- 2024 Franchise 500 Rank
-
#169 Ranked #168 last year
- Initial investment
-
$140K - $289K
- Units as of 2023
-
212 24.0% over 3 years
Mr. Electric is a franchise that provides residential and commercial customers with electrical installation and repair services. With more than 150 locations in the United States, double digits in Canada, and another few internationally, Mr Electric is a subsidiary of Neighborly.
Electricity touches nearly every corner of a home, unlike other home services that may affect just one element. Mr. Electric, then, falls under the category of maintenance and home repairs and hits one of the most important parts of the home. Over the past 20 years, the franchise has striven to build effective systems for business growth.
Why You May Want to Start a Mr. Electric Franchise
There is room for growth as Mr. Electric offers designated territories in many prime markets across North America. Businesses are set at non-competitive grounds, which may allow for solid growth. As you explore the opportunity, take the time to speak to existing Mr. Electric franchisees to learn more about the brand and what it means to operate a franchise location.
Franchisees do not need industry experience; you can easily hire electricians to complete the daily electrical work. To run the franchise, you will need to hire multiple full-time employees. Many projects are paid in cash on completion by customers; this practice may eradicate the chances of bad debts to franchisees.
What Might Make a Mr. Electric Franchise a Good Choice?
To be part of the Mr. Electric team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for ongoing fees that may include advertising, royalty, and renewal fees.
Mr. Electric typically operates on a 10-year term. If Mr. Electric is happy with the performance of your franchise, then you may be given the opportunity to renew your lease.
If the franchisor recognizes you as a qualified franchisee, third-party financing sources can cover the startup cost, franchise fee, inventory, equipment, payroll, and accounts receivable. Veterans may also receive a discount when opening a Mr. Electric franchise.
How To Open a Mr. Electric Franchise
When deciding if opening a Mr. Electric franchise is the right decision for you, there are many things to consider:
You need to learn as much as you can about the brand.
You should research your area's current market and see if a Mr. Electric franchise would be needed or wanted. Determine how many other brands are in the area; you don't want the market to be too saturated.
Develop questions about daily operations, marketing strategies, technology advancements, and more as you research the opportunity.
Upon approval of a franchise, you may begin the sure start training program, which includes many hours of both on-the-job training and classroom training, after which you will begin business opening preparations. You may also be required to attend regional meetings twice a year.
Being well-informed about Mr. Electric will help when beginning the process of opening a franchise. Most of all, you should desire to serve your community and grow a quality business.
Company Overview
About Mr. Electric
| Industry | Maintenance |
|---|---|
| Related Categories | Electrical Services, Home Repairs/Handyman Services, Miscellaneous Maintenance Businesses |
| Founded | 1994 |
| Parent Company | Neighborly |
| Leadership | Joel Worthington, Brand President |
| Corporate Address |
1010 N. University Parks Dr. Waco, TX 76707 |
| Social | Facebook, Twitter, LinkedIn, YouTube, Pinterest |
Business Overview
| Franchising Since | 1994 (30 years) |
|---|---|
| # of employees at HQ | 1,600 |
| Where seeking |
This company is offering new franchises throughout the US. This company is offering new franchises in the following international regions: Australia/New Zealand, Europe (Eastern), Canada |
| # of Units | 212 (as of 2023) |
|
|
|
Information for Franchisees
Here's what you need to know if you're interested in opening a Mr. Electric franchise.
Financial Requirements & Ongoing Fees
Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
|
Initial Franchise Fee
|
$42,500 |
|---|---|
|
Initial Investment
|
$139,900 - $288,500 |
|
Net Worth Requirement
|
$100,000 |
|
Cash Requirement
|
$65,000 |
|
Veteran Incentives
|
15% off minimum franchise fee |
|
Royalty Fee
|
4%-7% |
|
Ad Royalty Fee
|
2% |
|
Term of Agreement
|
10 years |
| Is franchise term renewable? | Yes |
Financing Options
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
| Third Party Financing | Mr. Electric has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll |
|---|
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
| Classroom Training | 50.45 hours |
|---|---|
| Ongoing Support |
Purchasing Co-ops
Newsletter
Meetings & Conventions
Toll-Free Line
Grand Opening
Online Support
Security & Safety Procedures
Field Operations
Proprietary Software
Franchisee Intranet Platform
|
| Marketing Support |
Co-op Advertising
Ad Templates
National Media
Regional Advertising
Social Media
SEO
Website Development
Email Marketing
Loyalty Program/App
|
Operations
Additional details about running this franchise.
| Is absentee ownership allowed? | No |
|---|---|
|
Can this franchise be run from home/mobile unit?
|
No |
|
Can this franchise be run part time?
|
No |
| # of employees required to run | 2-3 |
|
Are exclusive territories available?
|
Yes |
Franchise 500 Ranking History
Compare where Mr. Electric landed on this year's Franchise 500 Ranking versus previous years.
Additional Rankings
Curious to know where Mr. Electric ranked on other franchise lists? Find out below.
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