You can use the Replication Monitor to examine the status of the Snapshot Agent and ensure that the snapshot has been created.
Verifying the Snapshot Status
In SQL Server 2005 and SQL Server 2008, the Replication Monitor is a separate tool. This can be accessed through Microsoft SQL Server Management Studio.
To examine the status of the snapshot agent, see How to: Check the Status of the Snapshot Agent (SQL Server Management Studio).
Concepts
Configuring the Snapshot Folder