Tired of collecting an hourly wage installing ductwork for someone else’s business?
Consider starting your own HVAC business! There’s no reason you need to toil away in someone’s attic to make a profit for someone else. You can create your own business and grow it as large as you like.
So, are you ready to be large and in charge of your own financial destiny? Then you’re in the right place!
Check out this guide for some tips to get your successful HVAC business up and running.
1. Research Like a Rockstar
If you have experience in the HVAC industry, you’re already a step ahead. But even if you don’t, there’s so much information available on the internet. It’s your job to research this new venture like the entrepreneurial rockstar that you are!
Will you buy an existing business? Will you involve a partner? Or will you start from the ground up, the old fashioned way?
You should answer all of these questions with research. Read trade journals and articles specific to your industry. Join social media groups that support HVAC business owners.
Reach out to local entrepreneurs and get their opinions. Even if they aren’t in the HVAC industry, they’ll probably be happy to help a fellow business owner.
Choose a specialization based on your research and your geographical area. For example, you may choose to specialize in the repair and installation of heat pumps. Or if you’re in a colder climate, you might choose energy-efficient furnace replacements.
2. Don’t Forget Family
After you’ve done some research and you have a plan in place, discuss this decision with your family. Starting up a new business is rough. It takes lots of time, work, and energy.
And that means you’ll have less of those things to give to your family. So it’s important that they sign off on the plan too.
Plus, you’ll need to quit your job so you can jump into this venture at full force. Make sure that everyone involved is okay with the loss of income to start the process. Show them that you’ve researched how long it will take the business to make money.
3. Plan with the Mindset of a Business Owner
Start the planning process with the mindset that you will succeed. Then you’re already a step ahead of lots of other business owners.
Keep in mind that there will be failures. That’s true of any business. Know this ahead of time and be prepared to use those failures as learning lessons.
Write a killer business plan. You’ll show your business plan to prospective investors and funding sources. It’s also great to have a polished business plan if you have skeptical family members.
Running your business won’t just be about the HVAC work. There will be plenty of administrative tasks to do too. Make sure your plan includes how you’ll handle those types of tasks.
Use historical financial information that you’ve found through your own research to project cash flow in the future. Include growth in your financial projections. Show investors that you’re serious about making this business successful.
Include a plan for HVAC marketing. With the right marketing structure in place, your business can grow by leaps and bounds. Consider consulting with a marketing agency to accomplish this goal.
Starting Your Own HVAC Business the Right Way
I might be intimidating starting your own HVAC business. But it doesn’t have to be. If you do the prep work, you’re much more likely to succeed than the person who doesn’t.
Remember to do lots of industry-specific research. Include your family in the decision-making process. And create a killer business plan that addresses all critical aspects of the business.
Need more ideas from other business owners? Check out our forums for great real-world knowledge on all kinds of topics.