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Mr. Electric Franchise ProfileHome Services Franchises > Electrical Services |
How To Open a Mr. Electric Franchise?
To start your journey as a Mr. Electric franchisee, you will need to complete an ownership application. After this step, you can expect to engage in a series of interviews and discussions with the franchise team. A crucial part of this process is attending a training program where you will learn the operational systems and standards of Mr. Electric. Typically, franchisees are expected to open their business within six months of signing the franchise agreement, provided they’ve completed the necessary training and obtained the required permits.
What Makes Mr. Electric a Viable Franchise Option?
Before committing to a Mr. Electric franchise, it is vital to assess your readiness for the financial responsibilities involved. This includes the initial franchise fee, which starts at approximately $42,500, and total estimated investments ranging from $152,000 to $314,500 depending on various factors like territory size and setup costs. It’s also important to note ongoing royalties, which are around 6% of gross sales, and marketing fees that can represent a minimum of 8% of gross sales after the first year.
Why You Should Consider Owning a Mr. Electric Franchise?
Mr. Electric stands out in the electrical service industry by offering comprehensive residential and commercial services, including installation, maintenance, and repairs. The brand has built a reputation for quality and reliability, supported by a network of franchisees. With current competition from local electricians and larger service chains, franchisees benefit from an established brand and a proven business model. The support provided by the franchisor includes training, marketing assistance, and operational guidance, making it an appealing choice for those looking to enter the electrical service market.
Is a Mr. Electric Franchise Right for You?
The electrical service industry is competitive, yet Mr. Electric has grown to include 189 franchises in the U.S. as of December 31, 2023. As a franchisee, you will need to comply with local and national regulations, including obtaining necessary permits and licenses. If you possess a passion for service, a strong work ethic, and the ability to manage a team, you could find great success within this franchise. Evaluate your financial situation and ensure you are prepared for both the initial and ongoing financial commitments.
Mr. Electric Franchise Financial Requirements
Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.
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Mr. Electric Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes shown in the chart and table.
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| Units | 2021 | 2022 | 2023 |
|---|---|---|---|
| Total Units | 158 | 170 | 180 |
| Net Change YoY | 12 | 10 | |
| Franchised Units | 158 | 170 | 180 |
| Net Change YoY | 12 | 10 | |
| Corporate Units | 0 | 0 | 0 |
| Net Change YoY | 0 | 0 |
Company Background
Mr. Electric is a leading electrical service franchise that specializes in residential and commercial electrical installations and repairs. Founded in 1994, Mr. Electric has grown into a trusted brand with over 200 locations across the United States and several international markets. The company prides itself on providing high-quality electrical services while ensuring customer satisfaction through professionalism and expertise. With a focus on innovation and environmentally-friendly solutions, Mr. Electric is dedicated to meeting the evolving needs of its customers.
Franchise Opportunity
Becoming a Mr. Electric franchisee offers an exciting opportunity to tap into a growing market for electrical services. With the increasing demand for reliable and skilled electricians, Mr. Electric provides a proven business model and comprehensive support to help you succeed. Franchisees benefit from an established brand, extensive training programs, and ongoing operational assistance, paving the way for a potentially lucrative business venture in the home services industry.
Corporate Structure
Mr. Electric is a franchise of The Dwyer Group, Inc., which is a parent company for various service-based brands. The Dwyer Group was founded in 1981 and has its headquarters in Waco, Texas. Mr. Electric operates under its corporate name and maintains a strong network of franchisees who benefit from the shared resources and expertise of The Dwyer Group. This corporate structure enables Mr. Electric to leverage economies of scale and enhance brand recognition in the competitive electrical service market.
Royalties
Mr. Electric franchisees are required to pay a royalty fee of 5% of gross sales, alongside an additional marketing contribution of 2% for national advertising efforts. These fees are essential for maintaining brand integrity and providing franchisees with the marketing support they need to attract customers. The royalty structure is designed to ensure ongoing franchisee support and the continued growth of the Mr. Electric brand in the marketplace.
Company Mission
At Mr. Electric, our mission is to deliver exceptional electrical services while prioritizing safety, integrity, and customer satisfaction. We strive to be the industry leader in residential and commercial electrical solutions, providing innovative and reliable services that empower our customers. Through our commitment to ethical practices, community involvement, and continuous improvement, Mr. Electric aims to create lasting relationships with clients and foster a culture of excellence among our franchisees.
Brand Story
Mr. Electric was founded to address the growing need for trustworthy electrical services in the community. Since its inception in 1994, the brand has focused on providing high-quality workmanship and outstanding customer service. With a mission to change the perception of electricians, Mr. Electric has built a reputation for professionalism and reliability. As the company expands, it continues to innovate and adapt to the changing needs of customers, making it a recognizable name in the electrical service industry. Today, Mr. Electric represents a commitment to quality, safety, and customer-focused service in every job.
Frequently Asked Questions
The initial franchise fee for a Mr. Electric franchise is $42,500. This fee can increase based on the population of the territory you are looking to operate in, with an additional $425 for each 1,000 people over the minimum population requirement.