SNAP-ON TOOLS Franchise Startup Cost, Profit & Opportunities
Are you looking forward to starting up a Snap on Tools franchise mobile store, and you are interested in learning all you can about the Snap-on Tools franchise? As you keep reading this article, you will find all of the information available on the Snap-on Tools franchise, which would help you in your journey towards starting up a Snap-on Tools franchise mobile store.
This article contains information regarding the Snap-on Tools franchise: a general overview of the Snap-on Tools franchise; how much it will cost you to own a Snap-on Tools franchise mobile store; the required franchise fee to start; the initial total investments sum required; the available training and supports to you will benefit as one of the franchisees; the terms of agreement and renewal; and how to start up a Snap-on Tools franchise mobile store.
About Snap-on Tools Franchise
Snap-on Tools could be regarded as the number one brand producer and distributor of professional tools for technicians in the world. Snap-on Tools was established in 1920, and the company has been experiencing steady growth and success for more than ninety (90) years. Originally, the company started as a wrench company in 1920 when Joseph Johnson conceived the idea, alongside William Seidemann.
However, it was in 1990 that the company started offering their business up as a franchise to interested franchisees in the United States and other parts of the World. Today, there are more than 4000 Snap-on Tools units currently in operation in various parts of the world. Their corporate headquarters is located at 2801 80th St. Kenosha, WI 53143. The company’s current Chairman Executive Officer (CEO) is Nick Pinchuk.
Another key person in the company is Thomas L. Kassouf who is the Vice President of the Tools Group. Snap-on Tools produce and offer several of their products to the market. Their products offering is more than 20,000, which includes a host of products such as hand tools, diagnostic tools, shop equipment, power tools, and tool storage.
The company’s philosophy is that their customers’ time is too important to spend in coming to them. Instead, they take their products to their customers wherever, and whenever. They practically take their products to their customers through direct sales, using trucks; through their franchisees; through distributor channels; and through the internet.
Snap-on Tools’ major target market is made up of mechanics, airports, marinas, car dealerships, etc.
Snap-on Tools allows franchise owners to own more than one franchise mobile store. As an existing franchise owner, you could go into an agreement for another franchise mobile store. Although the franchisor does not guarantee you huge sales revenue annually, you are sure to see returns on investments only if you will be ready to conform to the franchisor’s proven business model.
Snap-on Tools is currently estimated to worth about $9.5 billion, with sales revenue estimated at $3.4 billion.
How much does a Snap-on Tools Franchise Cost?
If you are interested in starting up or opening a Snap-on Tools franchise mobile store, it would cost you a minimum liquid sum of $25,000.
Snap-on Tools Franchise Fee
Snap-on Tools franchise requires an initial franchise fee that amounts to $5,000. No royalty fee; all the profits are 100% yours to keep.
Snap-on Tools Franchise Startup Cost
Before you can contemplate opening a Snap-on Tools franchise, you must have a minimum startup investment budget that ranges from $17,900 – $278,500. In addition, you are required to have a minimum net worth of $50,000. For veterans, there is a $20,000 waiving off the startup inventory.
Snap-on Tools Franchise Membership Training, Requirements and Support
As one of Snap-on Tools franchisees, there are certain benefits that you will enjoy both pieces of training and supports:
- You will benefit from the onsite hands on training that will be given immediately after sign-up at the franchisor’s headquarters. This training programme would take a minimum of 135 hours, which would be segmented into both classroom training and onsite training. Also, you will benefit from the ongoing subsequent training that will be provided by the franchisor.
- You do not need to pay rent; you take your products directly to your customers.
- Snap-on Tools franchise provides in-house financial assistance to franchisees to take care of the financial expenses at startup such as startup costs, franchise fee, inventory, equipment, etc. Also, the franchisor has connections with third-party sources to offer financial assistance to settle payroll.
- Snap-on Tools is a brand name that is very strong. You will benefit from the recognition and increased sales that come with being associated with the brand.
Snap-on Tools Franchise Terms of Agreement /Renewal
Snap-on Tools franchise’s initial franchise offer lasts for a period of ten (10) years. Subsequent renewal offers last for a period of five (5) years.
How to Start a Snap-on Tools Franchise?
Once you have indicated your interest to become part of Snap-on Tools and become one of their franchisees, be sure that you have fulfilled all the necessary financial and other requirements before proceeding for startup. Quickly visit Snap-on Tools website at www.snapon.com to learn more information concerning the franchisor’s terms and agreements before startup.