Planet Fitness is a chain of fitness centers targeted at new or occasional exercisers. 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. The low gym fees also contribute to attracting a less serious crowd as exercisers who are unsure of their commitment level are more likely to enroll at a gym if the cost does not set them back too much.
Full Franchise Information
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.
Planet Fitness Franchise Opportunities - History
In 1992, Michael Grondahl bought a gym in New Hampshire that was failing financially, and managed to turn it around by drastically cutting prices.
Planet Fitness Franchise Cost / Initial Investment / Planet Fitness Franchise Income
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. To open an “area” (consisting of at least five gyms), a net worth of two million with $800,000 in liquid assets.
Planet Fitness Business Opportunities: Other Information
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.