Steps on How to Get Planet Fitness Franchise
- Fill the application at the website. ...
- Wait for the email that confirms that your application was received and is being reviewed. ...
- Ensure to have your financial papers ready when you have your phone conversation. ...
- Please note that you will pay a lump-sum nonrefundable Initial Franchise Fee in the amount of $20,000 when you sign the Franchise Agreement. ...
How much does it cost to own a Planet Fitness?
When purchasing a Planet Fitness franchise, the fee would be 10,000 dollars for a 10-year renewable agreement, while the total investment ranges from 700,000 to 3.8 million dollars. Aside from this, franchisees must also pay a 5% ongoing royalty fee for all the sales to PlanetFitness.
How much does it cost to open a fitness franchise?
What Does an Anytime Fitness Franchise Cost? To buy a franchise with Anytime Fitness, you'll need to have at least $100,000 in liquid capital.Franchisees can expect to make a total investment of $94,430 - $523,824.They also offer financing via 3rd party as well as a discount for veterans (Yes - $1,000-$8,500 off franchise fee).
How much does a Planet Fitness franchise cost?
You will receive franchise approval once your financial and background checks are completed. Approval will only be given to candidates who meet all the requirements of franchise owners. How much does Planet Fitness franchise cost? Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600.
What are the steps to open a franchise?
Steps to Open a Franchise
- Choose a franchise. This is arguably the most important step. ...
- Connect with the franchisor. Reach out to the company (there is likely a form, like this one ), to get more information about the company. ...
- Choose a location. What area will your franchise location serve? ...
- Create a business plan. ...
- Open your business. ...
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How much do Planet Fitness franchise owners 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 does a Planet Fitness owner make money?
Franchise segment revenue contributed $290 Mn (50%) to the total revenue of Planet Fitness in 2021. Corporate-owned store segment revenue: Includes monthly membership dues, enrollment fees, annual fees, and prepaid fees paid by members, as well as retail sales.
Is a fitness franchise a good investment?
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 owns the Planet Fitness franchise?
Chris Rondeau Chief Executive Officer 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. Today the brand has over 2,000 locations system-wide.
Is Planet Fitness losing customers?
Total membership declined four percent from the first quarter to 14.8 million, a decline that might have been even greater except that overall joins during the period outpaced prior year levels, despite Planet Fitness reducing its local and national advertising, Rondeau said.
How much money do you need to open a Planet Fitness?
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.
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...•
Do gym owners make money?
Gym owners bring in revenue from a variety of sources, including membership fees, class fees, and personal training fees. The amount of money gym owners make varies depending on how successful they are in attracting new members and retaining current members.
How profitable is owning a gym?
Market research across the USA shows that a gym owner of a medium-sized gym could earn around $150,000 per year. The general setup costs for a medium-sized gym is around $100,000. But your profits for the first financial year could be as little as $50,000.
Who owns the most Planet Fitness?
Opening its first location in 2003 in Altamonte Springs, Florida, Sunshine Fitness is the very first Planet Fitness franchisee and is now one of the largest operators within the Planet Fitness brand. Started by longtime best friends, Shane McGuiness and Eric Dore, Sunshine Fitness now operates 114 locations.
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).
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.
Does Planet Fitness make a profit?
Fourth Quarter Results. For fourth quarter 2021, net income attributable to Planet Fitness was $5.7 million compared to $8.7 million in the prior year period. Net income was $6.3 million in fourth quarter 2021 compared to $9.7 million in the prior year period.
Does owning a gym make money?
So, do gyms make money? Yes, they certainly can. However, it is important to keep in mind that running a gym is a business, and like any business, there are costs associated with operating the business. In order to make a profit, gyms need to bring in enough revenue to cover all of their costs and then some.
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...•
How much is the owner of Planet Fitness worth?
Mr. Rondeau owns over 20,000 units of Planet Fitness Inc stock worth over $4,191,018 and over the last 6 years he sold PLNT stock worth over $243,446,345. In addition, he makes $4,436,830 as Chief Executive Officer and Director at Planet Fitness Inc.
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.
How to Get a Planet Fitness Franchise?
A good idea is to first get a professional financial advisor . This is not a requirement but would be a big deal since you’ll be dealing with a lot of finances. There is a big chance that you will not understand most of what is said in contracts and you will need someone to break these down for you.
