Curious to know how much does a Snap-on Franchise owner makes? Well, you are at the right place.
Here, we will discuss some important aspects related to the Snap-on Franchise, its profitability, and whether buying this franchise is worth it or not. So, let’s begin.
About Snap-on
Snap-on is a manufacturer and marketer of tools and equipment, which was founded in 1920 by Joseph Johnson and William Seidemann.
They are the creator, producer, and seller of elevated equipment for commercial usage in transportation, including machinery, sea, automobiles, heavy aircraft vehicles, and railroads.
In 1991, they started offering franchises, and now it has more than 4790 units and is rapidly growing to date. The business model of the Snap-on franchise is very flexible.
They never require any prior experience. An entrepreneur can easily buy the Snap-on franchise without any hurdle if they have enough amount of capital to invest.
The cost of investment is a bit high, but Snap-on provides financial support to all new franchisees.
Moreover, they also provide training programs and different kinds of support to franchisees to enhance business growth.
Also Read: Ace Hardware Franchise
How Much Does A Snap-on Franchise Owner Make?
As per records, Snap-on generates around $4.57 Billion through its sales annually. An individual Snap-on franchise owner can make around $952,083 annually.
However, this is average data. There is a possibility that Snap-on franchise owners can make more than or less than this.
The profit varies on your management skills and location and how you grow your business.
Recently, it was noticed that the sales of Snap-on are rapidly increasing, and as compared to last year, the sales were 12% higher. Overall, the Snap-on franchise can make a decent amount of profit.
2020 Snap on Sales, according to VettedBiz
| ED PAID SALES FOR 2020 | Number of Franchisees Reporting | Percentage |
|---|---|---|
| Less than $150,000 | 20 | 0.68% |
| $150,000 to $199,999 | 25 | 0.85% |
| $200,000 to $249,999 | 34 | 1.15% |
| $250,000 to $299,999 | 54 | 1.83% |
| $300,000 to $349,999 | 108 | 3.66% |
| $350,000 to $399,999 | 132 | 4.47% |
| $400,000 to $449,999 | 188 | 6.37% |
| $450,000 to $499,999 | 204 | 6.91% |
| $500,000 to $549,999 | 239 | 8.10% |
| $550,000 to $599,999 | 252 | 8.54% |
| $600,000 to $649,999 | 226 | 7.66% |
| $650,000 to $699,999 | 227 | 7.69% |
| $700,000 to $749,999 | 209 | 7.08% |
| $750,000 to $799,999 | 209 | 7.08% |
| $800,000 to $849,999 | 163 | 5.52% |
| $850,000 to $899,999 | 126 | 4.27% |
| $900,000 to $949,999 | 106 | 3.59% |
| $950,000 to $999,999 | 65 | 2.20% |
| $1,000,000 to $1,049,999 | 81 | 2.74% |
| $1,050,000 to $1,99,999 | 65 | 2.20% |
| $1,100,000 to $1,149,999 | 45 | 1.52% |
| $1,150,000 to $1,199,999 | 41 | 1.39% |
| $1,200,000 to $1,249,999 | 30 | 1.02% |
| $1,250,000 to $1,299,999 | 21 | 0.71% |
| $1,300,000 to $1,349,999 | 18 | 0.61% |
| $1,350,000 to $1,399,999 | 11 | 0.37% |
| $1,400,000 to $1,449,999 | 12 | 0.41% |
| $1,450,000 to $1,499,999 | 5 | 0.17% |
| $1,500,000 to $1,549,999 | 9 | 0.30% |
| $1,550,000 to $1,599,999 | 4 | 0.14% |
| $1,600,000 to $1,649,999 | 3 | 0.10% |
| $1,650,000 to $1,699,999 | 2 | 0.07% |
| $1,700,000 to $1,749,999 | 1 | 0.03% |
| $1,750,000 to $1,799,999 | 4 | 0.14% |
| $1,800,000 to $1,849,000 | 5 | 0.17% |
| $1,850,000 to $1,899,000 | 2 | 0.07% |
| $1,900,000 to $1,949,999 | 1 | 0.03% |
| $1,950,000 to $1,999,999 | 1 | 0.03% |
| Over $2,000,000 | 3 | 0.10% |
| Total | 2951 | 100.00% |
How Much Does A Snap-on Employee Earn?
Snap-on employees’ salary ranges from $32,606 to $137,141 annually. However, Snap-on employees’ salary varies depending on their work position.
Snap-on pays its employees an average of $21 an hour. An employee of Snap-on with the job title- of Human Resources Assistant can earn an average of $32,606 annually, while other employees, like a Project Lead, can earn an average rate of $137,141 annually.
What Is Snap-on Known For?
Snap-on is a manufacturer, producer, and supplier of tools and equipment. This brand is well known for providing craftsmanship and quality tools.
It offers the highest quality of tools you will get in the market. Moreover, it is a leading global developer in more than 130 countries and employs approximately 12,600 people worldwide.
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Pros & Cons Of Snap-On Franchise
Pros Of Snap-On Franchise
- Provide training and support
- Highly profitable
- Premium grade products
- Strong ubiquitous presence
Cons Of Snap-On Franchise
- Lawsuit records
- Over-priced product
- Snap-on Credit issue
- Limited entrepreneurial growth
- External competition
- High-cost investment
Is Snap-On Franchise Profitable?
As per our research, the profitability of the Snap-on franchise is good. The cost of investment always plays a crucial role in making a profit because profit is always proportional to the cost of investment. And Snap-on requires a high cost of investment.
Moreover, the brand has a strong presence in the market and always provides premium quality products.
All these aspects indirectly affect the sale of any business, which proves that Snap-on has a higher potential to make a decent amount of profit.
However, recently some units of Snap-on got closed, and some reports showed that the Snap-on failure rate is increasing.
We researched that and found that there are some units of Snap-on that got closed, but other stores are making a decent amount of profit which is around $952,083.
The Snap-On franchise has a comprehensive market of 4790 units. So, it is obvious that some units can get failed, but we can’t count it as a failure rate.
To conclude, Snap-on is making a good amount and profit and has a high potential to make a good profit.
Wrap Up
As we discussed above, Snap-on offers franchise opportunities to entrepreneurs without any prior experience.
The policies of the Snap-on franchise are very flexible, and the requirement list is not long as other franchises. The only requirement is that the Snap-on franchise has a high cost of investment.
If the candidate has the capital to invest, then he/she can buy the franchise without any hurdle. Also, the profitability of the Snap-on franchise is also good.
Moreover, they also provide some financial support and third-party loans to franchisees to pay the initial franchise fee.
Snap-on also provides a comprehensive training program and support. Overall, Snap-on is a good franchise opportunity and has good potential to make a decent amount of profit.
Frequently Asked Question
How many Snap-on franchises are there?
Snap-on has more than 4790 outlets around the world.
What is the annual revenue of Snap-on Franchise?
An individual Snap-on franchise owner makes approximately $952,083 annually.
How much does it cost to buy a Snap-on franchisee?
An initial investment required to open a Snap-on franchise is $175,146 to $411,941.
Amit Gupta is the founder of DrFranchises – a digital marketing agency that helps brands rank better on Google Maps through local SEO strategies. Amit has over 11 years of experience in digital marketing, SEO, email marketing, and social media marketing. He’s also the owner of multiple franchises and has helped countless brands achieve success online. When he’s not working, Amit can be found playing with his dog.