Updated: Jul 1, 2019
Successfully building a sustainable business in the HVAC industry certainly isn't easy. There are many skill sets necessary for a Contractor to have when deciding to grow a residential service and replacement business, especially in the early stages when there isn't enough capital being generated to hire away all one's deficiencies.
Security is a scarce feeling for most residential business owners. Most, if not all, of the business owners I interact with dream of a time when they are able to gain the peace of mind of knowing they have security in their businesses. Despite the challenging landscape of our ever changing industry growing each day, there are SURE truths that when understood and exercised will strengthen the probability of success for business owners both new and less new.
Building a great business is not about learning a list of trickeries in the categories of offerings or sales tactics. Rather, building a great business is about learning to properly manage a great business. Of course... it is not the most popular approach. Why do I say that? Is it not true that the common person seeks the fastest way to receive the reward by trying to find a unique secret passage that advances them directly to the spending stage of the cycle? Is it not also true that the solutions to most complicated and perplexing situations are found when we get to the root of the challenge by rolling up our sleeves and start paying attention to the details?
Here is a 3-Step approach for all residential HVAC business owners who are looking for real and lasting solutions. Contemplate this during those very few quite times you have to really sit and think about what you need to do to achieve the success you risked everything for:
1. Do you truly understand the correct business model to spend your time and money building?
2. Do you have a written plan...do you know specifically what you want from your business?
3. Do you train yourself and your team to develop the exact skills necessary to achieve the success metrics of the business model?
These 3 crucial steps are in fact the keys to success in the residential HVAC business.
Let's discuss just one:
Do you understand the correct business model to be building? This is absolutely the first place to start. Most business owners have not been properly trained to understand this. It is the single most important aspect of your business success. If you do not understand the model...you will invest so much time and money chasing the wind that you will eventually run out of time or money or both. That's why 50% of all HVAC businesses go bankrupt within the first 12 months.
Not understanding how to build a profitable and predictable business whether large or small is the most common fail point. Knowing how much it should cost to get a new customer and how much revenue each new customer should generate is the most common misunderstanding. To be able to afford to profitably grow you must know this information.
Knowing the percentage of system replacements you should be expecting from your service calls is required. Having the correct processes and procedures in place to be able to make that expectation a reality is paramount. Do you know the answer to this very important matter?
Where does one go to learn how to accomplish this? The answer is, a Mentor. If you do not have an expert mentor in the industry you need to get one. In most cases, Contractors keep their way of doing things secret to protect what they have. It's understandable. But you do not need to allow that to stall you. There are groups that offer such mentoring.
Seek for yourself a mentorship group. What is a mentor? A mentor is an expert that has a vested interest in your success. A mentor is someone that will teach you how to do, not just tell you what to do. A mentor should be able to demonstrate great success in the area in which you need assistance.
In most cases this mentorship is not free. You will pay for it...however, if you choose the correct mentor it will be the most profitable investment you have ever made in yourself, your team and ultimately your business.
In the words of the great Roy H. Williams:
“A smart man makes a mistake, learns from it, and never makes that mistake again. But a wise man finds a smart man and learns from him how to avoid the mistake altogether.”
If you would like to understand one such learning opportunity you can learn more by clicking I need a Mentor.
Success is available for you. You deserve it. Go get it!