how much does a snap on tools franchise cost

by Kale Koelpin Jr. Published 2 years ago Updated 1 year ago

How much does a Snap-On franchise cost?

Initial Franchise Fee: $8,000 to $16,000
Total Investment: $172,076 to $375,503
Working Capital: $4,721 to $18,158

Full Answer

Are there any fees for a snap-on tools franchise?

Considering a Snap-on Tools Franchise? Don’t Overlook These 20 Important Franchise Fees Updated June 4, 2022. If you are considering a Snap-on Tools franchise, don’t get blindsided by these 20 important franchise fees (from the initial franchise fee, to the royalty fee, to 18 other fees found in Items 5 and 6 of Snap-on Tools’ 2022 FDD). 1.

How long does it take to become a snap-on franchise owner?

While becoming a Snap-on franchise owner is a big decision, it doesn’t need to be a complicated process. Your journey may be easier and faster than you think. Snap-on Tools franchisees can get the keys to their new mobile store in as quickly as 30 days.

Will snap-on credit lend me money to buy a franchise?

If franchisees meet all the requirements, Snap-on Credit, may lend franchisees funds to cover certain initial investment costs and expenses of their franchise.

How many employees does snap on have?

Snap-on, Inc has more than 65,000+ SKUs in our product line, operates in more than 130 countries and employs approximately 12,600 people worldwide. Snap-on also has a franchise network of more than 4,200 franchisees. Snap-on tools are sold only by dealers and not in retail stores.

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How much does it cost to become a Snap-On Tool dealer?

The franchise expects its new franchisees to have a net worth of at least $37,583. $169,223 is the minimum that someone opening a location should expect to invest. The high end of the total investment required to open a franchise is $382,235. $8,000 is the franchise fee new franchisees pay the franchisor.

How much do you make owning a Snap-on franchise?

How much do Snap-On Franchise Owners make? The highest-earning franchise made over $2 million in revenue whereas the lowest-earning franchise made less than $150,000.

How much does a Snap-on truck owner make?

Average Snap-on Owner Operator Driver yearly pay in the United States is approximately $100,000, which is 54% below the national average.

Is Snap-On Tools a franchise?

Franchise Description: The franchisor, Snap-on Tools Company LLC, offers a license to operate a franchised mobile store selling high quality repair and diagnostic tools and equipment. Snap-on manufactures and/or distributes these tools and equipment to professional mechanics and other tool users in the United States.

How does being a Snap-on dealer work?

Snap-on grants franchisees a license to operate a franchised mobile store. As a franchisee, you own your own business, selling high quality repair and diagnostic tools and equipment to a protected list of calls.

How much money does a tool dealer make?

The salaries of Tool Distributors in the US range from $17,720 to $38,850 , with a median salary of $23,923 . The middle 50% of Tool Distributors makes between $21,856 and $23,840, with the top 83% making $38,850.

How much do tool guys make?

How much does a Tool Truck Driver make? As of Oct 14, 2022, the average annual pay for a Tool Truck Driver in the United States is $57,958 a year.

How many Snap-on franchises are there?

The #1 Tool Brand in the World. The company has more than 58,000 products and operates in more than 130 countries. Globally, Snap-on has over 4,500 franchises.

Who makes snap-on tools?

Answer: Snap-On was founded by Joseph Johnson and Bill Seidemann in 1920. Their tools are manufactured and distributed by Snap-On Company. Their global headquarters are located in Wisconsin at Kenosha. Since then, they have been able to employ more than 12,600 people.

How much does a Snap-on truck cost?

Financial Requirements and FeesFinancial Requirements and FeesAmountLiquid Capital$37,583 to $55,545Net Worth$35,677 – $53,366Total Investment$169,223 to $382,235Franchise Fee$8,000 to $16,000Apr 14, 2022

Does Snap-on do payment plans?

Snap-on's Shop Owner EC program offers low interest rates and a “six months same as cash” feature for shop owners. This feature gives you six months to pay for credit purchases without paying interest. Snap-on tools are sold online and through franchisees who bring their tool trucks to automotive shops.

