[11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. 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. has over 8,900 franchises across the country. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. Rated Excellent on TrustPilot with feedback from 50+ customers. 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. All reactions: 8. 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 . Franchise candidates can expect to pay anywhere between $354k to $1.2m. 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. Prior to joining Dunkin' Brands, he was a Dunkin' Donuts franchisee in Richmond, VA. Tom Fitzgerald joined Planet Fitness in 2020 as the Companys Chief Financial Officer. All told, their gyms boast over 14 million members worldwide. [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. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. 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. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. Get in touch with Planet Fitness Owners from around the US with verified contact data for all owners of all Planet Fitness locations. Ultimately, the only way to know which gym franchise is right for you is to do your own due diligence. Performing this action will delete your account. The most popular workout model from Snap Fitness is known as MYFIT. 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. Except for signage, Planet Fitness will not require substantial remodeling more often than every 5 years during the term of the Franchise Agreement. Estimated Number of Units: 2,300. [56][57][58] Planet Fitness has also provided mini "Judgement Free Zone" gyms to Boys & Girls Clubs in Manchester, New Hampshire[59] and Pasadena, California. in Pilates. Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. All financial products, shopping products and services are presented without warranty. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. Jennifer Simmons joined Planet Fitness in 2013 as a business analyst, later joining the executive leadership team as Senior Vice President of Business Strategy and Analytics and in 2022 was named Division President, Corporate Clubs. [54][55] Also in 2016, the company donated more than $1 million to the program. Their popularity mostly comes down to their unique business model: All Anytime Fitness locations are open 24 hours a day, seven days a week, and members can access any of those 4,000+ locations no matter where they are in the world. Over the last three years, franchises have opened at a rate of 148 units a year. ", "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? 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. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. [17] They also dramatically reduced prices to compete against better-known brands. 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. "[30] They stated that they were unable to stop the pre-scheduled payments on short notice, but would not charge future monthly dues until they reopen, and would also provide a credit for closed days previously paid for. 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. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. Lead Assigning Editor | Small business finances, investing, banking. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Currently, Golds Gym franchise has available markets in almost every state across the country, and select international opportunities. This covers the cost of being able to use their name and logo. After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. 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). Youre about to cancel your subscription. Mind that the franchise requirements for sale could be different depending on the format and scope of business. - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. In this role, he leads all aspects of our U.S. She is based in Santa Monica, California. 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. Pre-qualified offers are not binding. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. 1 comment. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. 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. Planet Fitness Independent Franchisee Council Join Us Today! Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance. 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? Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. The second Toronto location opened in early 2015. 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. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. [13] The new model was an effort to provide a fitness hub for everyday people. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. Please scroll down for a partial list of franchise businesses. Planet Fitness growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. 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 Jiffy Lube, he oversaw the strategic direction of the company, and managed franchise relationships to create a shared vision for the brand, drive network growth, and maintain Jiffy Lubes leading market share. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. When evaluating offers, please review the financial institutions Terms and Conditions. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. [32][33], Planet Fitness started franchising units in 2003. Mr. Hymes has over 30 years of experience leading domestic and international retail, franchise, and e-commerce businesses for global companies, most recently serving as the President and Chief Executive Officer of Jiffy Lube International. She has also held editing roles at LearnVest, a personal finance startup, and its parent company, Northwestern Mutual. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. You will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. "[22], As early as March 2015, the "Judgement Free Zone" policy was expanded to allow trans women to use the women's locker room. in Management Information Systems from Northwood University. Former Gov. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. 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. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. Estimated total initial investment: $1 million to $4.1 million. Mr. Barber holds a B.S. service, Computer System. Please confirm by clicking on the Cancel Subscriptionbutton below. Owning a UFC Gym means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. Ms. Medeiros received her Bachelors degree from the University of New Hampshire. You'll also benefit from . Your actual costs may be higher or lower depending on the size of your Planet Fitness business, the volume, and usage of your members, or changes in the market. Currently, the. 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 You may need additional operating capital, or you may need it for a longer period of time. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. In other words, franchising takes most of the heavy lifting off your shoulders. 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. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). Estimated total initial investment: $304,500 to $2.1 million. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. On this Wikipedia the language links are at the top of the page across from the article title. This influences which products we write about and where and how the product appears on a page. 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. There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. But perhaps most important to this process is interviewing current franchisees. Initial franchise terms are 10 years. Liquid Cash Requirement: $1,500,000. [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. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. [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.
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