How to Become a Franchisee of Snap-On Tools
Snap-On Tools has been in business since 1920 when an inventive man named Joseph Johnson started manufacturing sockets that would snap on to a wrench. Today, there are more than 5,000 mobile Snap-On stores throughout the world. As the owner of a Snap-On franchise, you'll be taking a modern,sophisticated showroom full of tools to your customers. Entrepreneur Magazine rates Snap-On Tools in the top 50 franchise opportunities available today.
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Instructions
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Contact the Snap-on Company at 1-877-476-2766 or send an email through the website to get initial franchise information. Research outside the company, too. If you know a Snap-On franchisee, ask him to share his experience.
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Review the franchise disclosure documents. This is a legal document and should give you plenty of information about buying a franchise. Have your attorney look it over. Ask the Snap-On franchise team about any areas that are unclear.
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Ride along with a current Snap-On Tool franchisee. The Snap-On company will coordinate this for you as a way to see how the business operates. You'll get a good idea of what running the business is like on a day-to-day basis. Ask plenty of questions.
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Write a solid business plan. Include financial considerations, management plans and how you will market your business. If you are getting a loan to buy the franchise, the bank will request a copy of your business plan.
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Finance the franchise purchase. You can get a personal loan or you can finance it through the Snap-On company's in-house credit group. Compare different financing terms to determine the right one for you. The Snap-On Company estimates the out-of-pocket costs up front to be between $39,000 and $52,000.
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Sign the franchise agreement and start running your business. No initial cold calling is necessary. Snap-On will give you a list of customers who are established Snap-On users. Your territory is protected, so you aren't competing with other Snap-On franchisees.
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Tips & Warnings
Snap-On says you do not need a mechanical or woodworking background to be successful with a franchise. The company requires franchisees to make a minimum number of calls each week.
