planet fitness franchise owners list
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. Golds Gym also requires that potential franchisees have a minimum of $1 million in net worth and $400,000 in liquid assets. Subscribe to our newsletters and keep up-to-date with the latest news in the franchise industry. [6], In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. [61], In January 2020, Planet Fitness partnered with The Biggest Loser to be the official sponsor of the show's 2020 reboot.[62]. He has covered financial topics as an editor for more than a decade. Owning a. means owning a portion of the fastest growing sport in the worlda truly future-proofed business proposition. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. Plus, the outlook for gym franchises is bright: According to a report by IBISWorld, the health and wellness boom over the past few years has led to a sizable increase in gym membership levels, which continues to grow. Previously, he was the Chief Technology Officer at Airline Report Corporation, where he modernized the technology needed to process billions of dollars in payments annually. Franchise Division including leading the operations, development and construction, vendor management and local marketing execution teams. Who Owns Planet Fitness? (Franchise, CEO & More) - Trusty Spotter [51] In April 2022, Planet Fitness appeared as a sponsor on a race truck for the first time in the 2022 Pinty's Truck Race on Dirt with Logano driving the truck. In her role as Chief Brand Officer, she is responsible for leading Planet Fitness brand strategy and working collaboratively with agencies and across the organization to ensure the brand vision comes to life through national and local marketing strategy, creative, brand marketing sponsorships and activations, and social media. How Much Does A Planet Fitness Owner Make? - drfranchises.com 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. All told, their gyms boast over 14 million members worldwide. The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. Lead Assigning Editor | Small business finances, investing, banking. 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. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. This investment is much higher than the industry standard of $253,000. [21] Some bodybuilders and weight lifters have found the way they're portrayed in Planet Fitness TV commercials to be offensive, and the way they're treated in Planet Fitness gyms to be "quite possibly discriminatory. Estimated total initial investment: $2,405 to $3,200. Call (888) 977-4374. Greater of $15,000 or 7% of the total gross quarterly EFT Dues Draft, Expended quarterly according to our Methods of Operations as per your advertising budget, Varies, maximum of 9% total gross monthly EFT Dues Draft, Our actual costs, which may range from $3,000 to $15,000. So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. 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 . Benson is back on the board of Planet Fitness Planet Fitness Franchise Owners Contact List Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. Royalty fees are 7% of the total gross monthly and annual membership fees, and advertising fees vary. Today the brand has over 2,000 locations system-wide. - In currency of the United Kingdom, the investment comes around 694,900 to 3,040,600. "[21] Planet Fitness has been criticized for prohibiting certain weightlifting exercisessuch as deadlifts and clean-and-jerksthat many experts believe are highly effective. Pre-qualified offers are not binding. [27], In February 2016, the franchise was added to the Franchise Times' "Fast and Serious" list of top franchises (No. These figures are estimates based on Planet Fitness and its affiliates experience in operating locations. 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. When evaluating offers, please review the financial institutions Terms and Conditions. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. 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. 9 Best Gym Franchises - NerdWallet - In Philippine currency, the investment comes around Php 47,15 million to Php 206,34 million. The franchise has locations in the United States, Canada, Dominican Republic, Panama, Mexico, and Australia. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. [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. [8][9][7] In 2002, they purchased the rights to the name Planet Fitness from Rick Berks and renamed their franchise. Theyll provide you with a personal support team, comprehensive training, and marketing support over the course of your franchise agreements six-year term (or 10, if youre in California). First, youll need to winnow down your list to only the gyms whose investment levels align with your financials, as well as your eligibility to secure franchise financing or gym financing. An offshoot of the (purportedly) $7 billion UFC brand, UFC Gyms offer MMA-inspired personal and specialized training, traditional and fusion martial arts classes, and youth fitness classes. [11][12] Berks had been catering to the bodybuilding culture in his Gold's Gym. In addition to offering their signature classes, Pure Barre studios also generate revenue through teacher training and selling premium workout clothes. Its the easiest way to get honest reviews from franchisees that have already invested in the franchise opportunities youre considering buying. Like Planet Fitness, Crunch Fitness prides themselves on creating an environment free of judgment (they actually trademarked the phrase No Judgments). At the moment we can not connect you to the representative of this franchise. 