A business plan is one of the most talked-about elements of starting a company. Despite this, a surprising number of founders never actually draw one up.
While we all know you’re supposed to create a business plan, the process can feel intimidating and overwhelming, and many people aren’t sure where to begin. Luckily, it’s never too late to get started. Whether you’ve already launched your company or you’re in the process of brainstorming HVAC business ideas now, creating a business plan is a great way to give yourself a leg up in your industry.
How to Write an HVAC Business Plan
One of the biggest reasons so few founders create a business plan is that doing so seems hard. Fortunately, you don’t have to bend over backward to create a smart, sound business plan. All you need to do is find a quiet place to think, call in your most trusted advisors, and follow these quick steps:
1. Summarize the industry.
Excellent business plans start by giving a lay of the land. With this in mind, do some research into the current state of your industry and what you can expect going forward. What do future business projections look like? Is demand increasing or decreasing? What’s the annual growth rate? These statistics can help you orient yourself in the broader landscape of what you do.
2. Write an executive summary.
This sounds scary, but it’s completely doable — trust us! All an executive summary does is define who you are as a company. It should cover your company’s name, entity type, service areas, and service offerings. This is also a great place to incorporate your company’s mission statement if you have one.
3. Define your services.
Next, jump into the specific services your company provides. What makes those services unique or particularly attractive? What kind of equipment do you use? What type of training will your technicians receive? Why do customers choose to work with you? Keep in mind that customers’ needs will change over time, so make sure you pick services that leave room for inevitable change. When you do, you’re setting yourself up for future success.
4. Discuss your sales and marketing strategy.
Now, we’re on to the meat of the business plan! How do you intend to get business? Where will you market your services, and who will you attempt to reach as you do? Use this section to illustrate your plan for acquiring new customers and spreading the word about your offerings. Every business can survive without advertising (you know, those jingles you hear on the radio) but no business can survive without a sales and marketing strategy. Get one in place and follow it. If this is out of your realm and seems confusing or stressful, know that there are plenty of marketing agencies across the country who are experts at it. Connect with one and leave it to them.
5. Forecast your sales.
You can do this by yourself, but it doesn’t hurt to bring in someone who knows their numbers. Forecasting sales can be one of the trickier aspects of the business plan, but it’s a crucial step you can’t afford to skip. In this section, you’ll want to project your annual sales for your first, second, and third year in business based on considerations like your location and the services you offer. With a little bit of research and guidance from others in your industry, you can get a good idea of what your future sales will look like.
Better HVAC Business Ideas Start Here
Our team has been in the HVAC industry for over 30 years, so we have a lot of HVAC business ideas and knowledge to share. Whether you’re just starting out or have never had one before, an HVAC business plan is an excellent addition to any company. Once you’ve got one in place and are ready to grow your business, you’ll need HVAC software to keep pushing your business forward toward success. If you have any questions or want to learn more, call us today at 904-299-8103 or check out our free demo.