- In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. 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. She received her Bachelors degree from Eastern Connecticut State University. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. Prior to that, she served as the Vice President of Digital Marketing & Innovation at Dunkin Brands where she was responsible for developing and marketing Dunkins digital platforms, including the DD Mobile app and the DD Perks loyalty program. 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. At the moment we can not connect you to the representative of this franchise. 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. service, Computer System. Lets get started. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. 1),[16] and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness No. List to Contact Planet Fitness Franchise Owners - Planet Fitness Owners Contact List. But buying into a gym franchise is a less risky venture than building a gym from the ground up. We now have: 2,400+ locations open (and we're just getting started!) Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Annually Updated with New Owners of Planet Fitness Locations in the USA. Call (888) . There are both advantages and disadvantages of franchising, so make sure you weigh both sides thoroughly. Share. All financial products, shopping products and services are presented without warranty. [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. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. West Hampton, NH 03842, USA, Interested? Today, there are Planet Fitness franchise locations around the U.S. as well as Canada and the Dominican Republic. 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. [25][26] The company went public on August 6, 2015. Mr. Fitzgerald has over 30 years of leadership experience in financial management in the retail industry, most recently serving as Chief Financial Officer and Senior Vice President at Potbelly Sandwich Works. [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. 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. If a fitness business with a franchise sounds good, heres nine of the most promising options for a gym franchise. 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. [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. [19] According to a Planet Money episode from 2014, "half of the Planet Fitness members don't ever go to their gyms. * The data above, compiled from the Planet Fitness FDD (Franchise Disclosure Document) 2020, represent the estimated financial range for the initial setting up and first 6 months of operation for a new Planet Fitness gym. The Area Development Fee is uniform and non-refundable. "[23], In the fall of 2013, TSG Consumer Partners LLC became an equity partner in the Planet Fitness franchise. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Mr. Barber holds a B.S. 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. 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Ms. Kaplan holds a B.S. [13] The new model was an effort to provide a fitness hub for everyday people. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. The Planet Fitness initial franchise fee is $20,000. Browse 1000s of reports on 1000s of franchise systems. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. Comment. Estimated Number of Units: 2,300. Rated Excellent on TrustPilot with feedback from 50+ customers. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. 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. After four years the Initial Franchise Fee for each location opened under the Area Development Agreement will be equal to then-current Initial Franchise Fee being charged to new franchisees. Prior to that, he served as the Director and General Manager of internet startup Kozmo, where he was responsible for new market development and operations. Bill Bode serves as Division President, U.S. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". [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. The concept currently has over 1,000 franchises in the United States and another 150 international locations and is a subsidiary of Ultimate Fitness Holdings. You must maintain the franchise premises according to Planet Fitness brand standards. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO Chris Rondeau, who was still in college at the time, to run the gyms front desk. Greater of $60,000 or 7% of the total gross monthly membership fees payable to you via EFT in a quarter, and the greatest of $5,000 or 3% of the total gross monthly membership fees payable to you via EFT in a month. 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. Even though its smaller than Pure Barre, The Bar Method franchise is growing quickly: In 2018, The Bar Method saw a 118% growth rate. Even more reason to consider investing in a gym franchise? She is based in Santa Monica, California. Considering its massive brand recognition, the initial investment required to open a UFC Gym franchise is relatively low. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. 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. Prior to that he served as the Chief Operating Officer since 2003. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Performing this action will delete your account. 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 Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. Our research and analytics team analyzed over 120 franchise concept investment breakdowns in order to calculate this figure. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. 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). [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. This investment is much higher than the industry standard of $253,000. Ms. Gentilozzi has more than 30 years of Human Resources leadership experience at national retail brands, most recently serving as Executive Vice President of Human Resources at FULLBEAUTY Brands where she led all HR initiatives to support 2,000 associates. -In thousands and rounded; represents electronic funds presented for draft for the 12 months of calendar year 2019 and 2020, respectively. 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. The Initial Franchise Fee is uniform and non-refundable. 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. Net Worth Requirement: $3,000,000 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). This information may be different than what you see when you visit a financial institution, service provider or specific products site. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. 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. 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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). So how do we make money? 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. Their website reads, We are not currently accepting new franchisee applications for US expansion.. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. 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. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. [10][7], Berks had started his own Planet Fitness gym in 1993 in Sunrise, Florida, and eventually expanded it to three clubs, along with a Gold's Gym franchise. 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. When you go to sell a Planet Fitness franchise based on the median multiple of .67 and net sales in 2021 of $1,545,877, it would sell for $1,035,737. This metric is the standard industry investment amount for a single unit franchise investment in this industry. It offers classes for dance, aqua, cycle, box, pilates, and many more. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. 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. Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. Mr. Rondeau also received an honorary doctorate degree from Philadelphia University and received the Universitys honorary innovation medal. "I decided I didn't want to deal with that crowd, so that's when I opened the original Planet Fitness club in Sunrise, Florida, in 1993." Benson, who co-founded the former Cabletron Systems, once the . 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. [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. 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. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. The most popular workout model from Snap Fitness is known as MYFIT. Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. 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. Planet Fitness Franchise Cost The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 - $4,921,000. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. The fitness center industry is mainly divided into two groups, either a specialized fitness boutique or a full-scale gym with multiple amenities and services. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. You must maintain your equipment according to Planet Fitness brand standards. 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. Planet Fitness franchise was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. Initial franchise fee: $54,950 to $59,950, Estimated total initial investment: $563,529 to $999,121. 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. Over the last three years, the company has been expanding. Estimated total initial investment: $198,650 to $446,250. Your actual costs may be higher or lower depending on the size and location of your Planet Fitness business. 1 comment. Its also a good idea to reach out to at least a few former Planet Fitness franchisees to find out why they left or were terminated from the franchise system. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. 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. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. All reactions: 8. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. This, too, is best evaluated with the help of an accountant or business lawyer, who can help you break down the fine print. These numbers indicate that potential earnings can vary significantly, and it depends on factors such as locations and how well the business is run. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. He held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services . "[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.
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