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. If you can name a franchise business, it's probably on our Franchise owners marketing list. 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. 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. Rated Excellent on TrustPilot with feedback from 50+ customers. Pure Barre has over 500 open locations across North America with tons of available studio markets in the U.S. Paid Grace Period. 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). [13] The new model was an effort to provide a fitness hub for everyday people. Point of Sale System, and other Supplies, Your Out-of-Pocket Initial Training Expenses, Operating Cash (Additional Funds Pre-Opening and first six months), $7% of the total gross monthly and annual membership fees payable to you via EFT Dues Draft, Internet Membership and Balance Payment Administration Fee, Set according to our Methods of Operations, presently 55 per membership application or balance payment we process for your franchise location, Fees to Evaluate and Approve Alternative Suppliers, Our reasonable costs and expenses, which currently are expected to range between $1,000 and $5,000, although costs could greatly exceed those amounts depending on the product, Will var under the circumstances: estimated insurance premiums for your first year are $10,000 to $20,000. Additional Training: Ongoing training Therefore, this may include substantial remodeling of your premises as frequently as every 5 years. The $10 per month level includes access to cardio and strength equipment, unlimited group fitness instruction and pizza and bagels once a month; the $24.99 per month ("Black Card") level allows members to bring one guest per day at no charge, access to all Planet Fitness locations, and access to extra amenities, such as tanning booths, massage chairs, red light therapy and water massage beds. Of the total gross monthly and annual membership fees payable to you via EFT Dues Draft. Now, youd be hard-pressed to find a gym franchise that doesnt offer some form of barre class, but owning a Pure Barre franchise takes you straight to the source. Please renew to keep using our services. SVP Communications and Corporate Social Responsibility, General Counsel and SVP, International Division. Burn Boot Camp 1 comment. Pure to Joseph Pilates' original Reformer-based Contrology Method, but modernized with group read more. All financial products, shopping products and services are presented without warranty. Benson, who co-founded the former Cabletron Systems, once the . Annually Updated with New Owners of Planet Fitness Locations in the USA. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. 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. Share. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. 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. PDF Together We Are Franchising In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. By contacting current franchise owners and asking about their experience with the franchised business, the earnings and/or success thus far, training and support from the franchisor, Pla-FitFranchise, and whether or not they would buy the franchise again if they could do it all over again, you can learn what its really like to own a Planet Fitness business before you actually purchase a franchise. Prior to joining the Company, Mr. ODonnell most recently served as Vice President of Finance and Chief Accounting Officer at Sonus Networks. This model has become extremely sticky in the fitness industry because while many people want to achieve their fitness goals, they innately lack motivation. Youre about to cancel your subscription. 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. [47], In March 2013, Planet Fitness partnered with 50 Cent to sell his energy drink "Street King". 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. Both of these fitness companies, while they differ in business models, use your own fitness data and others to create a competitive atmosphere. Initial investments: $969,600 - $4,242,500 This FREE 10-part progressive program will help you get movin'. With that accessible attitude in mind, Planet Fitness tries particularly to target the 80% of the American and Canadian population who dont have gym memberships. ", "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? is growing quickly: In 2018, The Bar Method saw a 118% growth rate. has opened over 4,000 locations on all seven continents. 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. Many of these are one-time fees that are needed to launch the franchise. 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. Performing this action will delete your account. An offshoot of the (purportedly) $7 billion UFC brand, UFC Gyms offer MMA-inspired personal and specialized training, traditional and fusion martial arts classes, and youth fitness classes. Absentee Ownership Allowed, Planet Fitness Franchise Info: https://www.planetfitness.com. [39][29][40], In December 2014, Planet Fitness opened its first international location in Toronto, Ontario, Canada. The Planet Fitness franchise was founded in 1992 and has been franchising since 2003. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC.