How much does it cost to open a Planet Fitness franchise?
The estimated total investment necessary to begin the operation of a Planet Fitness Franchise ranges from $1,625,600 – $4,921,000. The following costs are part of the upfront costs included in the initial investment for Planet Fitness locations. Many of these are one-time fees that are needed to launch the franchise.
Who is the franchisor of Planet Fitness?
Franchise Description: Pla-Fit Franchise, LLC is the franchisor. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services, related services and ancillary goods.
What makes Planet Fitness different from other gyms?
The Planet Fitness franchise sets itself apart from other gyms by being the "Judgement Free Zone" where everyone can feel comfortable working out no matter their fitness level. With state of the art equipment, weights and its signature 30-miunte Workout Circuit, anyone can get a great workout at a Planet Fitness facility.
What machines are on offer at Planet Fitness?
Short answer: Planet Fitness machines on offer include treadmills, chest press, shoulder press, seated leg press, and various crunch machines. Those are just a few examples. For more machines, read our detailed list of machines below. Need Easy Extra $300+/Month for Free? Daily Goodie Box: Want free stuff?
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How much does the average Planet Fitness owner make?
How Much Do Planet Fitness Franchise Owners Make?FRANCHISED ONLYBOTTOM THIRDUPPER THIRDAverage Annual EFT Revenue-$1,022,241$2,210,892Median Annual EFT Revenue-$1,050,049$2,098,704High Annual EFT Revenue-$1,316,182$4,370,9401 more row•Jul 19, 2022
How much is it to buy a Planet Fitness franchise?
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. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets.
Who owns the most Planet Fitness?
Top 10 Owners of Planet Fitness IncStockholderStakeShares ownedThe Vanguard Group, Inc.8.84%7,445,666SRS Investment Management LLC8.26%6,956,803BlackRock Advisors LLC5.73%4,829,494BlackRock Fund Advisors4.09%3,441,1016 more rows
Does Planet Fitness manufacture their own equipment?
Sale of equipment: Planet Fitness required franchisees to purchase equipment directly from them at a mark-up. Planet Fitness negotiates directly with the equipment manufacturer and uses its significant scale to obtain equipment at a lower cost than any individual franchisee could on their own.
What franchise is the most profitable?
Most Profitable FranchisesDunkin'7-Eleven.Planet Fitness.JAN-PRO.Taco Bell.Orangetheory Fitness.Great Clips.Mac Tools.More items...•
Is owning a gym franchise profitable?
Yes, fitness franchises offer great profits but not as much as you might think. According to Investopedia, most franchise owners take home around $50,000 per year, but about 7% of franchise owners earn more than $250,000 per year.
Who bought out Planet Fitness?
Shane McGuiness, co-founder and CEO of Sunshine Fitness, who has been an owner and operator in the Planet Fitness system for nearly 20 years, will now serve as President, Corporate Clubs, and will oversee operations of the combined corporate store portfolio.
Which state has the most Planet Fitness?
There are 2,249 Planet Fitness locations in the United States as of October 17, 2022. The state with the most number of Planet Fitness locations in the US is California, with 179 locations, which is about 8% of all Planet Fitness locations in the US.
Why are Planet Fitness colors purple and yellow?
The Planet Fitness color palette consists of four colors: black, purple, yellow, and white. The combination of black and purple creates a strong and confident feeling, while yellow adds energy and a progressive mood. The white of the nameplate is a symbol of unity and loyalty.
Who is Planet Fitness biggest competitor?
Planet Fitness's top competitors include Drop Fitness, and Naardic Training.
How much does Planet Fitness spend on equipment?
$34,000 to $953,000Fitness Equipment: $34,000 to $953,000 If you finance it, Planet Fitness estimates that the cost to make down payments on financed required fitness equipment for a new location generally ranges between $34,000 and $286,000.
How long does it take to build a Planet Fitness?
22,500SF tenant build-out during the construction of the building shell, built in 7 weeks (versus a typical duration of 12 weeks).
How long does it take to build a Planet Fitness?
22,500SF tenant build-out during the construction of the building shell, built in 7 weeks (versus a typical duration of 12 weeks).
What is the cost of McDonald's franchise?
Documents- ID cards, lease documents, etc. Franchise Investment Cost- In India, if anyone wants to start a McDonald's franchise in India, then their net worth should be between INR 10 to 15 Crore. Also, assets worth INR 5 Crore should be in the form of cash or liquid assets.
How does Planet Fitness make money?
Corporate-owned store segment revenue: Includes monthly membership dues, enrollment fees, annual fees, and prepaid fees paid by members, as well as retail sales. This source of income contributed $167 Mn (28%) to the total revenue of Planet Fitness in 2021.
What are the financial requirements for a potential franchisee?
Before being considered for the franchise investment, you might have to prove that you have a net worth of $100,000 or some other amount. Some large franchises require even larger net worth — into the range of $300,000 or more. This can be frustrating for some franchisees.
Background
When the COVID-19 pandemic hit, health came the forefront of everyone's minds. Data shows that those who were most impacted by this pandemic had comorbidities, such as obesity and diabetes. A way to get in better shape is going to the gym. This is where the Planet Fitness franchise comes in.
Support and Training Offered By Planet Fitness
In terms of support and training, the company offers two weeks of training at its headquarters. Additionally, the company also offers ongoing assistance in the form of advertising, a phone line, safety procedures, meetings, newsletters, and a grand opening event.
What is a Planet Fitness franchise?
Franchise Description: Planet Fitness Franchising LLC is the franchisor. Planet Fitness businesses are fitness training facilities offering exercise machines and free weights, fitness training services, tanning services, related services and ancillary goods. The franchisor offers for sale Planet Fitness franchises for new locations and for existing fitness facilities that want to convert to a Planet Fitness. The Planet Fitness franchisee must provide these services on a 24-hour-per-day 7-day-per-week basis unless prohibited by law or authorized by the franchisor in writing.
What is the training for Planet Fitness?
The initial training program consists of both classroom and hands-on training covering all facets of operations, including equipment operation and maintenance, cost control, inventory control and basic techniques of management. The franchisor will administer the initial training to franchisees in two specific phases: owner orientation and pre-sale and operations training. The franchisor may require franchisees’ owners or their employees to attend additional training courses during the term of the Franchise Agreement, whether conducted by the franchisor or a third party vendor it designates. The franchisor expects that the additional training required will not exceed two people attending more than two refresher training sessions of up to five days per calendar year during the term of the Franchise Agreement, but it may require franchisees to attend more training courses or franchise meetings when it reasonably considers them necessary.
How long is a franchise agreement?
Term of Agreement and Renewal: The length of the initial franchise term is 10 years from the date franchise es commence operations. A successor franchise may be granted if the franchisee meets the franchisor’s then-current requirements.
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Does franchising offer financing?
Financial Assistance: The franchisor does not offer direct or indirect financing. The franchisor does not guarantee a franchisee’s note, lease or obligation.