How much does it cost to become a Cornwell Tool dealer?

between $114,525 and $272,825What does a Cornwell Quality Tools Franchise Cost? The total investment to be your own boss as a Cornwell Quality Tools dealer ranges between $114,525 and $272,825. Cornwell requires candidates to have a minimum net worth of $40,000 and minimum of $20,000 in liquid assets.

How much money do you need to open a Snap On franchise?

Ensure you have adequate capitalization. In order to open a Snap-on franchise, you must have a net worth of more than $172,000. Appreciate the investment required for a franchise. Depending on how you pay for various parts of the business, including whether you buy or lease your mobile store, your start-up out-of-pocket expense can vary.

How much does Snap On cost?

How much does Snap-on franchise cost? Snap-on has the franchise fee of up to $16,000, with total initial investment range of $171,385 to $359,767. Initial investments: $171,385 - $359,767.

What is Snap On philosophy?

Snap-on has always maintained the philosophy that the customer's time was too valuable to spend going shopping for tools. Snap-on franchisees visit their customers in their place of work once weekly, in a van loaded with items for purchase.

How Much Does It Cost To Open A Snap-on Tools Franchise?

There are several costs associated with opening a Snap-on Tools franchise. There is typically a franchise fee set by the franchisor, which covers the costs of opening a franchise location. Some other commons fees include equipment fees, marketing fees, licensing fees, insurance, and taxes, to name a few.

Why Should You Start a Snap-on Tools Franchise?

Our goal at Why Franchise is to provide you with the resources needed to be a successful franchise owner. Fill out the form below to get more information about Snap-on Tools franchise and we'll be in touch soon!

How much does Snap On Tools cost?

You must purchase an initial inventory, which Snap-on Tools pre-selects for you, with a suggested retail price approximately between $161,000 to $175,000 and a cost to you approximately between $109,000 to $119,000.

How much does it cost to transfer a franchise?

Transfer Franchise. If you are purchasing a Transfer Franchise, other than as an Additional Franchise, you will pay a transfer fee of $10,000, unless a different transfer fee is specified in the selling franchisee’s Franchise Agreement. You will receive training, but you will not receive the technology package or the turnkey office supply package.

How long do you have to operate a van under Snap On Tools?

If, for any reason other than a transfer of business assets of the Additional Franchise to a franchisee through transfer, either (i) the Additional Franchise is terminated or (ii) you cease operating the van under the Additional Franchise during the three-year period after you start, you will be required to pay Snap-on Tools the entire Inventory Incentive you originally received, which will be immediately due and payable.

How much does it cost to franchise an additional van?

If you are purchasing an Additional Franchise, which includes the purchase of assets by an existing franchisee from an existing franchisee to add an additional franchise, or if you currently operate an additional van under a Franchise Agreement and meet all the requirements to make that a franchise, your initial license fee will be $10,000 and you will receive initial training for your employee, the technology package, and the turnkey office supply package.

How much is late charge on Snap on credit?

Under the Snap-on Credit Van Lease Program, 5% of the amount due (plus interest at 10%) for a payment delayed more than 10 days, or $10.00, whichever is greater (subject to the maximum permitted by law).

What is an unassociated dealer?

Unassociated Dealer. If you are currently in the business of selling and servicing tools for professional mechanics and other customers in the automotive aftermarket and related businesses, but you are not associated with Snap-on Tools (“Unassociated Dealer”), Snap-on Tools may provide you with a portion of your initial inventory, without cost to you, at the time you become a Franchisee.

Do you need to purchase inventory for Snap on Tools?

If you are purchasing a Transfer Franchise or Renewal Franchise, you will not be required to purchase additional inventory as long as your initial inventory meets Snap-on Tools’ minimum inventory requirement.

Background

Do you consider yourself to be a DIY aficionado, mechanic, or professional contractor? If you are, then you will have an understanding of how not many businesses provide quality tools like the Snap-On Tools franchise does. Founded in 1920, the brand has grown to become of one of the world's lead professional tool businesses.

Support and Training Offered By Snap-On Tools

In terms of support and training, the franchisee can expect initial training that lasts ten days in Grapevine, Texas. During this time, you will learn Product Knowledge, Franchise Business Management, Point of Sale System Training, and Snap-on Credit Financing for Customers.

