Mr. Electric® Ranks in Entrepreneur's 42nd Annual Franchise 500®
Company named number one franchise opportunity in 2021 in Electrical Services category
February 02, 2021 // Franchising.com // WACO, Texas - Mr. Electric®, a Neighborly® company, recently ranked first overall in the Electrical Services category in Entrepreneur magazine’s Franchise 500®. Recognized as an invaluable resource for potential franchisees, the Franchise 500® selected Mr. Electric for its outstanding performance in areas including unit growth, financial strength and stability and brand power.
Mr. Electric’s inclusion on the 2021 Franchise 500 follows a year of impressive growth for the brand, with 29 agreements awarded and 29 new franchise locations opened in 2020.
“Placement in Entrepreneur’s annual Franchise 500® is such a highly sought-after honor in the franchise industry, and Mr. Electric to not only be included in the ranking, but to also be named the top brand named to the Electrical Services category is an outstanding achievement,” said Joel Worthington, president of Mr. Electric. “Given all the obstacles we had to overcome in 2020 due to circumstances brought on by the pandemic, being recognized as a top franchise opportunity feels better than ever and sets us up for continued growth and success in the new year.”
In Entrepreneur’s continuing effort to best understand and evaluate the ever-changing franchise marketplace, the company’s 42-year-old ranking formula continues to evolve as well. The key factors that go into the evaluation include costs and fees, size and growth, support, brand strength and financial strength and stability. Each franchise is given a cumulative score based on an analysis of more than 150 data points, and the 500 franchises with the highest cumulative scores become the Franchise 500® in ranking order.
“2020 was a challenging year for everyone, but it was also a year of unusual opportunity,” said Jason Feifer, Entrepreneur editor-in-chief. “Franchises were able to be nimble and innovative, serving the needs of franchisees and customers in ways that will resonate for many years to come. We believe that, when we eventually look back on this time, we’ll see it as a moment when many brands defined themselves for the future.”
Mr. Electric is one of 16 Neighborly brands to be included in this year’s Franchise 500 ranking. Other Neighborly brands on the 2021 list of top franchises include: Molly Maid, Mosquito Joe, Mr. Appliance, Mr. Rooter Plumbing, Five Star Painting, Real Property Management, Aire Serv, Mr. Handyman, ShelfGenie, Rainbow International Restoration, Glass Doctor, The Grounds Guys, HouseMaster, Precision Door Service and Window Genie.
SOURCE Mr. Electric®
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