Whether you want to be a personal trainer or franchise a personal training gym, the industry is more than ready for you. There are multiple options when it comes to personal fitness centers, including the Planet Fitness Franchise Business and Special Strong Franchise.
Franchising a business can be intimidating. After all, you are investing your hard-earned money to an existing brand and taking the risk. If you wish to become a franchisee, you need to educate yourself first with everything you need to know about the brand including the planet fitness franchise cost, planet fitness franchise fees, planet fitness opportunities, and all the necessary information.
Read on to find out how Planet Fitness Franchise Business and Special Strong Franchise works. By the end of the article, you should be able to determine which franchise business is more suitable for you.
Planet Fitness Franchising
Planet Fitness Franchising LLC is the franchisor. The business mainly offers fitness training facilities, advanced exercise machines, free weights, personal training services, tanning services, and other fitness-related services and goods. The franchisor offers for sale Planet Fitness for new locations or any existing establishments that you wish to convert into a Planet Fitness gym. The franchisee can provide the gym services 24 hours a day unless it violates the local law or authorization.
Planet Fitness Franchise Business was first established in 1992 and began franchising in 2003. Back then, the brand is opening its fifth branch in the states. As of now, the Planet Fitness franchise business has over 2,000 branches in the USA, 50 in Canada, Australia, and Latin America. The brand continues to grow with a whopping 15 million members.
The CEO of Planet Fitness, Chris Rondeau declared that the brand is targeting 80% of the population that doesn’t have a gym membership. Since then, the company has dedicated their time helping out individuals with personal training, boosting their health, and maintaining a healthy relationship with clients.
In an effort to promote inclusivity, Planet Fitness franchise business also awards scholarships to selected learners, prompting them to be a part of a kind and inclusive community.
Planet Fitness Franchise Costs
Now that you have a brief overview of the company and its history, let’s proceed to the Planet Fitness franchise costs. The world-renowned brand offers a franchise fee of up to $42,500 and a total investment of $969,600. You need to have a net worth of at least $300,000 and liquid cash of $100,000. The initial Planet Fitness franchise fees are from $21,000 to $42,5000 while the on-going royalty fee can reach up to $549 per month. The ad royalty fee, on the other hand, is $300 per month.
Upon signing the agreement for Planet Fitness franchising, you are required to pay the non-refundable initial franchise fee of $20,000. This initial fee is uniform to all franchisees. They require the same amount in conversion and initial franchises.
However, if you want to acquire the rights under the Planet Fitness Area Development program, you need to pay the Area Development fee of $10,000 per location upon signing the agreement. It means additional Planet Fitness franchise costs on your end. Similar to the franchising fee, it is uniform and non-refundable.
Planet Fitness Franchise Information
The company offers 80-hour classroom training to help you get started. Do not fret if you do not have prior experience in the business. Planet Fitness is there to help and offers a 24/7 support system if you have any questions. There are also ongoing training that will keep you updated whenever a concept is integrated. That way, you can easily get back your Planet Fitness franchise costs and grow your profit. Another Planet Fitness information that you should learn is that they allow absentee ownership.
The responsible owner or any approved operator must finish the initial training program. This training program entails both hands-on and classroom training and it covers the full scope of Planet Fitness operations, equipment management, maintenance, inventory control, cost control, and basic business management to make the most of your Planet Fitness franchise costs.
The franchisor himself will train the franchisees to ensure the success of their newly-launched business. Upon training, they may or may not recommend additional training courses during the term of the agreement. For the additional training, less than two people are only allowed to attend the refresher training sessions of up to five days per calendar year. However, whenever it is necessary, the franchisor may require the franchisee to attend more franchise meetings and training to improve performance.
The Planet Fitness opportunities are endless. Seeing that they are already a well-established brand, developing a stable base of clients will be easier. Besides that, the gym brand is known almost anywhere. A strategic location paired with proper business management can ensure the success of the business.
Planet Fitness Franchise in the USA
If you want to become a franchisee of Planet Fitness, the best state to claim territory is the USA. Planet Fitness Franchise USA is now widely-known. Most American gym enthusiasts are familiar with the brand, so you don’t need to worry about starting from scratch.
However, you may face competition from other franchisees of Planet Fitness. The outlets that the franchisor owns, other competitive brands, and other channels become your competitor, too. The Franchise Agreement entails that franchisees are granted the right to own and manage a single Planet Fitness franchise business at a certain location. Franchisees are prohibited from operating the business in other locations other than agreed on the contract or approved premises by the franchisor. They are also not allowed to relocate their business without approval from the franchisor. Once approved, they are required to pay the relocation fee.
Noticeably, the Franchise Agreement does not contain any rights of first refusal or any rights that allow the franchisee to acquire additional franchises. Unless the franchisee acquires the rights under the Area Development Agreement, they are not allowed to receive an exclusive territory.
Planet Fitness Opportunities
Whether you are an aspiring entrepreneur or an experienced businessman, you can benefit from Planet Fitness opportunities. Michael Grondahl is living proof. In 1992, Grondahl took the risk and invested in a gym in New Hampshire that was going bankrupt. He managed to drastically turn it from failing to a success story by cutting prices and offering more services to the customers. Grondahl is now one of the most successful entrepreneurs in the fitness industry.
Another one of the Planet Fitness opportunities that you shouldn’t miss is the brand’s varying gimmicks. They are known for having a Pizza Night with their customers every first Monday of the month. On the second Tuesday, they have a Bagel Morning and complimentary Tootsie Rolls are always available to their client’s liking. More than one million Tootsie Rolls are given away monthly by the Planet Fitness franchise business alone. The brand is the main sponsor of The Biggest Loser. It just means that national exposure is achievable and constant with the Planet Fitness business. The brand is always the number one choice of clients who want to change and reclaim their lives from a sedentary, inactive lifestyle.
Planet Fitness Franchise Information on Revenue
Another important Planet Fitness franchise information that you should know is the revenue. As a franchisee, it is normal to wonder how much money you can make by opening a Planet Fitness branch. After all, you want to be your own boss and generate a stable stream of income in the long run.
The revenue range for franchisees of the Planet Fitness franchising business ranges from $513,000 to $5,554,000. This is the money that you can make in a year. The estimate has come from the highest and lowest annual gross Electronic Transfer of Funds in 2018. Since the industry continues to develop, there is a high chance that you will earn bigger than the estimated range.
The franchisee can make money from different sources. First is the monthly membership fee. Most clients sign up for membership fees due to the benefits that Planet Fitness can offer. There are also merchandise that they can purchase within the facility. Depending on your marketing strategy, it could also be a big source of income. Other membership cards are also available in Planet Fitness, allowing your clients to choose what is most suitable for them.
Is Investing in Planet Fitness Worth It?
Fitness enthusiasts, gym rats, and fitness fanatics are the best types of franchisees of the Planet Fitness. If you are one of them, now is your chance to save your life and make a difference by opening your own Planet Fitness gym. There is no better time to invest in Planet Fitness than now. Did you know that in 2018, the fitness industry in the US has earned $30 billion in a year? Since then, there has been a steady rate of 3% for the past decade. The growth is not predicted to go down anytime soon, since more and more people want to be in shape and healthy.
Hence, investing in Planet Fitness is undoubtedly worth it.