After a year of chaos and uncertainty, these exceptional professionals are more necessary than ever. Edit Close. Toggle navigation Menu. Close 1 of 2. One of the more than 2, Planet Fitness gyms. Bill Truslow. Your notification has been saved. There was a problem saving your notification. Manage followed notifications. Close Followed notifications. Please log in to use this feature Log In. Don't have an account? Sign Up Today.
Most Popular. They're coming back faster than we've ever seen. They're rejoining our clubs faster than we've ever seen. The Gen Z's are joining faster than we've ever seen. All the winds are blowing the right direction, and the sails are wide open. After Thursday's closing bell, Peloton posted a wider-than-expected loss in its fiscal first quarter , along with revenue that fell short of Wall Street's estimates.
Peloton's results come against the backdrop of people returning to gyms like Planet Fitness. Every Planet Fitness location holds a pizza night for members once a month, as well as a bagel morning, and Tootsie Rolls are available at all times. Each gym also has a "Lunk Alarm" to discourage behaviors such as grunting and dropping weights. Definition: The initial fee paid to a franchisor to join their system. What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.
The franchise fee is an up-front one-time cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
Definition: The total amount necessary to begin operation of the franchise. What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high. Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company. What you need to know: Net worth is the value of a person's assets minus liabilities.
Assets include cash, stocks, retirement accounts, and real estate. Liabilities include items like mortgages, car payments, and credit card debt. Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
Definition: A ongoing fee paid to the franchisor on a regular basis. What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.
Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts. What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee. Definition: The length of time your franchise agreement will last.
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee. Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses. Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations. Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened.
What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD. Curious to know where Planet Fitness ranked on other franchise lists? Find out below. Never miss a beat when you sign up to receive our newsletter.
We care about the protection of your data. Read our Privacy Policy. Are you eager to see what else is out there? Browse more franchises that are similar to Planet Fitness. Catch up on the latest franchise news, trends, and more. Despite the global pandemic, franchise revenue and growth projections remain strong. Max Pecherskyi. The plaintiffs seek unspecified damages for fraud and violations of California consumer-protection laws. Amanda Breen. Chloe Arrojado.
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