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."