Do you want to start own HVAC business?

Are you thinking about starting a HVAC business? Well, this business requires a lot of capital, manpower and industry knowledge but the rate of return you get after investing in it is simply worth the efforts.
The biggest advantage in starting this business is that HVAC is one of the basic necessities of all large-scale buildings and as the number of these buildings increase, the market demand of hvac company business plan also increases. Moreover, after the installation of HVAC systems, they require regular inspection, maintenance, and repair that’s why this business yields a consistent revenue throughout the year.
As with all businesses, the first step before starting any venture is to write a comprehensive hvac company business plan which will form the basis of your company’s future operations and decisions. A hvac company business plan provides information about everything which you will be needing to start your hvac company business plan as well as provides detailed guidelines about everything you will be doing in the next few years.
If you are wondering how to write an effective plan of a business then here we are providingyou the business plan of an HVAC business startup named ‘Gan Engineering Services’.

Executive Summary

2.1 The Business

Gan Engineering Services will be a licensed and insured HVAC retailing, servicing and maintenance company which will offer a wide range of services revolving around the HVAC (heating, ventilation, and air conditioning) systems. The company will be located in the main commercial center of the Manhattan borough in the New York City.
Gan Engineering Services will be owned and operated by Gan Koch who has been associated with HVAC industry for the last 20 years and had been serving in Daikin Industries as the Regional Manager of the New York City for the last seven years. Being an expert in this field, Gan knows exactly how to start a HVAC business.

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2.2 Management & Services

The company will be managed by Gan and his team of technicians and engineers. We will provide high-quality and affordable installation, inspection, cleaning, maintenance, and repair services. We will also ensure a top-notch customer service. Our every employee and technician will treat our customers and their valuable properties with utmost respect so as to build a long-lasting relationship with them. Our services will cost nearly the same as that of our competitors. You can also obtain a 10% discount for the first three months by getting our promotional heating and air business cards.

2.3 Customers & Competitive Analysis

The company aims to serve the local businesses, restaurants and hotels, private and government institutions, residential buildings, shopping malls, supermarkets, and high-rise commercial buildings located within the New York City. Although we have a lot of competitors yet we believe that our innovative idea will help us surpass all of them.
We will introduce a BIM-integrated automatic fault detection system linked with a Building Information Model, which will directly notify us (the service provider) whenever a fault develops along with its location. So, no time will be wasted in finding the location of the fault and it will get treated as soon as possible, saving you a lot of inconvenience and money. This system can be easily installed in new as well as the existing HVAC systems.

2.4 Target of the Company

We aim to revolutionize the HVAC industry by our BIM-integrated automatic fault detection system. Our target is to become the best HVAC service provider in the New York City within next three years of our launch.

The 3 years targeted profit forecast is given in the chart below:

HVAC Business Plan - 3 Years Profit Forecast
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Company Summary

3.1 Company Owner

Gan Engineering Services will be owned and operated by Gan Koch who has been associated with HVAC industry for the last 20 years. Gan served in many HVAC industries after completing his Masters in Thermodynamics from Michigan State University. For the last seven years, he had been serving in Daikin Industries as the Regional Manager of the New York City. Being an expert in this industry, Gan has all the resources, experience and knowledge needed to start an HVAC company business plan.

3.2 Why the Business is being started

Gan plans to change the traditional approach of repair and maintenance of HVAC systems by integrating the system with a Building Information Model and automatic fault detection system. The aim is to automate the entire system so as to decrease the lag time needed for maintenance and repair of HVAC systems.

3.3 How the Business will be started

Gan hired professional experts from various fields to help him craft a detailed map of his HVAC company business plan. The financial experts have forecasted following costs for expenses, assets, investment group for business, and loans for the Start-up.

HVAC Business Plan - Startup Cost

The detailed start-up requirements, start-up funding, start-up expenses, total assets, total funding required, total liabilities, total planned investment, total capital and liabilities as forecasted by experts, is given below:

