By Stuart Goldman, Club Industry
Lift Brands, the parent company to Snap Fitness and other brands owned and operated by CEO Peter Taunton, announced today the launch of a new brand: YogaFit Studios.
Like Snap Fitness, YogaFit Studios will be open 24 hours a day, seven days a week. The first YogaFit Studio will open in mid-May in Excelsior, MN, less than 10 minutes away from Snap's headquarters in Chanhassen, MN.
Lift Brands bought the YogaFit licensing rights last year, the Minneapolis-St. Paul Business Journal reported today. Beth Shaw founded YogaFit, the Torrance, CA-based yoga training school, in 1997.
"I loved the name YogaFit and I loved the logo," Taunton told the Business Journal. "Beth approached me and asked if I would ever consider creating a franchise for her style yoga, and honestly, I said no several times. But then I went back to her about a year ago and said I was interested in doing it."
Taunton told Club Industry in February that he planned to launch a new brand for Lift Brands sometime in June. Then after the IHRSA show in March, Taunton said he planned to open a new yoga concept in May.
Lift Brands has set the initial price to open a studio at $80,000, according to a company press release. With the aid of Lift Brands financing, a studio can be owned with a down payment for $20,000, the company said.
"The vast majority of wellness concepts and 100 percent of the yoga concepts today are expensive and out of reach to the majority of potential business owners," Taunton said in a company statement. "The industry needs changing, and Lift Brands is the company to do it."
Taunton says he wants to open 1,000 YogaFit Studios in the next five years.
According to the report in the Business Journal, YogaFit Studios will offer live and virtual yoga classes, featuring videos of instructors on a 120-inch, high-definition screen. The studios are expected to be 1,500 to 2,000 square feet.
Members will pay $49 to $79 per month for unlimited access, the newspaper reported. The studios also will offer a 10-visit punch card for $145 and a 20-visit punch card for $225.
YogaFit Studios has pledged a charitable contribution on behalf of every membership to help the local and global community, the company said.
"Giving back is the right thing to do," Taunton said, "and we plan to positively affect each community we enter."
By Jake Anderson, Twin Cities Business
The parent company of Snap Fitness said Tuesday that it’s rolling out a 24-hour yoga franchise called YogaFit Studios—with plans to add 1,000 locations in the next five years.
Lift Brands, the parent company of Twin Cities-based Snap Fitness and Steele Fitness, among other brands, announced the growth plans. The company said 20 million Americans spend nearly $6 billion annually on yoga and related products, and it's planning to tap that market with 24-hour studios featuring live and virtual on-demand yoga classes.
YogaFit was founded in 1997, but Lift Brands landed a licensing deal with the company just last year. Lift Brands said franchisees can open a studio for as low as $80,000, which it characterized as significantly cheaper than most competing concepts. The first location is set to open next month in Excelsior.
“Our goal is to open 1,000 domestic studios over the next five years offering the independent yogi, yoga instructor, or wellness entrepreneur the opportunity to own a meaningful slice of the yoga business worldwide,” Lift Brands founder and CEO Peter Taunton said in a statement. “We are confident yoga is here to stay and we are targeting aggressive expansion.”
While the 1,000-location goal may sound lofty, Taunton is no stranger to growing franchises. The winner of an Ernst & Young Entrepreneur of the Year Award, he founded Snap Fitness in 2003 and has helped expand that business to have roughly 2,000 clubs either open or in development in 15 countries.