Starting a business, being your own boss, and not answering to anyone above you is a dream that many have. While the myriad benefits of self-employment seem too good to pass on, it certainly does not come without its fair share of hardships, challenges, and obstacles to navigate — especially in the HVAC industry. With the proper knowledge and understanding, starting — and growing — a one-man HVAC business is more manageable than you might imagine. As one of the leading providers of professional training for HVAC contractors, Service Nation is here to share what you need to do to ensure a successful HVAC business you champion on your own.
Insure and Register Your HVAC Business
It’s critical to take the proper steps to ensure your HVAC business is in legitimate standing before you begin. Invest in updating contact information, getting a name for your business, obtaining a trade license, and getting a business license along with registration. You don’t want to be several months into running your business before finding out one of these things has been left out!
Create — or Re-Create — a Killer HVAC Business Plan
The root of a successful HVAC service is a reliable business model or plan, a road map of where you are going and how you’ll get there. A business plan for a one-person operation does not have to be overly complex, but it does need to account for the basics — including everything from cash flow analysis, why and how you’ll market your business on social media, and beyond.
Keep in mind that there will be certain months where business is going incredibly well. By the same token, there will be others where business seems to be struggling. Since you’re a one-man operation, it’s critical to keep revenue high in the case your business reaches a low point in certain seasons.
Utilize Tools That Let You Be Your Own In-House Accountant
During the startup phase of your HVAC contracting business, you can save money on accounting fees by utilizing free time to organize your books, create invoicing systems, and learn basic accounting. Accounting software can work wonders in simplifying your bookkeeping chores; many reputable cloud-based accounting software packages even offer ideal starter packages for self-employed contractors.
Marry Technical Expertise With Outstanding Customer Service
If you’re running a one-man HVAC business, it’s safe to say you feel confident in your skills as an HVAC technician to install, repair, or maintain all sorts of equipment and systems in varied environments. While this skillset is certainly valuable to your customers, in the grand scheme of things, it’s just one element of your brand as a whole. From a streamlined booking system and quick response time to personability, there are several measures you must take to develop an outstanding reputation.
Consider If and When It’s Time to Expand — or Sell
If you’re checking all the boxes with your one-man HVAC business, there may come a time when the demand will simply outpace the supply. Instead of running yourself ragged, compromising work quality, and opening your business up to vulnerabilities that could have been safeguarded against with a larger workforce behind you — or a more targeted customer base — you might want to consider bringing other professionals on board or selling your company outright.
Don’t let HVAC business failure rates prevent you from taking your one-man contracting venture where you want it to go; rest assured that Service Nation is here for business owners just like you! Whether you’re looking to boost profit margins, expand your operations, or move forward with an exit strategy, get in touch with our team today.