We believe everyone should be able to make financial decisions with confidence. The total investment ranges from $728,290 to $3,777,800. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. 2- Based on a midpoint investment of $3,273,300 with estimated profits of $154,587 at a 10% profit margin, it would take about 21 years to recoup your investment. - In Saudi Arabia currency, the investment comes around SR 3,64 million to SR 15,91 million. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. All financial products, shopping products and services are presented without warranty. [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. 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. 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. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. Ad Royalty Fee: $300/mo. Plus, that smaller pool of franchisees means each one receives more personalized support from the company. United PF Partners, the largest Planet Fitness franchisee, has acquired a 19-club Planet Fitness franchisee in the Phoenix market, the company announced. 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. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. All reactions: 8. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. 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. The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfo. Justin Vartanian serves as General Counsel and SVP, International Division overseeing all legal matters and international development. Ongoing Royalty Fee: $449 - $549/mo. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. [7] They eventually closed that original location, opened a gym called Coastal Fitness and brought on a third partner, current CEO Chris Rondeau. Annually Updated with New Owners of Planet Fitness Locations in the USA. Prior to joining Planet Fitness, Mr. Whether youre a gym rat yourself or youre passionate about helping others achieve their health goals, starting a fitness business can be a dream gig for health-conscious entrepreneurs. 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 [17] They also dramatically reduced prices to compete against better-known brands. Franchise fee: one-time $10,000 for a 10-year renewable agreement. NerdWallet strives to keep its information accurate and up to date. Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. 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 . Their website reads, We are not currently accepting new franchisee applications for US expansion.. Prior to Dunkin, she worked at various communications agencies in both Boston and Washington, DC on behalf of various leading retail brands. This metric is the standard industry investment amount for a single unit franchise investment in this industry. Depending on the location and pre-existing structure that is being purchased, you could see your expenditure being on the lower or higher end of this spectrum. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. Benson, who co-founded the former Cabletron Systems, once the . We provide estimated franchise costs for some countries: Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. Airfare, ground transportation, meals, lodging, Government agencies and bonding companies, Payroll, debt services, ongoing pre-sale/grand opening marketing, and cash to cover miscellaneous day-to-day expenses, Estimated Selling Price = Net Sales * 0.67, Estimated Selling Price = Net Sales * 1.21. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia [17], As part of their effort to create a non-intimidating environment, Planet Fitness has alienated many serious weight lifters. Find other similar franchises in our catalog! All initial fees are the same for both initial and conversion franchises. The highest Planet Fitness franchise made over 3 million dollars in revenue, whereas the lowest earning one made $165,000. Ms. Gosselin was named a Top Woman in PR by PR News in 2020. When evaluating offers, please review the financial institutions Terms and Conditions. Thanks to that near-legendary status in the fitness world, and their loyal customers. Even more reason to consider investing in a gym franchise? 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 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. So if you also find fun to be your major motivating factor, Crunch might be the right gym franchise opportunity for you. 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. Here is a list of our partners. Franchise. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. [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. [34] The royalty fee for a Planet Fitness is 7% of the total gross monthly and annual membership fees. * 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. Pre-qualified offers are not binding. Review the chart below to see how much it costs to buy a Planet Fitness franchise in 2022. Lets get started. Comment. 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. 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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. 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. Over the last three years, franchises have opened at a rate of 148 units a year. 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. Kick off your search with this list of nine of the most promising gym franchises to buy. In this role, he is responsible for all aspects of financial strategy and management. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. In addition to standard gym fare, Anytime Fitness locations offer a range of classes and services, like yoga, spin, cardio, Zumba, and personal training. Join PFIFC - In Malaysian currency, the investment comes around MYR 3,93 million to MYR 17,21 million. He began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. Orange Theory Franchise was founded in Boca Raton, Florida in 2009. Currently, the. That said, as of June 2022, Planet Fitness has paused offering franchises. The total investment to open a Planet Fitness gym ranges from $728,290 - $3,777,800. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. The owner of the franchise (the franchisee) is expected to be involved in all aspects of day-to-day operations. Verizon Wireless, and Westin, just to name a very few. Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. This investment is much higher than the industry standard of $253,000. [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. Mr. Rondeau joined Planet Fitness in 1993, working the front desk at the very first location in Dover, NH, one year after the original founders, Michael and Marc Grondahl, started the Company in 1992. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. Mr. Fitzgerald holds an MBA in Finance from Indiana University Kelley School of Business and received his Bachelors degree in Finance from the University of Florida. The name came from his daughter's school project, "Fitness Planet". Orange Theorys success is quite similar to Pelotons rise to fame. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback.