Full Answer
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.
What is the hourly wage at Planet Fitness?
These charts show the average hourly wage (core compensation), as well as the average total hourly cash compensation for the job for Trainer in companies like Planet Fitness in the United States. The average hourly rate for Trainer in companies like Planet Fitness range from $15 to $29 with the average hourly pay of $21.
How much Planet Fitness pay?
To access the Planet Fitness facilities, You have to pay an annual fee of ~ $40 and usually used in club maintenance, Repairing and upkeep. Planet Fitness Annual fee is $ 39, and the billing date is based on your joining date. Planet Fitness Annual fee is charged around eight weeks after your joining.
What does Planet Fitness pay their employees?
While Planet Fitness employees earn an average yearly salary of $23,928, different roles can command different wages. Some of the job titles with high salaries at Planet Fitness are Team Leader, General Manager, Personal Trainer, and Maintenance Technician.
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How much do franchise owners of Planet Fitness 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?
Strong business model As franchisor, Planet Fitness primarily generates revenue through membership royalties, fees, and branded equipment sales. Image source: Planet Fitness.
How much does it cost to own 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.
Which gym franchise is most profitable?
If you want to research the top fitness franchises, here's who made the Top 10 list in Entrepreneur's Franchise 500 for 2022:Crunch. ... Anytime Fitness. ... Burn Boot Camp. ... Club Pilates. ... The Exercise Coach. ... Pure Barre. ... 30 Minute Hit. Entrepreneur Franchise 500 Rank: 351st ... SPENGA. Entrepreneur Franchise 500 Rank: 380thMore items...•
Is Planet Fitness losing customers?
Not only did we gain 1.7 million new members in 2021, but existing members reengaged with Planet Fitness. We nearly returned to pre-pandemic usage levels, achieving a 90 percent-index to 2019 usage, with existing members visiting us more frequently than in the past.
Does owning a gym make money?
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 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.
What is the cost of McDonald's franchise?
The Franchise fee of McDonald's goes for around 30 lakhs INR; however, this fee is also attached with a 4 % monthly royalty fee as service fees to the brand. The actual investment amount differs, a business owner needs to keep a rough estimate of around 6 to 14 Crores.
What are the financial requirements for a potential franchisee?
Almost every franchise has a net worth requirement for franchisees. 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.
What is the most profitable franchise to own in 2022?
Most Profitable FranchisesDunkin'7-Eleven.Planet Fitness.JAN-PRO.Taco Bell.Orangetheory Fitness.Great Clips.Mac Tools.More items...•
Who is the largest fitness franchise in the world?
The Top Fitness Franchises To ConsiderPlanet Fitness. Planet Fitness can be thought of as the most successful fitness franchise in the world, so it is definitely worth considering. ... Orangetheory Fitness. ... F45. ... Crunch Fitness. ... Jazzercise. ... Anytime Fitness. ... Burn Boot Camp.
What is the largest fitness franchise?
(Editor's Note: This story has been updated to reflect that 19 fitness franchises are on the 2021 list. SPENGA was inadvertently left out of the original story.) Nineteen fitness franchises made Entrepreneur magazine's annual Franchise 500 list for 2021. Planet Fitness was the highest-ranking fitness franchise at No.
How much is the owner of Planet Fitness worth?
Mr. Rondeau owns over 20,000 units of Planet Fitness Inc stock worth over $4,152,600 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.
How much money is Planet Fitness worth?
Planet Fitness net worth as of October 07, 2022 is $5.54B.
Who is the owner of Planet Fitness?
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 much revenue does Planet Fitness generate?
Compare PLNT With Other StocksPlanet Fitness Annual Revenue (Millions of US $)2021$5872020$4072019$6892018$5735 more rows
Is Planet Fitness a franchise or chain?
Planet Fitness is a franchise. The company is based in New Hampshire and started franchising in 2003. It currently has more than 2,000 locations across the world. One of the reasons for its success is its low-cost membership model, which is $10/month.
How Many Planet Fitness franchises are there?
As of the start of 2022, there were 2,170+ Planet Fitness locations in operation. The company was founded in 1992 and has since grown to become one of the largest fitness chains in the country. In addition to traditional gyms, Planet Fitness also offers a variety of fitness-related services, including tanning and massage.
How much does a Planet Fitness franchise cost?
When it comes to fitness, there are a lot of options out there. But if you’re looking for a franchise that offers affordable membership and equipment, Planet Fitness is the way to go. So, how much does it cost to open a Planet Fitness franchise? The total Planet Fitness franchise fees and investment ranges from $936,600 – $4,558,000.
Do Planet Fitness franchises make money?
It’s no secret that the fitness industry is booming. Americans are increasingly focused on leading healthy lifestyles, and gyms are reaping the benefits.
How much do Planet Fitness franchise owners make?
When it comes to Planet Fitness franchise owners, there is no one-size-fits-all answer. Some franchisees may choose to open multiple locations, while others may prefer to focus on a single location. Additionally, the size and location of the franchise will impact earnings.
Ending Summary
Overall, the Planet Fitness franchise is a great option for those looking to get involved in the fitness industry, though at the time of this writing they aren’t any new Planet Fitness franchise opportunities in the US.
How much does it cost to start a Planet Fitness business?
The total investment necessary to begin operation of a single Planet Fitness business ranges from $968,100 to $3,072,000 if you finance your equipment.