Start-up Expenses 
Legal$72,500
Stationery etc.$62,250
Brochures$62,875
Consultants$0
Insurance$32,750
Rent$222,500
Research and Development$32,750
Expensed Equipment$632,750
Signs$112,250
Building Materials$272,500
Building Labor$202,000
TOTAL START-UP EXPENSES$1,732,125
Start-up Assets$0
Cash Required$1,318,750
Start-up Inventory$52,625
Other Current Assets$222,500
Long-term Assets$1,725,000
TOTAL ASSETS$1,321,875
Total Requirements$2,495,000
START-UP FUNDING$0
START-UP FUNDING$2,173,125
Start-up Expenses to Fund$1,321,875
Start-up Assets to Fund$1,495,000
TOTAL FUNDING REQUIRED$0
Assets$1,203,125
Non-cash Assets from Start-up$1,118,750
Cash Requirements from Start-up$0
Additional Cash Raised$1,118,750
Cash Balance on Starting Date$1,321,875
TOTAL ASSETS$0
Liabilities and Capital$0
Liabilities$0
Current Borrowing$0
Long-term Liabilities$0
Accounts Payable (Outstanding Bills)$0
Other Current Liabilities (interest-free)$0
TOTAL LIABILITIES$0
Capital$0
Planned Investment$0
Investor 1$3,312,500
Investor 2$0
Other$0
Additional Investment Requirement$0
TOTAL PLANNED INVESTMENT$495,000
Loss at Start-up (Start-up Expenses)$1,173,125
TOTAL CAPITAL$1,321,875
TOTAL CAPITAL AND LIABILITIES$1,321,875
Total Funding$2,495,000
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    Services for customers

    Gan Engineering Services will be a licensed and insured HVAC retailing, servicing and maintenance company which will offer a wide range of services revolving around the HVAC (heating, ventilation, and air conditioning) systems. Our HVAC business model describes in detail the services we will provide after starting HVAC business. We will mainly provide four types of services:

    • Installation: We will offer complete as well as partial HVAC system installation including the installation of heating and cooling system, refrigeration system, air venting system, air conditioning system, furnaces and humidifier, and duct system. Our customers can purchase these HVAC systems and their components either from the manufacturing company or at retail price from us.
    • Inspection: HVAC systems require regular inspection at least two times a year so as to work properly. We will offer inspection services to the HVAC systems installed by us or from other service providers. This inspection is extremely important to identify and locate any fault in the system, which if left ignored, can lead to severe and costlier problems.
    • Maintenance: HVAC systems require maintenance at least once a year so as to work at their full capacity and efficiency. We will provide maintenance and cleaning services to ensure that HVAC systems and all related components keep working properly.
    • Repair: We will offer all sort of repairing services in case the HVAC systems or any of their related components develop a fault. To ensure that your faults are identified, reported and removed in their early stages, we will implement an innovative technology while installing HVAC systems. The technology will comprise of a Building Information Model integrated with an automatic fault detection system that will notify us, the service providers, whenever a fault is detected. Hence, the fault will be removed rapidly in their early stages while they are easier and cheaper to treat.

    Marketing Analysis of HVAC business

    Valentin Marinov
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    If you are developing a HVAC business plan for your business then make sure to pay special attention to its marketing analysis and also take help from this HVAC business plan template.
    The most important component of an effective HVAC business plan sample is its marketing analysis that’s why Gan hired the services of marketing experts to help him develop a good business plan for HVAC company. The success of a startup totally depends upon how it markets itself to target its specific customer groups. A successful marketing strategy can only be developed after knowing the target audience and potential customers. Our marketing experts carried out an extensive research to identify our target customers and develop an effective HVAC marketing plan to attract them. There are four main steps to carry out an accurate marketing analysis which are to identify the current market trends of the HVAC company business plan, identify your target audience and potential customers, set out the business targets to achieve, and finally set the prices of your products or services.

    5.1 Market Trends

    The HVAC market was worth more than $81 billion as of 2015. The market is expected to grow by 5.5 percent each year through 2020, making its worth up to $130.7 billion by that time. This increase in the market is credited to many factors, mainly the increasing number of commercial businesses and large-scale residential settlements. The increasing population and economic activity have resulted in an increase in the number of large-scale built assets.
    Heating, ventilation and air conditioning (HVAC) system is an integral part of all built assets and their market also increased with the increasing number of built assets. Considering their importance, HVAC system must be properly, installed, maintained, and repaired, thereby creating the demand for businesses like us. In short, the market for this industry has a lot of potential, provided that you plan your business successfully.

    5.2 Marketing Segmentation

    Our target customers include local businesses, restaurants and hotels, private and government institutions, residential buildings, shopping malls, supermarkets, and high-rise commercial buildings located within the New York City. We are strategically located in the Central Business District of the city so as to target as many businesses as possible as well as the residential settlements located at a 15 minutes’ drive from us. Our marketing experts have identified following type of target audience which can become the future customers of our services.

