How much does it cost to start a Planet Fitness?
We provide estimated franchise costs for some countries: - In the United States, the total investment to start the Planet Fitness gym is around $969,600 to $4,242,500. - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800.
What is the annual fee for Planet Fitness?
Planet Fitness has an annual fee of $39, which is effectively equal to your 4 months’ monthly fee (if you get the basic membership) of $10. So, if you are strictly on a budget, then the annual fee may feel a bit too much. But at the same time, you can hardly get a gym membership for as low as $10 except at Planet Fitness.
How much does Planet Fitness pay their employees?
How much do Planet Fitness employees get paid? The typical Planet Fitness Crew Member salary is $13 per hour. Crew Member salaries at Planet Fitness can range from $9 – $15 per hour. Do you get free membership if you work at Planet Fitness? There are numerous benefits provided by Planet Fitness to their employees.
How much does Planet Fitness make an hour?
Planet Fitness employees earn $25,000 annually on average, or $12 per hour, which is 90% lower than the national salary average of $66,000 per year. According to our data, the highest paying job at Planet Fitness is a Sales and Marketing Representative at $101,000 annually while the lowest paying job at Planet Fitness is a Membership Sales Agent at $16,000 annually.
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How Much Is 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.
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.
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.
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 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 do cheap gyms make money?
How To Make Money With A Gym. There are three primary ways that gyms make money: from membership fees, from selling classes and personal training packages, and from selling extra goods and services.
Can you get rich owning a franchise?
The bottom line is that while a franchise can make you independently wealthy, it isn't a guarantee. Choosing the right business in the right industry, and going in with preexisting entrepreneurial experience and/or existing wealth can help, but your income-generating potential may still be somewhat limited.
Which franchise is best in 2022?
Franchises provide a strong corporate and management framework, plus marketing, merchandising and production support....Bluevine Business CheckingDunkin' ... Anytime Fitness. ... Planet Fitness. ... Orangetheory Fitness. ... Primrose Schools. ... Kiddie Academy. ... Kumon Math and Reading Centers. ... Ace Hardware.More items...•
How much is a Starbucks franchise?
What are the Financial requirements for a Starbucks licensed store? You need to pay the licensing fee of between $50,000 – $315,000 and you must have over $1,000,000 in liquid assets to be considered for a licensed store by Starbucks.
What does the average franchise owner make?
Franchise Business Review found that the average annual pre-tax income of franchise owners in America is $80,000. Only 7% of franchise owners make more than $250,000 annually, and 51% earn less than $50,000.
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.
Who owns 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 Anytime Fitness franchise profitable?
The average Anytime Fitness location brings in about $441,116 in revenue per year, but a franchise owner can expect to make about $114,000 in profit after expenses. Anytime Fitness is the world's fastest-growing fitness club, according to the International Health, Racquet and Sportsclub Association.
How much does it cost to franchise 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.
How long is Planet Fitness training?
Overview. Planet Fitness offers its franchisees two weeks of training at the company headquarters. The company offers ongoing assistance in the form of advertising, a phone line, safety procedures, meetings, newsletters, and a grand opening event.
Why is the gym considered a judgement free zone?
Labeling itself a “judgment free zone”, the gym has rules to discourage hardcore body builders from frequenting its establishments in order to make casual exercisers feel more comfortable and less intimidated by serious exercisers.
What is a world gym?
World Gym is an iconic, globally-recognized fitness brand in a booming industry. Invest in a World Gym Franchise and profit from a subscription-based revenue model with multiple revenue streams, backed by proven systems and A-to-Z franchisee support.
When did Michael Grondahl buy a gym?
In 1992, Michael Grondahl bought a gym in New Hampshire that was failing financially, and managed to turn it around by drastically cutting prices.
Is Planet Fitness a franchise?
Planet Fitness is listed in the Franchise Directory under the Fitness category.
Does Planet Fitness have Tootsie Rolls?
Planet Fitness reaches out to its customers by having a Pizza Night on the first Monday of each month, a Bagel Morning on the second Tuesday, and complimentary Tootsie Rolls are available constantly. More than one million Tootsie Rolls are given out each month. Planet Fitness is a main sponsor of The Biggest Loser, meaning that the gym gets a lot of national exposure and appeals to a customer base of out of shape people looking to reclaim their lives.
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.
