About this episode
Tersh and Bryan were both techs working for other companies when they started their own businesses. This episode is a look back at what they got right, what they got wrong, and the top things that have worked over the years. In general, there are two types of HVAC business owners: the sales/business type and the technical type. Bryan and Tersh are both of the technical variety. These types of owners may be less familiar with the ownership and business organization side. Many current technicians will find themselves in a similar position if they decide to go into business. The HVAC industry is NOT as profitable as many people imagine it to be, especially in the early years. Tersh recommends that technicians really research the expenses of HVAC business ownership, namely worker's compensation, general liability, licensing, fuel expenses, and advertising. He also recommends that business owners use digital media to assist their business operations. Bryan encourages prospective business owners focus on their financial literacy. You can be excellent with customer service and can draw many customers to your business, but those qualities don't matter if you can't manage your money effectively. Business owners need to understand what profit REALLY is, how margins work, and how to evaluate and nurture a successful business model. Also, business owners should track labor rates and know who to compete with; don't compete with businesses that do bad work or are going out of business. You must also have good people skills if you want to start an HVAC business. If you cannot be empathetic and build relationships, running an HVAC business isn't for you. Bryan and Tersh both agree that the best overall mindset for an HVAC company's business model is "People over profit." That includes service technicians, customers, and all staff.