This could be an indicator that franchisees are doing really well. Due Date: Paid monthly and annually. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Paul Barber joined Planet Fitness in October 2022 as the Companys Chief Information Officer. The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. Mr. Fitzgerald began his career at PepsiCo, where he held various leadership roles in finance and planning. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. In addition, he served as an online media manager for the University of Nevada, Reno. [24] Michael Grondahl, co-founder of Planet Fitness stepped down as CEO, and was succeeded by Chris Rondeau. Ms. Gentilozzi is a certified Senior Professional in Human Resources (SPHR). Share. 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. Cash Required $1,500,000. McCall Gosselin joined Planet Fitness in January 2013 and currently serves as SVP of Communications and Corporate Social Responsibility. Ms. Simmons has an MBA in Finance from the University of New Hampshire and holds dual Bachelors degrees in Economics and Sociology from Indiana University. [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. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. FranchiseComplaints.org Both franchising units and company-operated stores have increased. However, this ultra-famous franchise is the most expensive on this list, with an estimated upfront investment potentially reaching over $5 million. 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. Mr. Barber has over 20 years of experience in leadership experience across a variety of industries, most recently serving as the Senior Vice President of Information Technology at United Natural Foods Inc. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. Additionally, he held several leadership positions at Liz Claiborne, was Chief Financial Officer at Burlington Coat Factory, and served as Chief Operating Officer of Bath & Body Works. The graph includes a comparison against the Russell because there is no industry benchmark or line-of-business index for the fitness industry or a peer group that is publicly traded. Have questions? Planet Fitness has more members and locations than any other fitness brand. All financial products, shopping products and services are presented without warranty. If you are an individual with a passion for fitness and are willing to invest an amount ranging from $657,542 $2,105,322 or more, Orange Theory might be the right fit for you. [36], The company reports that as of 2019, there are 80 corporate-owned gyms, the rest independently owned and operated. Throughout his tenure at Dunkin Brands, Mr. Verizon Wireless, and Westin, just to name a very few. Fitness centers have experienced sustained growth since the post-economic crisis in 2009. In this role, he will lead the Companys technology evolution and strategy, focused on delivering technology solutions that will continue to enhance the member experience while optimizing infrastructure, data and operations for flexibility and scale. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. Net Worth Requirement: $3,000,000
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. Building in competition to workouts enhances ones motivation and keeps consumers coming back. 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 fitness center industry is mainly divided into two groups, either a specialized fitness boutique or a full-scale gym with multiple amenities and services. Sorry. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theorys system. An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. Owner WIRED Telcom 159 W 1st Street Oswego, NY 13126 Phone: (315) 326-3350 . 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. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. 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. The chain has over a thousand locations with over 400 units outside the US. . He joined Planet Fitness in 2016 as the Senior Vice President of Franchise Operations. Paid by you to advertisers or Planet Fitness if it elects to collect from you. https://www.palmbeachpost.com/story/business/2012/05/19/at-youfit-health-clubs-patrons/7332606007/, "Planet Fitness headquarters moving to Hampton", "Planet Fitness Sets New Membership Records", "4 international franchises that landed Down Under in 2019", "The fastest-growing gym in America has $10 memberships and gives out free pizza, bagels, and candy", "Fit for franchising: From first gym in Dover, Planet Fitness building big brand", https://www.franchise-info.ca/franchise_news/2014/01/how-planet-fitness-became-the-leader-in-fitness-franchising.html#.Y-Hc-BZMEWM, "How Planet Fitness Became the Leader in Fitness Franchising - News", "Marc Grondahl of Planet Fitness: How a Lean Business Model Became a Franchise Heavyweight", "YouFit Health Club expanding across South Florida, around nation | The Starting Gate", "No-frills gym offers fitness without flash", "Fast and Serious: FT ranks the smartest-growing brands", "Franchise Players: We Were Planet Fitness's First Franchisees. Owning a fitness franchise is a fantastic way to enter into the multi-billion dollar fitness industry. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. As a franchisee, youll be required to pay 6% in royalty fees and 2% in marketing fees. You must maintain your equipment according to Planet Fitness brand standards. 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. Ad Royalty Fee: $300/mo. By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. Brand fund contributions (aka advertising fees) are 2% of monthly gross sales, though they may be increased to 3%. [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. [54][55] Also in 2016, the company donated more than $1 million to the program. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. Upon your submission of your Construction Development Plans for our approval, Point of Sale Support, Processing and Account Management Services Fees, $149-$199 plus processing and credit card fees based on the number of transactions processed per month or number of eligible accounts enrolled in collections. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym.
This metric is the standard industry investment amount for a single unit franchise investment in this industry. has over 8,900 franchises across the country. NerdWallet strives to keep its information accurate and up to date. The name came from his daughter's school project, "Fitness Planet". Today the brand has over 2,000 locations system-wide. All financial products, shopping products and services are presented without warranty. This routine is an 18-minute HIIT workout that targets cardio and endurance. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. There are very few reasons why one might want to open a Planet Fitness franchise. The total investment ranges from $728,290 to $3,777,800. When evaluating offers, please review the financial institutions Terms and Conditions. Looks like your subscription is due. [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. ? Prior to Planet Fitness, Ms. Gosselin worked at Dunkin Brands on the global public relations team. 1,600+ locations open and we're just getting started! 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. Your Royalty payment is currently based on the total gross monthly and annual membership fees for the, You must maintain your equipment according to, Your actual costs may be higher or lower depending on the size of your, You must maintain the franchise premises according to, Franchise Disclosure Document (FDD) Database, Your Lender; Approved Suppliers; Our Affiliate, Paid to various media companies and other third parties to promote the opening of your business, Computer System, Point of Sale System, and other Supplies, Utilities, banks/credit card companies, leased equipment vendors, alarm company, telephone company, Your Out-of-Pocket Initial Training Expenses. 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. They provide an affordable, high-quality fitness experience in a welcoming environment. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Initial investments: $969,600 - $4,242,500
Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. Kick off your search with this list of nine of the most promising gym franchises to buy. Initial franchise fee: $32,000 to $40,000, Estimated total initial investment: $2.2 million to $5 million. It offers classes for dance, aqua, cycle, box, pilates, and many more. 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. Our partners cannot pay us to guarantee favorable reviews of their products or services. This large discrepancy indicates the potential different costs you could face when building your Orange Theory franchise as a franchisee. [17] They also dramatically reduced prices to compete against better-known brands.