    HVAC Business Plan - Market Segmentation

    The detailed marketing segmentation of our target audience is as follows:

    Business plan for investors

    5.2.1 Residential Buildings:

    There are hundreds of large-scale residential buildings, apartments, and condos located in the residential zone of the city. Most of these buildings have centralized HVAC systems installed in them which frequently require maintenance and repair services due to their excessive use. Many newly constructed buildings also require HVAC system installation services. We will target this customer group by providing our high-quality and affordable installation, inspection, cleaning, maintenance, and repair services.

    5.2.2 Institutional Buildings:

    We will also target hundreds of schools, colleges, offices, hospitals, municipal authorities and other institutions located in the New York City. These institutional buildings will not require our installation services since nearly all of them have proper HVAC systems installed in them. But most of these buildings have decades-old HVAC systems, which frequently need repair and maintenance services.

    5.2.3 Commercial Buildings:

    There are thousands of commercial buildings in the Central Business District of the city housing local, national and international businesses. These buildings have complex HVAC systems installed in them which frequently require inspection, cleaning, maintenance, and repair services due to their excessive use. This target group will contribute a major part of the revenue to our business and hence will dictate our marketing strategy.

    5.2.4 Hotels & Restaurants:

    Lastly, we will target the hotels, food courts, and restaurants located in the city. This target group, due to its particular nature of the business, has different and more stringent HVAC needs as compared to the other groups mentioned above. Hotels and restaurants have more refrigeration needs so as to store the food products as compared to that provided by normal HVAC systems. We will ensure that this target group meets its refrigeration needs and its entire HVAC system keeps working in a perfect condition by our high-quality services.
    The detailed market analysis of our potential customers is given in the following table:

    Market Analysis       
    Potential CustomersGrowthYEAR 1YEAR 2YEAR 3YEAR 4YEAR 5CAGR
    Residential Buildings19%8,3229,45510,65512,86714,43315.32%
    Institutional Buildings22%11,43313,34416,55318,74520,54513.43%
    Commercial Buildings46%22,33432,34443,66552,54466,43210.00%
    Hotels & Restaurants13%4,3335,6556,8777,8779,54315.00%
    Total100%38,10051,34367,09579,16696,5209.54%

    5.2 Business Target

    We aim to revolutionize the HVAC industry by our BIM-integrated automatic fault detection system. Our target is to become the best HVAC service provider of the New York City within the next 3 years of our launch.

    5.3 Product Pricing

    Setting the prices of products or services is the most challenging part of any startup because it is very difficult to achieve the MARR (minimum attractive rate of return) while also attracting the customers towards it. Considering all restraints and aspects, we have priced all of our services in the similar ranges as of our competitors. The installation cost will increase 10% more than the normal installation price in the market, if you wish to install automatic fault detection system since it requires a lot of expertise.

    Strategy

    After identifying the market trends, the market demand, and the potential customers of the startup, the next step is to develop an ingenious sales strategy to attract those customers toward us. Like marketing analysis, sales strategy is also an important component of an effective business plan for HVAC company so make sure to plan it before starting an HVAC business.
    Gan carried out an extensive research about various marketing strategies of HVAC business management before developing one for his company. The sales strategy developed by Gan and our experts discusses the competition in the current market, the aspects which will give us an advantage over other competitors, the methods to attract people towards us, and finally the sales pattern of our company in the next three years.

    6.1 Competitive Analysis:

    We have a really tough competition ahead of us because there are hundreds of other established HVAC companies in the New York City. But we believe that we will surpass all of our competitors in no time due to various reasons. The first and the most important of which is our innovative idea of BIM-integrated automatic fault detection system. Although fault detection systems are already in use in large complexes yet these systems mostly notify a fault in the form of alarm. After a fault is reported by alarm, Facility Managers spend a lot of time in finding the exact location of a fault or the component which has developed it. The process is often very time-consuming resulting in a lot of inconvenience for the management as well as the end-users. Often small faults lead to bigger and costlier problems due to the delay caused by their treatment.
    Our BIM-integrated automatic fault detection system links the system with a Building Information Model, which directly notifies us (the service provider) whenever a fault develops along with its location. So, no time is wasted in finding the location of the fault and it gets treated as soon as possible, saving you a lot of inconvenience and money as well. This system can be easily installed in new as well as the existing HVAC systems. We believe that if marketed properly this concept can revolutionize the HVAC industry and give us unparalleled superiority in this business. Our second competitive advantage will be our exceptional customer service. We will make sure that our technicians provide highest-quality work, at least possible time and in the best possible way. We will make sure that your property does not get damaged during our cleaning, maintenance, and repair work.

