Running a mobile tool business is a very challenging career. Having a successful business involves having a good customer base, knowing what kind of tools to sell, and having good business management skills.
Customers are the main source of income. Mechanic shops make up about 80% of the customer base. The other 20% are car dealerships, trucking companies, and construction equipment companies. In the mechanic shops, there are mechanics and shop owners. The shop owners generally buy the big equipment needed for the shop. Mechanics generally buy what tools they need for their everyday workload. Sometimes they buy tools just because they “look cool” or it is the “new item” out. (Cornwell Quality Tools, 2013)
The customer base in car dealerships, trucking companies, and construction equipment companies tend to be mechanics only since they are larger corporations. There are also individual customers. These are usually customers that do not work at the shops. They either know someone at one of the stops or they have seen a business card or a truck in the area. These are cash customers since they do not have a truck accounts set-up. (Cornwell Quality Tools, 2013)
The majority of the customers are good paying. That is, they pay their weekly amount every week. Every now and then a customer “skips out”. They either get fired or laid off from their job and they stop paying on their account. Some will change their phone number or even move without telling anyone. Sometimes they can be tracked them down, but most times the dealer is out that money. (Cornwell Quality Tools, 2013)
Tools vary from hand tools to as large as tire machines and car lifts. There are many types of hand tools. One of the top sellers is air guns or power tools. These are tools that are hooked up to an air hose. They can be impact wrenches, air ratchets, or air hammers. They come in many different sizes. The hard-line is another popular item with the mechanics. These would be ratchets, wrenches, screwdrivers, etc. These are made of high-grade alloy steel at the Cornwell plant in Wadsworth, Ohio. They have a lifetime warranty. If they break they are either replaced by the dealer or sent in for repair. (Cornwell Quality Tools, 2013)
Tool boxes or tool carts are another hot item. They come in varies sizes and colors. They can also be custom made to the customers liking. Tool boxes are more expensive than tool carts. They are bigger and have more space in them. They can range from a few hundred dollars to thousands of dollars. It all depends on what the customer wants and needs. (Cornwell Quality Tools, 2013)
Cornwell has been in business for 94 years. They were founded by Eugene Cornwell in 1919. They are a family owned business based out of Wadsworth, Ohio. They are a company committed to the sale of quality tools. That is why they use high-grade alloy steel and a modern heat-treating method to make their tools. They are considered to have one of the finest tools in the world. (Cornwell Quality Tools, 2013)
Managing finances is very important. When a dealer starts their own franchise with Cornwell, they are financed with a $50,000 loan. Cornwell gives the dealer 5 years to pay it back. $35,000 is…