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Who is the franchise owner of Planet Fitness?
Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire....Planet Fitness.A Planet Fitness location in Cincinnati, OhioFounded1992FoundersMichael Grondahl Marc GrondahlHeadquartersHampton, New Hampshire, U.S.Number of locations2,0399 more rows
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
How much money do you need to open 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 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...•
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.
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 ongoing royalty fee for Planet Fitness?
7% of the total gross monthly and annual membership fees payable to the franchisee via EFT dues draft. 10% (annualized) or the highest contract rate of interest permitted by law, whichever is lower.
How much is the owner of Planet Fitness worth?
Mr. Rondeau owns over 20,000 units of Planet Fitness Inc stock worth over $3,946,102 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.
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 does Planet Fitness make money at $10 a month?
How does Planet Fitness make money off $10 a month membership? Gyms that don't charge much for memberships make money by having a lot of people who subscribe and don't go, and by upselling.
Can my black card Guest go without me?
Can my guest visit the club without me? Yes, another great feature of our Black Card and Premium memberships is Family Sharing. You may share your Membership card with a family member and they can visit the club without you provided they: Have the membership card with them.
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 $3,946,102 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 is the profit margin for a gym?
Multipurpose clubs had a median margin of 15.5%, while the fitness-only clubs registered a profit margin of 20%. Of course, the profit margin for your gym and fitness club will depend on factors like location, facility size, type of gym, and various other factors.
What is the ongoing royalty fee for Planet Fitness?
7% of the total gross monthly and annual membership fees payable to the franchisee via EFT dues draft. 10% (annualized) or the highest contract rate of interest permitted by law, whichever is lower.
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.
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.
Does Franchise Direct sell your information?
Franchise Direct's reputation for integrity in the franchise industry has been established over our 20+ years in business. We NEVER sell your information or share it with anyone other than the companies from which you have requested information. Please view our privacy policy.
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.
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.
Customer Complaints
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