance, leading and developing the team, and identifying strategic growth and expansion opportunities of the brand's corporate store fleet, which consists of more than 200 locations across 14 states and Canada. Estimated total initial investment: $304,500 to $2.1 million. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. 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. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. Initial term lengths last 10 years. 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. Currently, the Planet Fitness franchise has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. As a result, she has played an instrumental role in the major strategic decisions made by the Company. Call us direct at (855) 822-0912, Get Contact Details & Mailing List of Planet Fitness Franchisees, The difficult part of this step of the franchise buying due diligence. Performing this action will delete your account. 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. [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. All financial products, shopping products and services are presented without warranty. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. Even more reason to consider investing in a gym franchise? 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. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. 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. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. Franchise Description: Planet Fitness Franchising LLC is the franchisor.The ultimate parent company is Planet Fitness, Inc. You have to pay this upfront fee when opening a Planet Fitness franchise. [13] The new model was an effort to provide a fitness hub for everyday people. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. 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. You may need additional operating capital, or you may need it for a longer period of time. All told, their gyms boast over 14 million members worldwide. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. Planet Fitness Initial franchise fee: $20,000 Estimated total initial investment: $1 million to $4.1 million Planet Fitness trademarked the phrase "judgment free zone," so that alone. In her role as Chief Brand Officer, she is responsible for leading Planet Fitness brand strategy and working collaboratively with agencies and across the organization to ensure the brand vision comes to life through national and local marketing strategy, creative, brand marketing sponsorships and activations, and social media. - In Mexican currency, the investment comes around Peso 20,19 million to Peso 88,33 million. Previously, she served as Head of Marketing and Sales for Zipcar, the worlds leading car-sharing network, where she was a key member of the executive leadership team responsible for demand and revenue generation and all marketing functions. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Bode was also responsible for U.S brand compliance and business development along with leadership positions overseeing training, store development, marketing, and franchising. In this role, he leads all aspects of our U.S. [31], While Planet Fitness closed many facilities during the onset of the COVID pandemic, during the Delta and Omicron variants there was not a decrease in gym attendance. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. You must maintain your equipment according to Planet Fitness brand standards. Earlier in her career, Ms. Kaplan held several digital and marketing leadership roles at global brands including American Express and Citi, Inc. She serves as an independent member of the Fiesta Restaurant Group Board of Directors, as well as the Massachusetts Innovation & Technology Exchange (MITX). The board of directors at Planet Fitness is as follows: Stephen Spinelli, Jr. (Ph.D.), Chairman Chris Rondeau (CEO) Bernard Acoca Enshalla Anderson Craig Benson Cammie Dunaway Frances Gregg Rathke Christopher Tanco 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. Gym franchises dont get much more classic than Jazzercise, the high-intensity, dance-cardio fusion class that became a fitness mainstay during the 80s exercise boom. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. 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. The Initial Franchise Fee is uniform and non-refundable. To open a gym, a franchisee must have a net worth of $3 million with a minimum of $1,500,000 in liquid assets. Ongoing Royalty Fee: $449 - $549/mo. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. 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 . The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. We also suggest that you speak to 3 5 Planet Fitness owners before opening one yourself. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. 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. This influences which products we write about and where and how the product appears on a page. Verizon Wireless, and Westin, just to name a very few. [4], In October 2011, Planet Fitness reached an agreement with NBC to sponsor the network's reality show The Biggest Loser beginning with the 2012 season.
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