2022 Franchise Requirements Needed to Own a Snap-On Tools Franchise

No advertising fee No initial training fee Financing Options: Yes Veteran Incentives: Yes Investment range: $169,223 to $382,235.

Franchises Similar to Snap-On Tools

The International Franchise Professionals Group (IFPG) is an internationally recognized membership-based franchise organization. IFPG Franchise Consultants guide aspiring business owners through the process of identifying and investing in franchise businesses. The IFPG represents more than 550 franchises.

What is a Snap on franchise?

How long does Snap On franchise training take?

Training currently consists of over 84 hours of classroom training and 135 hours of on-the-job training. The training school is currently located in Grapevine, Texas, but Snap-on reserves the right to relocate it at any time or conduct the training online. The franchisor conducts the field initial training at the time franchisees begin operations. Between four to eight months after franchisees begin operating their business, franchisees are required to attend Franchise Store Management Training – Level 2 currently held virtually via web-based meetings, but may be at the franchisor’s training workshop located in Grapevine, Texas, or by such other method or at such other location as it designates. Once franchisees begin operation of their franchise, the franchisor suggests, but does not require, that franchisees and their store manager, if applicable, participate in ongoing training, including Franchise Performance Team meetings (if provided by the franchisor). The franchisor generally holds these meetings once per quarter, but may hold them more or less frequently as it determines appropriate. The franchisor also suggests, but do not require, that franchisees attend Franchise Development Training, kickoff meetings and the Snap-on Franchisee Conference each year that it provides these training opportunities.

What are the obligations of a franchisee?

Obligations and Restrictions: Franchisees will use their best efforts to promote aggressively and develop fully the sales of products at stops on their List of Calls. Franchisees will maintain an inventory of products in at least the minimum amount specified in the “Snap-on Program” in order to maximize their sale of products and provide service expected by their customers. Franchisees must refrain from engaging in activities that would conflict with these purposes and they will devote all necessary business attention and efforts to these purposes. Franchisees will not sell or give away items of merchandise which are directly competitive with the products that are manufactured by or for the franchisor, except items of merchandise which franchisees have taken as a trade-in. In addition, franchisees will refrain from selling items which are inappropriate or inconsistent with a business selling tools and equipment. Franchisees may sell products only to customers at stops on their List of Calls. Franchisees will assist the franchisor in honoring all warranties on products, which means that franchisees will perform service on tools and equipment at the customer’s place of business.

How long is a franchise agreement?

Term of Agreement and Renewal: The length of the initial franchise term (license) is 10 years. Franchisees can add one term of five years, if they meet requirements. The franchisor may grant an additional five-year renewal at expiration of the renewal franchise at its option.

How much does Snap on credit cost?

Unless franchisees purchase their van, franchisees must return the van to a location designated by Snap-on Credit (estimated cost to the franchisee is between $180-$4,100, depending on their location) and franchisees are responsible for damage in excess of ordinary wear and tear.

Do franchisees need to be trained?

Once franchisees begin operation of their franchise, the franchisor suggests, but does not require, that franchisees and their store manager, if applicable, participate in ongoing training, including Franchise Performance Team meetings (if provided by the franchisor).

Who owns Snap on Credit?

Snap-on Credit is owned by Snap-on Incorporated. Investment Tables:

What is a FDD in Snap On Tools?

Snap-on Tools will provide you with a Franchise Disclosure Document (FDD) that includes more detail on the estimated initial investment and other fees.

Do you have to pay for initial training for mobile store?

No initial training fee. An added benefit of operating from your mobile store is that you typically avoid the real estate expenses of most fixed-site franchises. In addition, as an owner-operator you won't have any employee expenses until you choose to hire an employee to grow your business.

Is Snap On easy to start?

Starting a small business isn’t easy, but Snap-on can help. For many of our franchisees, securing financing is an important part of the process. We are one of the few franchising companies that offers in-house financing. You may qualify to finance your business through our affiliate, Snap-on Credit, which has financing programs that could meet your initial needs.

Is Snap On a sponsor of Vetfran?

In addition, Snap-on is a proud member and sponsor of VetFran, an International Franchise Association initiative to support veterans interested in franchise ownership and careers in franchising. Snap-on is proud of its time-honored tradition of saluting our military.