'Are you interested in investing in a fitness franchise? Curious to know how much it costs to open the MOST popular fitness franchise, Planet Fitness? Tired of your job? Thinking of starting or buying a business? Take our Biz Quiz to filter through over 10,000 business opportunities today! https://www.vettedbiz.com/quiz-test/ Want to have a franchise specialist support you day-to-day in you franchise search/ analysis? Click here for more information: https://www.vettedbiz.com/franchise-search/ Planet Fitness Background 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 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. From the start, Planet Fitness was an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its “Judgement Free Zone” philosophy. The “Judgement Free Zone” was started to help first-time gym users feel more comfortable starting their fitness journey. 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. Today, there are Planet Fitness locations around the U.S. as well as Canada and the Dominican Republic. Planet Fitness Franchise Costs to Open a Gym It costs roughly $1,000,000 to $4,000,000 to open a planet fitness franchise. They main variables include whether you buy or finance the equipement and leasehold improvements. Initial Franchise Fee: $20,000 If you sign an Area Development Agreement, you must commit to opening one or more Planet Fitness locations, and you will pay an Area Development Fee of $10,000 per planned location at the time you sign the Area Development Agreement. This Area Development Fee is in addition to the Initial Franchise Fee for each location that you pay at the time you sign each Franchise Agreement. Leasehold Improvements: $650,000 to $1,600,000 The estimated initial investment does not include costs to lease or purchase real estate beyond the initial lease deposit and typical leasehold improvements. Planet Fitness does not require you to purchase real estate. Planet Fitness businesses typically are located in strip centers, malls, and freestanding locations. 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. Your leasehold improvement costs may be less if your landlord provides you with a tenant improvement allowance. Fitness Equipment: $27,000 to $878,000 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. You may purchase or finance the equipment. If you finance it, you are responsible for obtaining financing. If you finance it, Planet Fitness estimates that the cost to make down payments on financed required fitness equipment for a new location generally ranges between $27,000 and $263,000. If you choose to purchase rather than finance the required equipment for your location, the cost to purchase the equipment will generally range between $274,000 and $878,000. These estimates, however, may vary and do not reflect the Equipment Discount. Non-Fitness Equipment: $32,000 to $606,000 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. The amount of your down payment on financed equipment, as well as the purchase price of the equipment (should you choose not to finance), may vary depending on the size of your location and your financing terms. Pre-Sale/Grand Opening Marketing: $20,000 to $30,000 The stated amount is an estimate of the amount you are required to spend on pre-sale/grand opening marketing before opening. The remaining pre-sale/grand opening marketing expenditure is included in the “Additional Funds” category. 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”). #fitnessfranchise #planetfitness #gymfranchise #FDDreview #item7 #VettedBiz'
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