In this role, he oversees the Companys accounting and treasury functions. [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. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. We believe that this franchise is an option for those that are passionate about fitness and are willing to put in the hours to make the business run smoothly. There are some units of Planet fitness franchisees making more than that or some making less than that. 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. 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. Franchise fee: one-time $42,500 Royalty fees: $699/mo Planet Fitness Planet fitness has locations in Canada, Mexico, Panama, and all 50 states of the US. As can be seen, Planet Fitness stock has outpaced the S&P 500 by almost 2x. Along with Pure Barre, The Bar Method is one of the best-known barre studios in the country. 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. Many of these are one-time fees that are needed to launch the franchise. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. And in 2019, gym franchises specifically contributed $4 billion to the $34 billion gym, health, and fitness industry. Office Depot, Planet Fitness, Roto Rooter, Starbucks, Taco Bell, Travelers, and United Health Group. All told, their gyms boast over 14 million members worldwide. 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. Annually Updated with New Owners of Planet Fitness Locations in the USA. Please renew to keep using our services. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. If you can name a franchise business, it's probably on our Franchise owners marketing list. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. 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. At the moment we can not connect you to the representative of this franchise. The Fitness Center industry has over 111,000 businesses with a market size of $34 billion, and it supports over 800,000 jobs. Jamie Medeiros joined Planet Fitness in 2000, where she worked at the front desk in the Companys third location before transitioning to the Planet Fitness corporate marketing team. 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. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO. Initial investments: $969,600 - $4,242,500 Net Worth Requirement: $3,000,000 Liquid Cash Requirement: $1,500,000 Estimated Initial Investment 1,600+ locations open and we're just getting started! [15], Rondeau and the Grondahls recognized that there was a greater opportunity to serve a much larger segment of the population if they changed the gym environment, both in attitude and format, by creating a non-intimidating, low-cost model. Headquarters: Hampton, New Hampshire. Please confirm by clicking on the Cancel Subscriptionbutton below. Annually Updated with New Owners of Planet Fitness Locations in the USA. This FREE 10-part progressive program will help you get movin'. 2% of the total gross monthly EFT Dues Draft. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Prior to Potbelly, he served in varying executive roles at Charming Charlie Inc. including President and Chief Financial Officer, and Chief Administrative Officer. Ongoing Royalty Fee: $449 - $549/mo. 4 Liberty Ln. Planet Fitness competes in the Fitness market against big brand companies such as Orange Theory and Golds Gym. Call (888) . [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. 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. Prior to joining Planet Fitness, Mr. Vartanian was a corporate attorney at Devine Millimet. Join PFIFC All told, their gyms boast over 14 million members worldwide. In this role, he is responsible for all aspects of financial strategy and management. LearningRx Franchise Corporation 5085 List Drive, #200 Colorado Springs, CO 80919 Phone: (719) 264-8808 Liz Anderson . 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. Wed recommend meeting with your bank or accountant to help you determine which franchise is financially doable for you right now. Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. There are very few reasons why one might want to open a Planet Fitness franchise. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. We started our business in 1992 and refined our brand for a decade or so before franchising in 2003. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Robert Beaupre leads the SMB team at NerdWallet. In other words, franchising takes most of the heavy lifting off your shoulders. He has covered financial topics as an editor for more than a decade. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. The more franchises you own, the more earning potential you have as private equity firms become interested in your business instead of individual owner-operators. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. All reactions: 8. 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. 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. 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. 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. 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. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. Here is a list of our partners. The difficult part of this step of the franchise buying due diligence process lies in obtaining a current list of Planet Fitness franchise owners. While at Dunkin Brands, he helped lead the technology team that rolled out mobile ordering across 9,000 locations. Even more reason to consider investing in a gym franchise? [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. As an Orangetheory franchisee, youll be responsible for a monthly royalty fee of 8% of gross sales. "[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. 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. After establishing a strong reputation across the fitness industry, Latham decided to seek a larger challenge and transitioned from the study of physiology to owning a gym that implemented a business model that remains in place across all studios to this day: offering trainer-led group workout sessions, which are broken into intervals of cardiovascular and strength training. HAMPTON, N.H., Jan. 11, 2022 - Planet Fitness, Inc. (NYSE: PLNT ), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced today it has signed a definitive agreement to acquire Sunshine Fitness Growth Holdings, LLC ("Sunshine Fitness"), a leading owner and [14] Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since. 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.
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