How much does it cost to buy a Planet Fitness franchise?
When purchasing a Planet Fitness franchise, the fee would be 10,000 dollars for a 10-year renewable agreement, while the total investment ranges from 700,000 to 3.8 million dollars. Aside from this, franchisees must also pay a 5% ongoing royalty fee for all the sales to PlanetFitness.
Why Should You Invest in Planet Fitness Franchising?
Here are the following reasons why you should consider investing in the Planet Fitness franchise business.
Are Planet Fitness branches profitable?
Having a business doesn’t automatically make you wealthy. Even though having existing wealth can help, you will need to choose the right business and the right industry to succeed. You will also need some entrepreneurial experience and luck along the way.
Why do people go to Planet Fitness?
One of the reasons why so many people flock to Planet Fitness is that it offers low-cost options to casual gym-goers. It is not exclusive only to gym rats and other fitness enthusiasts. Compared to other fitness clubs, Planet Fitness offers a more welcoming environment for anyone. Most gym amateurs are intimidated by exclusive gyms and would rather not enter the facility. But here in Planet Fitness, everyone is welcome. Today, the brand and all its franchises have a whopping 15.5 million members, erected in more than 2,000 locations. Once the pandemic is over, Planet Fitness can continue this trend. With only $10 per month, anyone can apply for a gym membership and enjoy the equipment and facilities. In a recessionary environment, Planet Fitness will be a go-to choice of many people hoping to lose their weight after being quarantined. Even when the pandemic isn’t over, some of the facilities started to cater to customers in May, and there has been a clear growth in the customers flocking to the gym. What more if the pandemic ends?
Why does Rondeau have faith in Planet Fitness?
Do you wonder why Rondeau has so much faith in Planet Fitness? It’s because the company owns %5 of the locations with franchisees. Thanks to its rock-solid business model, Planet Fitness hasn’t lost any of its quarterly cash burns at 5.6% even though the revenue has become dormant. Rondeau has already thought about insolvency before and acted upon it before it affects his business.
Why is Planet Fitness profitable?
Another reason why Planet Fitness is a profit for the future is because of the brand’s vision and hospitality. They offer a strong and smart brand with broad demographic appeal and corporate support, these are what you want to hear as a franchisee looking to invest. They have a simple message that fitness is for everyone regardless of what body type you have, they say our goal in working out shouldn’t primarily be to live a longer life, instead, it should be to make the most of life.
How old do you have to be to get a day pass at Planet Fitness?
Day fee guests must be at least 18 years old with a valid driver’s license or photo ID. Individuals under 18 may not purchase a day pass even if accompanied by parent or legal guardian. Reciprocal Use. Black Card™ members must be granted reciprocal use of all Amenities in all Planet Fitness locations.
Can transgender people be turned away from fitness?
Transgender persons applying for membership will not be turned away or referred to another fitness facility because of their gender identity, transgender status, the length or extent of their gender transition, and/or because they do not appear as a typical male or female. 3.
Does Planet Fitness tolerate harassment?
Planet Fitness does not tolerate verbal or physical harassment of any member or team member for any reason . Violations by members may result in cancellation of membership. If any member experiences harassment: The incident of harassment shall be reported to a Planet Fitness team member or manager as soon as possible.
Can a member of Planet Fitness falsely assert their gender?
However, a member cannot fraudulently or improperly assert a self-reported gender identity. If a conflict arises regarding a member’s self-reported gender identity, a Planet Fitness staff member who has been trained on Planet Fitness policy and practices with regard to transgender members:
Can you take a video on Planet Fitness?
Members may use their mobile devices on the gym floor in order to photograph or take video of themselves in very limited circumstances and this privilege may be revoked at any time and for any reason at the sole discretion of Planet Fitness® team members.
Does Planet Fitness have a time limit?
Planet Fitness does not set time limits on any piece of cardio, functional, or strength training equipment, with the exception of equipment located in the 30-Minute Express Circuit. Amenities may have usage restrictions such as age, time, and frequency of use.
Is Planet Fitness discriminating?
Version 1.2 May 2014. Non-Discrimination Policy. Planet Fitness does not tolerate discrimination or harassment of any person on its premises on the basis of race, national origin, ancestry, color, creed, religion, sex, sexual orientation, gender, gender identity, age, disability, or any other basis protected by law.
