Mr. Electric

Mr. Electric

Electrical services
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2022 Franchise 500 Rank
#240 Ranked #260 last year
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Initial investment
$108K - $245K
Units as of 2022
214 26.6% over 3 years

Here’s what you need to know if you’re interested in opening a Mr. Electric franchise.

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:

  1. You need to learn as much as you can about the brand.

  2. 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.

  3. 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. 

Find Your Perfect Franchise

Company Overview

About Mr. Electric

Industry
Maintenance
Founded
1994
Parent Company
Neighborly
Leadership
Joel Worthington, Brand President

Franchising Overview

Franchising Since
1994 (28 years)
# of employees at HQ
1,600
Where seeking

This company is seeking new franchisees throughout the US.

This company is seeking new franchisees in the following international regions: Europe (Eastern), Europe (Western), Canada

# of Units
214 (as of 2022)

Franchisor Information

Corporate Address
1010 N. University Parks Dr.
Waco, TX 76707

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
$107,900 - $244,500
Net Worth Requirement
$100,000
Cash Requirement
$50,000
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
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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.

On-The-Job Training
8-40 hours
Classroom Training
58.75 hours
Additional Training
Regional meetings twice a year; webinars
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
Marketing Planning & Support
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
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Interested in franchise ownership like Mr. Electric? Request a free consultation with a Franchise Advisor now.

Franchise 500 Ranking History

Compare where Mr. Electric landed on this year’s Franchise 500 Ranking versus previous years.

Additional Rankings

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Disclaimer
The information on this page is not intended as an endorsement or recommendation of any particular franchise by Entrepreneur Media. Our franchise listings and rankings are solely research tools you can use to compare franchise operations. Entrepreneur stresses that you should always conduct your own independent investigation before investing in a franchise. That should include reviewing the franchisor's legal documents, consulting with an attorney and an accountant, and talking to former and current franchisees.
Updated: February 8th, 2021