Who owns Planet Fitness?
Planet Fitness was founded in 1992 by Marc and Michael Grondahl in Dover, New Hampshire. The Grondahls had acquired a struggling Gold’s Gym franchise#N#A franchise is when a business (franchisor) allows a party (franchisee) to acquire its know-how, procedures, processes, trademarks, intellectual property, use of its business model, brand and rights to sell its products and services. The franchisee signs a contract (franchise agreement) with the franchisor to acquire the franchise and generally has a territory granted to operate....#N#and closed it in 1993. They opened a new gym called Coastal Fitness and the Grondahls hired current CEO Chris Rondeau, who was still in college at the time, to run the gym’s front desk. The Grondahls changed the gym’s name to Planet Fitness in 1994.
How long is the pre-sale marketing period for Planet Fitness?
The pre-sale/grand opening marketing period typically begins no less than 45 days immediately before the date that you intend to commence regular operations at your Planet Fitness location, and it may be as long as 180 days after you commence regular operations (“Pre-Sale/Grand Opening Marketing Period”).
How many square feet does a planet fitness business need?
Typically, you will need to lease a building of approximately 15,000 to 25,000 square feet and pay the cost of site work and/or leasehold improvements.
What happens if Planet Fitness fails to execute its pre-sale marketing plan?
If you fail to execute the Pre-Sale/Grand Opening Marketing Plan, Planet Fitness may execute it on your behalf and at your expense.
How much does it cost to down payment on Planet Fitness?
Planet Fitness estimates that your cost to make down payments on non-fitness equipment generally ranges between $32,000 and $182,000, with the total estimated cost to purchase the non-fitness equipment ranging between $318,000 and $606,000.
What equipment do you need for Planet Fitness?
You must acquire the fitness equipment and other non-fitness equipment (such as televisions, tanning beds, trusses, lockers, interior signage, flooring, fans, and the like ) for your location through the approved supplier of Planet Fitness.
Planet Fitness Income Statement: (in thousands of dollars)
Planet Fitness is a profitable business for the franchisor, with retained earnings of $210 million in 2021. Compared to $145 million in 2020, they saw an increase of 44% from 2020 to 2021. This is a good indication of high growth as a company overall.
How has Planet Fitness (NYSE: PLNT) performed?
The graph below and the table that accompanies it depicts the total return to shareholders between 2015 and 2021 on Planet Fitness’ class A common stock relative to the performance of the S&P 500 Index and the Russell 2000.
Orange Theory: A Viable Alternative?
Orange Theory Franchise was founded in Boca Raton, Florida in 2009. Co-founder, Elle Latham, decided to open a gym to implement her personally designed workout, which eventually became the basis for Orange Theory’s system.
Conclusion
Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. There are very few reasons why one might want to open a Planet Fitness franchise. So long as you are not decided on the fitness industry, we recommend you have a look at other offerings.
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.
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.
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 ...
Bananas Smoothies & Frozen Yogurt
Bananas Smoothies & Frozen Yogurt is a chain co-branded with Green Leafs Beyond Great Salads. The combined menu offerings include pick-and-mix salads , six signature wraps, two specialty ciabatta sandwiches, five panini sandwiches, nonfat frozen yogurt, 11 signature smoothies, and five signature juices.
What Might Make A Planet Smoothie A Good Choice
When you join the Planet Smoothie franchise family, the Kahala Brands name is attached to yours. Kahala Brands is a leading brand developer, with brands like Cold Stone Creamery and Pink Berry to its name they are definitely not the newest franchiseson the block. This unique corporate backing may help you optimize your business.
What Is The Most Profitable Franchise To Own
Most Profitable Franchises Dunkin’ 7-Eleven. Planet Fitness. JAN-PRO. Taco Bell. Orangetheory Fitness. Great Clips. Mac Tools. Do smoothie Kings make money? The vast majority of Smoothie King franchisees, or the top 75% made $593,329 in net sales over one year. Given the estimated initial investment.
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.
Planet Smoothie Stores Have Surprisingly Low Costs Compared To Other Dining Concepts
Product costs are lower. There are minimal spoilage costs ,because most of our fruits are flash-frozen and kept in freezers until they are needed.
Does Planet Smoothie Use Real Fruit
Planet Smoothie is known for its healthier ingredients, all-natural sweetener and supplements. We use real fruits in our smoothies, and we also have our own line of supplements to help provide more vitamins, boost protein, and help customers achieve their personal goals.
Planet Smoothie Franchise Opportunities
For 20 years of successful work, the Planet Smoothie franchise has opened 150 locations. The company sells fresh fruit smoothies and juices. That means the Planet Smoothie franchise provides fine opportunities to promote an active and healthy lifestyle.
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.
Franchises Similar to Planet Fitness
GYMGUYZ, Snap Fitness, Bounce! Trampoline Sports, Tapout Fitness, Fitness Machine Technicians, Delta Life Fitness, Hapa Yoga & Fitness, 9Round Fitness, AWATFit The Fitness Truck, Orangetheory Fitness, Anytime Fitness, F45 Training, Crunch, Burn Boot Camp, Gold's Gym, Eat the Frog Fitness, World Gym, Amazing Athletes, Jazzercise, Club Pilates, Body20, Special Strong, YogaSix, Soccer Stars.