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Planet Fitness.
| A Planet Fitness location in Cincinnati, Ohio | |
|---|---|
| Number of locations | 2,039 |
| Area served | North America |
| Key people | Chris Rondeau (CEO) |
| Number of employees | 1,616 (2020) |
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 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 is the best fitness franchise I can use?
Franchises can be a great way to tap into this rising tide. In Entrepreneur’s annual franchise list, there were 5 fitness brands in the top 100. These are…. #8 – Planet Fitness. #30 – Anytime Fitness. #41 – F45 Training. #50 – Crunch. #90 – Burn Boot Camp. But there are numerous other options in the top 500.
What is the startup fee for Planet Fitness?
Planet fitness also provides promotion which can decrease or waive you from the startup fee. Before registering, you had better check the local planet fitness that you choose to know what you will get in the next. Usually, the startup fee is for about $ 20.
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Are Planet Fitness franchises?
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 are the largest Planet Fitness franchisees?
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 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
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.
How is Planet Fitness doing financially?
Second Quarter Fiscal 2022 results Total revenue increased from the prior year period by 63.5% to $224.4 million. System-wide same store sales increased 13.6%. System-wide sales increased $151 million to $1,019 million, from $868 million in the prior year period. Net income attributable to Planet Fitness, Inc.
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 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 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.
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.
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.
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 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.
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...•
Who are the co founders of Planet Fitness?
Michael GrondahlMarc GrondahlPlanet Fitness/Founders
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.
What are the busiest times at Planet Fitness?
Like most gyms, the busiest time at Planet Fitness would be 8 am to 10 am in the morning and during the evening it would be between 4 pm to 8 pm. It goes without saying why these hours are the most occupied and crowded at Planet Fitness.
What is the Judgement Free Generation?
The Judgement Free Generation™ is launched, Planet Fitness’ national philanthropic initiative designed to combat the judgement and bullying faced by today’s teens by creating a culture of kindness and encouragement
How much money has Planet Fitness donated to Boys and Girls Clubs of America?
2019. With the support of franchisees, team members, members and vendors, Planet Fitness reaches milestone of $5 million donated to support Boys & Girls Clubs of America. 2,000th club opens in Colorado Springs, CO.
Where is Planet Fitness located?
Planet Fitness opens its first location outside the continental United States in Carolina, Puerto Rico. The Judgement Free Generation™ is launched, Planet Fitness’ national philanthropic initiative designed to combat the judgement and bullying faced by today’s teens by creating a culture of kindness and encouragement.
How much does Planet Fitness cost?
The club's two membership levels are $10 and $22.99 per month: the $10 per month level includes access to cardio and strength equipment, unlimited group fitness instruction and pizza and bagels once a month; the $22.99 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.
How many clubs does Planet Fitness have?
Planet Fitness ( PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. The company reports that it has 2,039 clubs, making it one of the largest fitness club franchises by number of members and locations.
How much cash does a Planet Fitness franchise need?
The net worth requirement for a Planet Fitness franchise is $3,000,000, while the liquid cash requirement is $1,500,000.
Where did the name Youfit come from?
The name came from his daughter’s school project, “Fitness Planet.”. The new model was an effort to provide a fitness hub for everyday people. Berks later went on to open the first Youfit Health Club in St. Petersburg, Florida.
When did Planet Fitness change its name?
They closed that original location, and in 1993 they opened a new location named Coastal Fitness. They brought on a third partner, current CEO Chris Rondeau, and in 1994 they changed their name to Planet Fitness.
When did Planet Fitness go public?
The company went public on August 6, 2015. In February 2016, the franchise was added to the Franchise Times ' "Fast and Serious" list of top franchises (#1), and in its 2016 ranking of franchises, Forbes magazine ranked Planet Fitness #4. It ranked in the top 50 of Entrepreneur magazine 's Franchise 500 in 2017.
Where did the name Planet Fitness come from?
The name came from his daughter’s school project, “Fitness Planet.”.
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 is a planet fitness franchise?
Planet Fitness franchise is one of the largest fitness US chains by a number of members and locations. They provide an affordable, high-quality fitness experience in a welcoming environment. Planet Fitness franchise opportunities are proven by 1,500 clubs successfully operating worldwide. If you are thinking about how to open a Planet Fitness ...
How much money do you need to open a Planet Fitness franchise?
In order to open a Planet Fitness franchise, you must have a net worth of more than $3,000,000. Appreciate the investment required for a fitness club franchise. You will need to consider building and real estate costs, the cost of equipment and signs, the costs of licenses and permits, the cost of uniforms, the cost of insurance, etc.
How much is the area development fee?
If you acquire rights under our Area Development program, you will pay an Area Development Fee equal to $10,000 per location to be developed under the Area Development Agreement when you sign the Area Development Agreement. The Area Development Fee is uniform and non-refundable. The Area Development Fee is in addition to the then-current Initial Franchise Fee due for each location at the time the Franchise Agreement for that location is executed.
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