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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Is owning a Planet Fitness profitable?
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 much does it cost to franchise 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.
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 do fitness franchise owners make?
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. You have to be aware of some fees and additional costs because these will quickly cut into your profit margins.
What is the most profitable franchise?
Top 14 Most Profitable FranchisesMcDonald's. Units in operation: 39,360. ... Dunkin Donuts. Units in operation: 12,800. ... Taco Bell. Units in operation 12,800. ... Subway Franchise. Offers Financing: Yes. ... Anytime Fitness Franchise. Units in operation: 4,904. ... Sonic. Royalty: 2.5% - 5.0% ... Planet Fitness. Royalty 7.0% ... Orangetheory Fitness.More items...
Who is Planet Fitness owned by?
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?
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.
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.
Why is Planet Fitness so successful?
"Planet Fitness is exceptionally competitive because of its national footprint and growing awareness of its different approach to the market aimed at non-gymgoers," Cowen & Co.
Is it worth franchising a gym?
Higher profits: Franchises typically see higher profits than non-franchise businesses, as there is a loyal customer base and formula for success. While the initial investment to open a gym franchise can be high, you'll likely turn a profit more quickly.
What is the toughest thing about being a gym owner?
Main Challenges Faced by Gym Owner:Finance Management: Managing finances is one of the most common problems that gym owners face. ... Staff Dealing: The next problem that gym owners face is dealing with staff. ... Lack of Client Base: Building a successful business is not easy. ... Keep Members Happy: ... Get a Good Location for Gym:
Is starting a gym a good business?
In fact, while there is massive potential in owning a fitness business, 8 out of 10 of them will fail in their first year. However, if you manage to clear the first-year hurdles, you will come out the other side a stronger person and better entrepreneur, way more able to handle whatever gym ownership throws at you.
What is the cost of McDonald's franchise?
Documents- ID cards, lease documents, etc. Franchise Investment Cost- In India, if anyone wants to start a McDonald's franchise in India, then their net worth should be between INR 10 to 15 Crore. Also, assets worth INR 5 Crore should be in the form of cash or liquid assets.
How do I start my own gym business?
A Concise Guide To Opening And Securing A Gym In 2022Find Your Niche! ... Get Training And Become Accredited. ... Find Out About Gym Licenses And Permits. ... Become Versed In Post-COVID Best Practices. ... Secure Financing For Your Venture. ... Find A Good Location. ... Invest In Quality Equipment. ... Interview And Hire Staff.More items...
What are the financial requirements for a potential franchisee?
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.
How much is it to buy a Taco Bell franchise?
Costs overview Franchising fee: It costs between $25,000 and close to $50,000 for the initial franchise fee. This, too, will vary depending on the details of your specific Taco Bell franchise. Net worth: The current net-worth requirement is around $1.5 million worth of assets.
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 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.
When did Planet Fitness start franchising?
After a few years of growth, Planet Fitness started franchising in 2003 with the first franchised gym opened in Florida. Planet Fitness’ growth continued over the next decade and in 2013, TSG Consumer Partners, LLC became an equity partner in the Planet Fitness franchise. At that time, Michael Grondahl stepped down as CEO and Chris Rondeau took his place and has held the position since.
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.
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.
How much does a Planet Fitness franchise cost?
The average Planet Fitness franchise cost usually runs around $853,300 up to $3,669,150. And of course, the price depends on many factors. Here is the detailed cost breakdown of the Planet Fitness franchise:
How much does it cost to start a Planet Fitness franchise?
Initial Fee – The first and foremost factor that affects the price. Planet Fitness franchise startup fee is $20,000. Upon signing an Area Development Agreement, you will have to pay $10,000 for the Area Development Fee per location and Planet Fitness will require you to have a minimum of 5 locations. However, if you pay the Area Development Fee, you will not have to pay for the initial franchise fee anymore.
Why is Planet Fitness considered a judgement free zone?
Because a lot of casual exercisers get daunted by hardcore body builders, Planet Fitness made a rule to discourage these very serious exercisers. That is why it labeled itself as the “Judgement Free Zone”. It is also popular because of its affordable and cheap gym fees.
What does it mean to franchise a fitness center?
Franchising also means that you are carrying the name of a famous brand, so you won’t have to work very hard just to make your business get recognized by people. Aside from restaurants and service shops, you can also franchise a fitness center. And one famous fitness center is Planet Fitness.
Why is franchise so popular?
Franchising became so popular because it is probably the easiest way to earn money through business. Franchising also means that you are carrying the name of a famous brand, so you won’t have to work very hard just to make your business get recognized by people. Aside from restaurants and service shops, you can also franchise a fitness center. And one famous fitness center is Planet Fitness. So how much does Planet Fitness franchise cost?
How many Planet Fitness centers are there in the US?
TV series “The Biggest Loser”. Making it more popular throughout the whole United States. As of today, Planet Fitness have more than 1,300 fitness centers open across 48 states in the US, Canada, and the Dominican Republic.
How much does National Advertising Fund charge?
National Advertising Fund – As a franchisee, you are also required to pay their National Advertising Fund fee which is 2% of your total monthly gross.
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.
