Can you buy a Planet Fitness franchise?
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 much does a Planet Fitness franchise make?
The simple answer to Planet Fitness being profitable is yes they are, their revenue continues to go up every year. As of 2018, the revenue range is 513,00 to 5,554,000 dollars; this was the annual gross calculated by the Electronic Transfer of Funds (ETF).
How much does it cost to open a Planet Fitness?
Planet Fitness Franchise Costs & Fees
| Name of Fee | Low | High |
|---|---|---|
| Initial Franchise Fee | $20,000 | $20,000 |
| Site Selection Costs | $1,000 | $10,000 |
| Construction Development Plan Review Fee | $0 | $4,000 |
| Leasehold Improvements | $575,000 | $1,941,000 |
Is there money in opening a gym?
Pre-sales Are Essential It is estimated that the average start-up the cost of a gym is anywhere between $10,000 to $50,000 depending on the size of the gym. There are a couple of different ways of raising this kind of cash and whatever avenue you go down it’s vital you support it with a pre-sales strategy.
Is opening a gym a good investment?
The price of starting a gym is an enormous cash investment that you’ve got to be willing to risk, along with your good credit if things go south. So if you’re looking for a labor of love, then the gym business is a homerun. And there’s absolutely nothing wrong with that.
What business can I start with 500 dollars?
Here are seven small business ideas that take under $500 to start.
- Become a Mobile Notary Public.
- Start a Print-on-Demand Business.
- Become a Social Media Manager.
- Become a Professional Organizer.
- Transcribe Audio for YouTube Channels or Podcasts.
- Become a Freelance Writer/Editor.
- Start a Small Rental Business.
How much does it cost to open a Planet Fitness franchise?
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: Initial Fee – The first and foremost factor that affects the price.
Who started Planet Fitness?
Planet Fitness was founded in the year 1992, by Michael Grondahl. He took over a previously established gym that was financially struggling.
Who is the founder of Planet Fitness?
Planet Fitness was founded in 1992 by Michael Grondahl, who purchased a financially struggling gym, and implemented a low-cost business model by dramatically reducing prices to compete against better-known brands. The goal was to meet the needs of occasional or first-time health club members, rather than more experienced members.
When was Planet Fitness founded?
Planet Fitness was founded in 1992