    Any questions? Get in Touch

    6.2 Sales Strategy

    We will introduce our startup to our target customers and stakeholders by sending brochures and introductory letters about us. We will carry out a large-scale social media campaign for our advertisement. We will also offer 10% discount on our services so as to increase sales during the first three months of our launch.

    6.3 Sales Forecast

    Considering the market demand, our innovative concept and the quality of our services, our sales pattern is expected to increase with years. By analyzing our market segmentation strategy, our experts have forecasted the following sales on a yearly basis which are summarized in the column charts.

    HVAC Business Plan - Unit Sales
    Any questions? Get in Touch

    The detailed information about sales forecast, total unit sales, total sales is given in the following table:

    Sales Forecast   
    Unit SalesYear 1Year 2Year 3
    Installation Services14,35012,53012,450
    Inspection Services5,3207,73010,010
    Maintenance Services2,6543,2903,930
    Repair Services18,73023,60028,240
    TOTAL UNIT SALES41,05447,15054,630
    Unit PricesYear 1Year 2Year 3
    Installation Services$1,400.00$1,500.00$1,600.00
    Inspection Services$600.00$800.00$1,000.00
    Maintenance Services$700.00$800.00$900.00
    Repair Services$650.00$750.00$850.00
    Sales   
    Installation Services$214,800$274,000$333,200
    Inspection Services$120,050$194,500$268,500
    Maintenance Services$50,110$71,600$93,000
    Repair Services$139,350$194,600$249,850
    TOTAL SALES   
    Direct Unit CostsYear 1Year 2Year 3
    Installation Services$0.70$0.80$0.90
    Inspection Services$0.40$0.45$0.50
    Maintenance Services$0.30$0.35$0.40
    Repair Services$3.00$3.50$4.00
    Direct Cost of Sales   
    Installation Services$98,300$183,000$267,700
    Inspection Services$66,600$119,900$173,200
    Maintenance Services$17,900$35,000$52,100
    Repair Services$19,400$67,600$115,800
    Subtotal Direct Cost of Sales$294,100$699,400$1,104,700

    Personnel plan

    Gan hired experts from various fields so as to help him understand how to start a heating and air conditioning business. He acquired the services of a Human Resource Manager to develop the following personnel plan for the staff needed for the company along with their average salaries.

    7.1 Company Staff

    Gan will act as the Chief Operating Officer of the company. The company will initially hire following people:

    • 1 Front Desk Officer to act as a receptionist in the company head office
    • 2 Administrators / Accountants to maintain financial records
    • 3 Engineers for leading and directing the team of HVAC technicians
    • 4 Sales and Marketing Executives responsible for discovering new ventures
    • 10 HVAC Technicians for installing, cleaning, inspecting, maintaining and repairing HVAC systems and related components
    • 2 Drivers to facilitate the movement of team and equipment throughout the city

    To ensure the best quality service, all employees will be selected through vigorous testing and will be trained for a month before starting their jobs.

    7.2 Average Salary of Employees

    The following table shows the forecasted data about employees and their salaries for next three years.

     Personnel Plan   
     Year 1Year 2Year 3
    Front Desk Officer$10,000$12,000$15,000
    Administrators / Accountants$43,000$51,000$59,000
    Engineers$54,400$67,400$87,400
    Sales and Marketing Executives$45,000$52,000$59,000
    HVAC Technicians$410,000$440,000$480,000
    Drivers$20,000$23,300$30,000
    Total Salaries$582,400$645,700$730,400

    Financial Plan

    Gan hired financial experts to help him understand how much does it cost to start an HVAC business. The financial plan created by them outlines the financial development of the company over the next three years. The company will be solely financed by Gan and he will also control the direction of business to make sure that it is expanding at the forecasted rate. No equity funding or outside loan will be required unless the company expands faster than forecasted.

    8.1 Important Assumptions

    The company’s financial projections are forecasted on the basis of following assumptions.

    General Assumptions   
     Year 1Year 2Year 3
    Plan Month123
    Current Interest Rate10.00%11.00%12.00%
    Long-term Interest Rate10.00%10.00%10.00%
    Tax Rate26.42%27.76%28.12%
    Other000

    8.2 Brake-even Analysis

    The following graph shows the company’s Brake-even Analysis.

