5 Ways Entrepreneurial HVAC Owners Can Make More Money

HVAC companies are within an industry that’s always in demand. And because of this, many are looking to adapt or add new techniques that will increase their margins. 

Whether you provide commercial or residential services, the below 5 techniques can be implemented seamlessly and thereby making your HVAC company sustainable among all of the recent competitors trying to take your local market share. 

1. Sell Maintenance Subscriptions

By selling maintenance subscriptions, you’ll be able to accelerate your cash flow. As customers will pay monthly or yearly fees for your services, you can boost your revenue in a way that brings in revenue but also uncovers new opportunities. (e.g you might have to replace or upgrade systems). You’ll have the peace of mind that you will always have a constant flow of work and your customers will feel more connected to you. 

Maintenance subscriptions will also fit seamlessly into your overall sales strategy. When marketed correctly, customers will see the benefits that come with them. With the knowledge that you’ll be on hand to fix their heating, air conditioning or another issue within their HVAC system, they will retain loyalty. They could also opt for a maintenance subscription as it will make their annual costs more predictable – a benefit which appeals to many home and business owners.

Many companies utilize this technique by offering a variety of maintenance plans with different price points available – which are typically dependent on the level of cover that the customer requires. For example, some customers may opt for monthly cover, whereas others might only want a maximum of two annual system tune-ups. Giving them the flexibility to choose, they will have a service that’s more aligned with their individual needs, rather than offering a one-size-fits-all solution.

These maintenance subscriptions are also offered alongside discounts and other perks to try and entice customers in. By showcasing the advantages of the subscription (i.e. how much they will save overall in repairs), you’ll be more likely to draw their attention.

2. Partner With Retail Stores

If you can get in with one of the big box stores, you’ll be able to put your company on the map. Find a Home Depot, a Lowes, or another company that sells HVAC units and other materials and become their preferred service vendor for those units. You’ll have more business than you can imagine. 

You can also partner with other retail stores to maintenance their systems on a regular basis. Retail stores are constantly requiring the assistance of an HVAC company. Ensuring that their store is up and running every day, a good and reliable HVAC business is at the forefront of their mind. By showcasing the features that you can offer them, you could attain a long-term agreement with them. 

Within this long-term maintenance agreement, you can provide monthly coverage, priority scheduling and other perks that will appeal to them. Providing you with the security of continued business and them with the assurance that their HVAC requirements are met, you can retain a strong relationship with them that can continue for many years. If they are happy with your services, they could always inform other local retail stores about them which will open up opportunities for you.

3. Collect Deposits 

If you’re looking to improve the speed in which cash flows into your business, then collecting deposits might be the way forward. Whether you need it to pay for the correct equipment for the project, supplies, or your services, it’s an invaluable technique that will get the ball rolling on a project.

Many HVAC companies don’t ask for a deposit, as they feel awkward to do so. And although it’s never easy to request extra money, it will help the process run a lot smoother. Showcasing your professionalism, it will give both you and the customer the assurance that you will complete the task.

4. Market Your HVAC Business

HVAC marketing is essential for businesses that want to get the word out about their services quickly and effectively. In the modern-day, with the amount of competition that’s out there within the industry, it can be hard to stand out. Which is why it’s so important to implement an effective marketing strategy in a few of the following ways:

  • Through a Website 

As an established business, you should already have a website. A way of enticing new customers, it should include your contact information, a description of your services and a bit about yourself. But alongside your website, it’s important to look into the other ways in which you can market your company – which is where the below can come in.

  • Through Social Media

A popular marketing method that many HVAC companies use is social media. A great tool to help advertise your business, it will target customers and inform them about how you can help them. Whether it’s Facebook, Instagram or Twitter, it opens up the opportunities by appealing to a wider audience. 

  • Through a Blog

As well as maintaining a good social media presence, you could also set up a blog, in which you post the latest news about your business and relevant posts that will intrigue customers. Widening your online presence, it gives your company a personality that others within your industry don’t have.

With HVAC advertising and marketing, you can either do it in-house or outsource the work to an external marketing company. If you want access to experts within the field, then it’s advisable to outsource. Writing content that will appeal to both your target audience and a wider population, your company will stand out from the crowd.

5. Adjust Rates Based on The Demand 

If you’re not already doing this, it can be a great technique that will improve your overall profits. During the busy seasons, it’s a good idea to raise the price of your services. As it will be a busier period for your staff, the cost should reflect this output by increasing its costs. 

In the busy seasons – i.e. winter and summer, it’s the perfect opportunity to respond to the increase in demand by raising your prices. A practice that comes as standard within many industries, customers will understand this increase as it’s justified. 

Final Thoughts

So, there you go. Those are just five of the techniques that your HVAC company could utilize in order to make more money. Of course, these aren’t the only methods that you could implement within your business. By ensuring that you meet customer satisfaction by understanding exactly what they want before effectively executing it, you’ll have a higher chance of repeat customers and new customers that discovered your services through word of mouth.

To improve company profits and boost your reputation, you could also make sure that your staff are always up to date with the latest training. An investment that will prove to be incredibly beneficial for your current and future business prospects, it will provide them with the knowledge and experience that they need to complete a job more efficiently. Showcasing to your customers that you’re always wanting to improve, they will stay loyal to you and not look elsewhere for HVAC services. 

Overall, it’s fair to say that different techniques work for different HVAC companies. But wherever you are in the world and no matter how small or big your company is, it’s important to focus your efforts on obtaining a high-quality service and one that achieves a good level of cash flow. By following the methods above, you’ll start to see a change within your business that will paint a positive picture for your future operations.