If you are looking to become an HVAC technician and start your own HVAC business, there are many things you will need to know. For those who don’t know, HVAC stands for Heating, Ventilation, and Air Conditioning and technicians work on everything from heating systems to ventilation systems to air conditioners.
As you might expect, you will need a lot of tools and equipment if you own an HVAC company. Much of the equipment you will need is rather expensive and it might make sense to utilize a leasing company like Trimarc.
Expensive equipment aside, running an HVAC company isn’t easy. Here are a few vital practices that will help guide you to a sustainable and successful business in the HVAC field.
Have a Great Plan
One of the first steps in any successful business is to set goals for your business and define just how you plan to achieve them. Write down where you want your business to be in one year, in five years and in 20 years and what you are going to go to reach those lofty goals.
In order to do this, you will need to target sales and profit. It is easier when you break these down by department and by month. Write down how many service calls you need to reach a certain goal or how many furnace installations are needed.
As this plan comes together, you will be better able to figure out how many people you can hire and what you can spend on other things like marketing and overhead.
Communication is Key
As the owner of your business, you are the one who needs to be the chief communicator. A significant part of your job as an owner is internal and external communication.
You represent your company when you communicate externally when you are involved with community events and various local organizations. It is a great way to get the word out about your company.
You also have to communicate internally, with employees, and set the tone of your business. You need to be upbeat and stay positive as your mood and attitude will reflect on the organization and the people within.
You owe it to your employees to keep them in the loop about what is going on in the company and how they are doing in the company. So take the time to talk with people.
It is important to understand that many companies close because they run out of money on hand, not because they weren’t profitable. So when you get your company off the ground, it is critical that you track key metrics like the average price of a service ticket, labor cost of a service call and gross profit of a furnace installation.
You need to review your financial statement at least every month, but a better idea would be to review them every week.
We get it, most contractors hate going over numbers, but it is a necessary evil that needs to be done.
Find the Right People
A great business owner is always on the lookout for people with great attitudes and mechanical aptitude. When talking to [people about working for you, keep a list of the ones that impress you so you can pick up the phone and call them when you need them.
Measure and Report
Just like you keep score when you go bowling or play softball, you need to measure your employee’s performance. Once an employee knows they are being monitored, chances are their score goes up. That is, you will see an improvement with them.
It may be difficult as a business owner, but you need to learn to let go. You might feel you are best at everything, from installs to repairs, but in no way can you do everything on your own. So you need to assign tasks to others even though they might not be as fast as you or as thorough as you.
Also, delegating tasks does not mean you need to micromanage. Give the order and let them do the work and if they have questions, you know they will ask you.
Sure, you are an expert in the field of HVAC and you own your own business, but this doesn’t mean you can just sit back and float on through forever.
You need to be in the know at all times and updated about new products and ways of doing things. Everything in the world of business, no matter what that business is, is constantly changing and everything from procedures to tools need to be updated.
If you fail to educate yourself about what is moving forward in your industry, you will be left behind and could be destined to fail.
And that is the last thing you want to have happen. If you are a Business owner and interested in leasing equipment, give us a call.