The demand for reliable HVAC systems has grown exponentially over the last decade. Repair and installation of HVAC systems is a growing market that the industry is having a hard time keeping up with. The 2019 ASHRAE Journal and AHR Expo survey reported that 88% of HVAC industry professionals reported an excellent or a good year for business. A whopping 43% of respondents projected a 5%-10% increase in growth for the following year.
In the United States about 87% of homes rely on HVAC systems to cool their homes. As of May 2020, about 18,000 people were employed by the HVAC industry in NYC alone. In California, there are over 65,000 people employed in the HVAC industry. What does all this mean? It means that the HVAC industry is growing by leaps and bounds, and now is the time you may want to consider adding HVAC services to your business. The HVAC industry is booming, so what can HVAC do for your business?
You Are A Few Easy Steps From Starting an HVAC Business
Being in one type of industry can easily help you to transition into another more lucrative industry. For example, if you have plumbing experience, then transitioning into owning an HVAC systems business is a lot easier than you think. The same is true of electrical experience. Having some basic knowledge of HVAC systems can make it a lot easier to offer HVAC services.
However, even if you are starting from scratch, it is not uncommon to have little to no knowledge of HVAC systems and simply hire people that do to get started. There are a few easy steps you can take to get started.
Do Your Research
The first step in taking advantage of having an HVAC business is to do your research. Get familiar with the big players in the industry and how they do business. Consider hiring a consultant that is experienced in the HVAC industry to help you navigate all the information that you need to know. It can be money well-spent to have an insider look at the industry.
Formulate a Plan
Like with any business, it is important to have a plan. Consider costs like start-up costs. Managing, invoicing and, of course, employees. Devise your plan then write it all up. Your business plan is like a guidebook and should remain flexible in case you need to make adjustments. Connect with the HVAC systems companies to better understand what they require for you to become a certified provider of their products, and incorporate those steps into your plan.
A business plan is essential to finding the financing you need and to establish your business as a reputable business. Taking the time to devise a plan and put it all down on paper is a critical step in starting any business.
Start With Residential Systems
If you are new to the industry, starting with residential systems is a good place to start. Commercial HVAC systems are typically far more complex and it is something you should work up to. Simple residential systems still offer a great way to generate profits but the workload is a bit lighter and less complex.
There is a lot of money to be made in the HVAC industry on both the commercial front and the residential front. A little hard work and the right team can help you to grow your business beyond your expectations. People will always need air conditioning and heating options. Expanding your business into the HVAC industry can prove to be a very profitable endeavor. Learn more about how you can break into the HVAC systems business and how it will help you find the success you need.