MR. ELECTRIC Franchise Startup Cost, Revenue and Profit Margin
Mr. Electric franchise is a franchise opportunity that offers its franchisees the chance of owning a strong brand with a track record of excellence in the electrical services sector.
Providing electrical services to its esteemed clients consisting of both individual and commercial, Mr. Electric franchise specializes in both electrical installation works as well as repair services. A Subsidiary of the Dwyer Group,
Mr. Electric franchise was founded in 1994. Its corporate headquarters is located in Waco, Texas.
With Joel Worthington as its CEO, this subsidiary of the Dwyer Group today has close to 200 franchise locations spread across the world. Being a global brand, and having a tradition of excellence, this franchise opportunity is ideal for the franchise candidate interested in owning a trusted and reliable electric franchise brand. Mr. Electric opened its franchising arm the same year it was founded.
The Mr. Electric franchise has been added to the enviable list of Entrepreneur Magazine’s “Franchise 500” the criteria used for this inclusion are based on Mr. Electric’s size, its growth rate, financial strength, and stability. This is an affirmation of Mr. Electric’s leadership status in the electrical services industry.
Benefits of Owning a Mr. Electric Franchise
This franchise opportunity comes with enormous benefits to the Mr. Electric franchisee. These benefits are in the form of access to Mr. Electric’s business model which has continually proven successful time and again, increasing profitability and sustainability thereby creating a win-win situation for both franchisor and franchisee.
Mr. Electric franchisees undergo a detailed training process aimed at transferring necessary skills and knowledge required for successful operation of the franchise. Added to these are a strong support system plus an exclusive territory that ensures that Mr. Electric franchisees are not stranded at any point during the contract period, as well as ensuring that a level of exclusivity is provided to its franchisees to function optimally.
Mr. Electric franchisees are offered an efficient marketing support that effectively advertises their services and products, leading to increased patronage and profits.
Mr. Electric Franchise Startup Costs
There are certain startup costs to be incurred by all Mr. Electric franchisees. These startup costs are paid to the franchisor. They consist of an Initial Investment sum starting from $86,100 to $184,750, a Net-Worth
Requirement of $125,000 and a Liquid Cash requirement of $45,000. These startup costs are a mandatory requirement for the Mr. Electric franchisee.
Mr. Electric Franchise Fee
The Mr. Electric franchise has a franchise fee which its franchisees are required to pay. It charges franchise fee starting from $35,000. However, there are financing options that cover the franchise fee. Franchisees have to qualify to benefit from this opportunity.
Under Mr. Electric’s financing options, an in-house financing is provided that covers the franchise fee. Also, Mr. Electric maintains a third party relationship with finance sources that offer to finance covering the franchise fee.
Under Mr. Electric’s Veteran Incentives program, veterans enjoy a 15% discount off the franchise fee. This is a way of appreciating the veterans for their selfless services to the nation.
Mr. Electric Franchise Ongoing Cost
Owning a Mr. Electric franchise attracts certain ongoing costs which must be paid by the franchisee to the franchisor.
These ongoing costs are mandatory for all franchisees and consist of an Ongoing Royalty fee of 5 to 7%, as well as an Advert Royalty fee of 2%.
The ongoing cost is relative to the franchise size. Larger sized Mr. Electric franchises typically pay higher ongoing costs than smaller sized Mr. Electric Franchises which pay lesser.
Mr. Electric Franchise Training and Support
Mr. Electric franchise offers a comprehensive training program to its franchisees. These training sessions consist of one-week training at its corporate headquarters, plus an ongoing on-site training. Additional training is provided in the form of regional meetings which is held twice a year in addition to webinars.
Mr. Electric franchisees are offered a robust support to enable them successfully run their franchises with minimal problems. The support provided by the franchisor covers the provision of internet services, a toll-free line, and newsletter publications. Others include a grand opening ceremony, meetings, and a purchasing cooperative.
Franchisees also benefit from a marketing support that covers the placement of advert in national as well as regional media, in addition to cooperative advertising.
Mr. Electric Franchise Application and Terms of Agreement
The Mr. Electric franchise’s terms of agreement/renewal policy specify a term of 10 years. After the expiration of the 10-year single term, franchisees are allowed to renew their franchise term by paying a franchise renewal fee of $5,000
How to Start a Mr. Electric Franchise
To own a Mr. Electric franchise, an easy application process needs to be followed. First, visit the franchisor’s franchise website on https://franchise.mrelectric.com/ on the website, there is a detailed application process that ensures the interested franchise candidate does not experience difficulty in applying.
It has a 4-step guide to the process of ownership. These include;
- Speak with a franchise developer
- Visit corporate headquarters
- Only invest if it’s right and
- Prepare for your grand opening
These 4 easy steps are required to ensure a successful owner of the franchise opportunity. The franchisor also makes available a phone contact number where interested franchise candidates can call for further guidance. The number is 888.493.1690.
The information made available in this article answers the burning questions franchise candidates often ask. Using the given information, it is strongly believed that the necessary information required for successful investment in the Mr. Electric franchise is adequately provided.