Launching an HVAC Business? Here’s What You Should Know

The HVAC services sector is a growing, multibillion-dollar industry. A report from GlobeNewsWire revealed that the HVAC services market would go up in value from $25.6 billion in 2019 to $35.8 billion in 2030.

The thriving industry marks the perfect opportunity for people to launch an HVAC business. If you’re planning to pursue this venture, you’ll need to know what this move entails. When you start this kind of business, you need to have the right skill set, get a contractor’s license and provide employee insurance, among others.

These tips, however, are just the basics. If you’re looking to start and manage a successful HVAC company, take note of these five best practices:

1. Establish Your Niche

If you’re going to put up an HVAC business, you’ll want to settle with a specific niche. Avoid making “anyone with a heater or air conditioning issue” as your target market. Having a general target audience will fail to impress prospective investors.

What’s more, you’ll end up limiting the number of jobs that your business can book. If you’re just beginning, you’ll need to remember that you’re going up against incredibly established competitors. So make sure that you find the niche you want from the onset.

Here are a few guide questions that will help you with this process:

• Will you be working with commercial or residential HVAC customers?
• Do you have plans to provide 24/7 HVAC services or emergency calls?
• Will you specialize or work with a specific brand and model of cooling or heating products?
• What kind of air quality tests will you perform?

1. Make Smart Tool and Equipment Purchases

Finding and buying the right tools and equipment will boost your efficiency and enable technicians to get the job done on time. This means that you should provide your HVAC contractors with a variety of hand tools, such as screwdrivers, crescent wrenches, battery-powered drills and screwdrivers. Investing in the right tools will bump up your productivity and deliver a better HVAC repair or maintenance experience for your customers.

1. Create Your Business Goals

If you want your HVAC business to succeed, you’ll need to think about your short- and long-term business goals. You should outline them in your business plan and include as many details as you can.

This involves taking the time to identify the competitors in your local community. You’ll also need to explain to prospective customers how your HVAC company will set itself apart from other service providers in the area. Then, formulate a rough timeline of when you expect to enjoy a profit.

If you want your business plan to be a bit more comprehensive, you could do the following:

• Figure out the number of commercial establishments or homeowners in your service area
• Conduct pollution and climate research to understand how those two factors will affect your HVAC business
• Understand the specific heating, cooling and ventilation needs of your customers

When you’re in the process of making your business goals, keep them realistic and zeroed in on the needs of your local target market. Rather than say that you want to generate $900,000 worth of profit in the next two months, you could opt for a more sensible goal. An example is this: “We plan to obtain 75 potential leads over the course of four weeks. Then, follow up with them via mailings and physical advertising.”

1. Come up with a Marketing Plan

You can hire the most awesome heating, cooling and ventilation technicians in the world, but they won’t mean a thing if your business is unknown to your prospects or target market. On top of making a business plan, you need to formulate a marketing strategy that draws customers to your HVAC business.

When creating your marketing plan, include an effective digital marketing strategy. This involves using inbound marketing techniques, such as blog and social media posting, to draw prospective clients throughout the stages of your purchasing process.

Some examples of this type of marketing include:

• Sharing an informative guide to filing a claim to the insurance provider for a flood-damaged air conditioning system
• Holding an exterior Christmas lights display contest on Facebook or other social media channels
• Publishing a blog on energy-saving tips for homeowners

1. Remember the Value of a Referral

Create the mindset that you should deliver exceptional customer service no matter what. Satisfied customers are likely to refer your HVAC business to neighbors, friends and family. Creating a solid base of incredibly happy customers serves as the foundation for starting and managing a profitable company.

Use tools, such as review sites and customer surveys, to refine your customers’ experiences consistently. Also, keep an eye out for worrying trends in service complaints. Then, take measures to improve your HVAC offerings.

Setting up an HVAC company takes a lot of hard work and dedication. Make sure you understand and apply these five best practices before launching your business.