With a help-to-buy scheme that cuts out the need for high street lenders, tool giant Snap-on is assisting more people than ever to become successful business owners
Fully accredited and government approved, Snap-on Finance is Snap-on’s in-house bank. Through this dedicated finance house, Snap-on offers business loans to successful candidates in order to fund the purchase of their franchise.
Who could be better placed to help you assess, plan and budget your finances in a way that is realistic and achievable? Who understands exactly what owning and running the franchise looks like day in, day out and therefore what your financial requirements are likely to be?
Who better to invest in your franchise with you, than your franchisor?
Snap-on is the world’s number one professional tool brand. In its iconic, custom built mobile stores, franchisees deliver gold standard, premium products to technicians up and down the country.
The business is unique in its strength, size and experience. Unlike many other franchisors, with Snap-on there are no royalties or advertising fees to pay and you keep 100 per cent of your profits. On average, franchisee’s sales to their customers are in excess of £6,000 per week.
Investing made easy
Investing in a Snap-on franchise has never been easier. You pay just £16,037 and Snap-on funds the rest on a six-year interest bearing loan.
Fixed, regular payments mean you can manage your cash flow and always know exactly where you are with your finances.
Snap-on even offers you a payment break for your first three months in order to get your business up and running.
The company’s proven business model has been refined over 95 years. It has over 430 franchisees in the UK and Ireland, delivering a range of over 22,000 premium products to technicians.
Snap-on’s franchise offers you the opportunity to enjoy all the benefits of being your own boss, safe in the knowledge you have the back-up and support of its global support network behind you.
Lisa Law, Snap-on’s national franchise manager, says: “We believe everyone has the right to achieve their dream of being their own boss, which is why we have Snap-on Finance to offer business loans to fund the purchase of your franchise.
“We’ve got the utmost confidence in our franchise, which is why, when you invest in us, we’ll invest in you too. We’re prepared to help you get on your feet because we know you can make the business a success, pay us back in full and make a profit.”
Springboard to success
One of Snap-on’s youngest, and now one of the UK’s most successful franchisees, Richard Swayne did just that.
Richard started working for Snapon as an employee of an existing franchisee near his hometown of Dartford in 2012. Despite growing up in what he calls a “typical 9-5 family”, Richard knew he wanted more than just a job and didn’t want to wait a lifetime to achieve his dream of being his own boss.
Just 18 months later, in 2014, Richard took out a loan from Snap-on Finance and bought the franchise. It’s safe to say he hasn’t looked back since.
Richard explains: “I don’t come from a family of entrepreneurs or business owners. My family are hardworking 9-5ers, but I knew in my heart I didn’t want that for myself. I’ve always wanted that next challenge, to push myself and to be in control of my destiny. I just had no idea how I was going to achieve that.
“One thing I did know was that I loved the motor industry and I’ve had a fascination with tools from an early age. I dipped in and out of different jobs for a while. I tried university, but found it wasn’t for me.
“I ended up working for a car dealership. I started out on the shop floor working on the cars and built my way up to foreman. That’s where I met the Snap-on franchisee I would later work for and buy the business from.”
Snap-on’s outstanding training and support programme is designed to launch and grow your business quickly and with maximum impact.
The company has a global support staff ratio of 2:1 to every franchisee and matches you with a dedicated franchise developer for the first 12 months of your business and, after that, a sales developer for life.
Achieving great things
You don’t have to wait for customers to come to you because Snap-on guarantees your customer base before you start. Its aim is to empower you with the tools for success.
At the age of 27 and just over two years into his business, Richard is a testament to this ethos. He has already achieved great things and doesn’t have any plans to stop soon.
Richard was the number one franchisee for sales in 2014 and 2015 and consistently reaches sales of over £10,000 per week. He has paid off his initial business loan and expanded into his second territory.
Richard acknowledges that none of this would have been possible without the support of the Snap-on team and the financial assistance provided by Snap-on Finance.
“I took out a loan from Snap-on Finance to help me buy my franchise,” he says. “There’s no way I’d have been able to make the purchase without Snap-on’s in-house facility.
“The loan was about £45,000- £50,000 and I paid that off, in full, 10 months into my franchise. I have £60,000 worth of tools in my van and they’re all mine. I can’t tell you what that feels like - it’s just brilliant.
“I’ve expanded into a second territory and have funded that through Snap-on Finance again. I feel the commitment to repay a loan is a great driver. It helps me focus and accelerate the business launch and grow sales more rapidly.”