You’ve got the skills; you’re qualified and have put in the hours for a boss. The time has come to branch out and start your own business.
Is starting a HVAC business worth it?
With the US HVAC market size expected to register a 12.5 percent compound growth rate in the forecast period 2020 to 2025 due to rising customer demand for health and comfort levels, it makes sense investing in your skill set.
Starting a HVAC business is not cheap. Start-up costs ranging anywhere from $2,000 upwards, so you want to ensure you get it right from the beginning.
8 Tips to starting your own HVAC business
Here’s what you need to know about owning a HVAC business.
- Define your specialty: Look at your skills and determine what you are best at in the HVAC field. By establishing where your strengths lie, customer needs in your area and the market niche your competitors hold, you are already forming an overview of a best-fit for your business.
- Compile a business plan: A well-crafted business plan should cover items such as company description, financial obligations, market analysis, service and product line, start-up funding, and marketing and sales.
- Get your licenses: Ensure you have the necessary accredited certification and licenses required by your state for you and your staff.
- Make it legal: Look at the legal structure of your business which not only covers tax obligations and legal and federal requirements but personal liability too.
- Invest in insurance: Business Owners Policy (BOP) is a smart move for a small business starting out. There is no one insurance policy with coverage for all the risks your business will face. For example, you need liability coverage against third-party claims for property damage or bodily injury. But you will also need business interruption coverage, which is a different policy.
BOP is a bundle of policies designed to protect you from common risks faced by small businesses. Your BOP is a bundle of policies such as property insurance, business interruption insurance, and liability insurance in a single package.
- Set up a bank account for your business. Part of your financial responsibility will be to determine your rates and work out what sort of income is required to cover overheads and pay wages taking into consideration the service areas you are prepared to cover and the hours you will be trading.
- Marketing. Here is the fun part of setting up your own business. The designing of logos, signage for your company vehicle, business cards and a Facebook or website account. Remember to keep it looking professional at all times.
- Get out there. Establish your business presence in the industry by networking with building contractors, property professionals and suppliers for referrals. Build your reputation, whether it be by word of mouth or distributing flyers. Above all, be open to customer feedback and work with them to get a favorable review.
Become your own boss!
Starting small and scaling up your services as you make headway in the HVAC industry can be both exciting and challenging. You will be in control of how you spend your time to grow your bank balance.
But above all, it’s the freedom and personal fulfillment of working for yourself that can be the most satisfying and rewarding.