Are you willing to invest in the fitness industry? Then you are at the right place.
In this article, we are going to discuss one of the topmost fitness franchises that is the Planet Fitness Franchise, and some other facts like how much does a Planet Fitness franchise owner can make and its cost of investment, ROI, expense, and fees. So, keep reading to learn more.
What Is Planet Fitness?
Planet Fitness is an American Fitness center that has a comprehensive network of 2000 franchises across the world. It was founded in 1992 by Michael Grondahl and Marc Grondahl.
However, they closed their first location after a few months due to some financial issues, and the store was bought by Chris Rondeau.
In the hand of Chris, Planet Fitness started growing and expanded to three clubs and Gold Gym Franchise in a few months.
In 2003, he started offering franchises and opened the first franchise location in Florida, and now the franchise has outlets in the US, Canada, Panama, Mexico, Australia, and the Dominican Republic.
Planet Fitness is a fitness training center that offers different exercise machines and free weights.
And the best thing about the planet fitness franchise is that they never require any prior experience from you to buy the franchise because they provide the initial training program to all new franchises.
Moreover, they also provide different support to franchisees to enhance their business growth.
However, they do not offer any financing option, and you have to pay a lump-sum franchise fee when you sign the franchise agreement.
Also Read: Orange Theory Franchise
How Much Does A Planet Fitness Owner Make?
As per data, Planet Fitness generated around $6.2 billion this year. It is one of the leading franchisors and operates fitness centers.
An individual planet fitness franchise owner can make around $513,00 to $5,554,000 annually. However, the profit varies on your location also.
There are some units of Planet fitness franchisees making more than that or some making less than that.
Overall, Planet Fitness is making a decent amount of profit, and we also see that the profit chart is continuously growing.
How Much Does A Planet Fitness Employee Earn?
Planet Fitness employees’ hourly rate ranges from $9.00 to $118 per hour. However, employees’ hourly rate varies on position.
An employee of Planet Fitness with the job title- of Physician can earn an average of $118 an hour, while other employees, like cashiers, can earn an average rate of $11.46. an hour.
The PayScale of Planet Fitness is a bit low as compared to other centers, but they give many different benefits to their employees, like paid holidays, life insurance, sick leave, flex time, and so on.
What Is Planet Fitness Known For?
Planet Fitness is not like another fitness center. They have a bit different arrangement and offer for their customers. They provide a different environment in which anyone can be comfortable.
Planet Fitness also runs the camping “Judgment Fee Zone,” in which everyone can be free, free to go to their own place. Moreover, they always adapt to new technologies and exercise.
Pros & Cons Of Planet Fitness Franchise
Pros Of Planet Fitness Franchise
- Provide training and support
- Online support
- Lease negotiation
- Global presence
- Recognized brand
- Create new exercises and adopt new technologies
- Fastest-growing niche
Cons Of Planet Fitness Franchise
- Non-refundable franchise-fee
- Require more space
- Internal and external competition
- Does not offer direct and indirect franchise
Is Planet Fitness Franchise Profitable?
As per research, a fitness center can make at least $20,000 per month after one year of establishment. And Planet Fitness franchise owners can make an average of $513,00 to $5,554,000 annually.
If we compare this data, then the Planet Fitness franchise has the potential to make a good amount of profit.
However, this amount of profit can’t make you rich. But there are many aspects that prove that the profitability of planet fitness is growing, so there are high chances that in the future, the franchise can give you enough profit to make you rich.
Read: HOTWORX Franchise
As we discussed above, Planet Fitness offers a fitness center franchise. The policy of this franchise is neither rigid nor flexible.
They never require any prior experience from you, but the cost of investment is a bit high, and also, they never provide any direct or indirect financing option.
So, if you are willing to buy the Planet Fitness franchise, then make sure that you have the capital to invest in the franchise.
Moreover, they also provide different kinds of support and training programs, but on the other hand, they have some restrictions and obligations too. The profitability of Planet Fitness is also decent.
So, if you are thinking of buying the Planet Fitness franchise, then it is a good option because the future growth of the fitness niche is very high, and Planet Fitness already has a global presence, so you don’t need to struggle with branding and advertisement.
However, before buying a franchise, we suggest you read Franchise Disclosure Document and then take any decision.
Frequently Asked Questions
How many Planet Fitness franchises are there?
Planet Fitness has more than 2000 outlets around the world.
What is the annual revenue of the Planet Fitness Franchise?
An individual Planet Fitness franchise owner makes approximately $513,00 to $5,554,000 annually.
How much does it cost to buy a Planet Fitness franchise?
An initial investment required to open a Planet Fitness Franchise is $936,600-$4,558,000
Amit Gupta is the founder of DrFranchises. He has a keen interest in investments, and has thus far invested in a few franchises. Franchise businesses are his forte- he knows all there is to know about their space requirements, fees, ROI potential, and business models. This makes him an ideal candidate for anyone looking to invest in a franchise