In 2020, the HVAC market was worth a stunning $57.8 billion. And by 2026, that figure is projected to grow to $82.5 billion.
If your ambition is to start an HVAC business, you’re in luck, as this is a lucrative and highly valued trade. But you may be wondering what you have to do in order to start an HVAC company. In this guide, we’ll explain the simple steps you must take that will help you get started.
Create a Business Plan
Every company — regardless of industry — needs a business plan. This is probably one of the best startup tips you can implement. Your HVAC business plan will help you with a multitude of things, including but not limited to:
- Document your business model
- Factor in financial needs
- Attract investors, partners, employees, and a management team
- Establish your brand
- Better understand (and as a result, serve) your customer, etc
Your business plan is the foundation of your company. As such, it will determine the actions you take to expand and move your company forward in the marketplace.
Budgeting and Finance
Money is the lifeblood of any business. So when starting a company, it’s crucial to have your expenses lined up and thoroughly detailed.
This includes:
- Budgeting for equipment and tools
- What you’ll charge customers for your services
- Money allocated toward company vehicle operations (gas, insurance, maintenance, etc)
Additional costs to add to your budget will be for the marketing side of your business; your website, promotions, marketing and advertising, etc.
Check this link for more information on how to use marketing to grow your HVAC company.
Responsibilities and Obligations
Starting a business — whether in HVAC or otherwise — requires you to be responsible. This endeavor will put a lot on your plate, and if you can’t adhere to your obligations, success will be much more difficult than it needs to be. You’ll have to be responsible for handling the finances, dealing with employees (as well as customers), in addition to actually being in the field.
These obligations can put a lot of weight on your shoulders. But one of the best pieces of business advice is to: stay on top of it all.
Other things you’ll be responsible for include:
- Municipal laws regulating how you run your company (laws for hiring, how you employ workers, etc)
- Laws for health and safety (how you plan on keeping yourself as well as your workers safe)
- The environmental impact your business will have, and what you plan to do about it
Advertising your HVAC Company
In any field, there is sure to be lots of competition — the HVAC industry is no exception. Marketing and advertising are how you differentiate yourself from the rest. Include in your marketing plan the following:
- Target market: Who exactly are you selling your services to?
- Competitive advantage: What do you do differently that sets you apart from your competition?
- Marketing plan: How will you gain customers; word of mouth, social media, Google searches? Etc
Are you Ready to Start an HVAC Business?
Just like anything else worth doing in life, trying to start an HVAC business will take time, effort, and hard work. But if you persist and believe in what you’re doing, then eventually you can be a smashing success. If you enjoyed this article, feel free to browse through some of our other posts in our Business category.
Rehan is a student of Masters at the University of Birmingham. He loves writing about business, finance, technology, and life. He believes that sharing knowledge with the public is the best thing that one can do for the world and humanity.