    HVAC Business Plan - Brake-even Analysis

    The following table shows the company’s Brake-even Analysis.

     Brake-Even Analysis 
    Monthly Units Break-even5530
    Monthly Revenue Break-even$159,740
    Assumptions: 
    Average Per-Unit Revenue$260.87
    Average Per-Unit Variable Cost$0.89
    Estimated Monthly Fixed Cost$196,410

    8.3 Projected Profit and Loss

    The following charts show the company’s expected Profit and Loss situation on the monthly and yearly basis.

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    8.3.1 Profit Monthly

    HVAC Business Plan - PROFIT MONTHLY

    8.3.2 Profit Yearly

    HVAC Business Plan - PROFIT YEARLY

    8.3.3 Gross Margin Monthly

    HVAC Business Plan - GROSS MARGIN MONTHLY

    8.3.4 Gross Margin Yearly

    The following table shows detailed information about profit business plan and loss, and total cost of sales.

    HVAC Business Plan - GROSS MARGIN YEARLY

    8.4 Projected Cash Flow

    The following column diagram shows the projected cash flow.

    HVAC Business Plan - Projected Cash Flow Diagram

    The following table shows detailed data about pro forma cash flow, subtotal cash from operations, subtotal cash received, sub-total spent on operations, subtotal cash spent.

     Pro Forma Cash Flow   
    Cash ReceivedYear 1Year 2Year 3
    Cash from Operations   
    Cash Sales$401,024$453,046$505,068
    Cash from Receivables$70,923$80,610$90,297
    SUBTOTAL CASH FROM OPERATIONS$471,943 $533,651 $595,359
    Additional Cash Received   
    Sales Tax, VAT, HST/GST Received$0$0$0
    New Current Borrowing$0$0$0
    New Other Liabilities (interest-free)$0$0$0
    New Long-term Liabilities$0$0$0
    Sales of Other Current Assets$0$0$0
    Sales of Long-term Assets$0$0$0
    New Investment Received$0$0$0
    SUBTOTAL CASH RECEIVED$471,943 $533,651 $595,359
    ExpendituresYear 1Year 2Year 3
    Expenditures from Operations   
    Cash Spending$216,457$242,204$267,951
    Bill Payments$135,939$153,285$170,631
    SUBTOTAL SPENT ON OPERATIONS$352,396 $395,489 $438,582
    Additional Cash Spent   
    Sales Tax, VAT, HST/GST Paid Out$0$0$0
    Principal Repayment of Current Borrowing$0$0$0
    Other Liabilities Principal Repayment$0$0$0
    Long-term Liabilities Principal Repayment$0$0$0
    Purchase Other Current Assets$0$0$0
    Purchase Long-term Assets$0$0$0
    Dividends$0$0$0
    SUBTOTAL CASH SPENT$352,396 $395,489 $438,582
    Net Cash Flow$119,551$138,167$156,783
    Cash Balance$218,523$252,381$286,239

    8.5 Projected Balance Sheet

    The following projected balance sheet shows data about total current assets, total long-term assets, total assets, subtotal current liabilities, total liabilities, total capital, total liabilities and capital.

     Pro Forma Balance Sheet   
    AssetsYear 1Year 2Year 3
    Current Assets   
    Cash$184,666$218,525$252,384
    Accounts Receivable$12,613$14,493$16,373
    Inventory$2,980$3,450$3,920
    Other Current Assets$1,000$1,000$1,000
    TOTAL CURRENT ASSETS$201,259 $237,468 $273,677
    Long-term Assets   
    Long-term Assets$10,000$10,000$10,000
    Accumulated Depreciation$12,420$14,490$16,560
    TOTAL LONG-TERM ASSETS$980 $610 $240
    TOTAL ASSETS$198,839 $232,978 $267,117
    Liabilities and CapitalYear 1Year 2Year 3
    Current Liabilities   
    Accounts Payable$9,482$10,792$12,102
    Current Borrowing$0$0$0
    Other Current Liabilities$0$0$0
    SUBTOTAL CURRENT LIABILITIES$9,482 $10,792 $12,102
    Long-term Liabilities$0$0$0
    TOTAL LIABILITIES$9,482 $10,792 $12,102
    Paid-in Capital$30,000$30,000$30,000
    Retained Earnings$48,651$72,636$96,621
    Earnings$100,709$119,555$138,401
    TOTAL CAPITAL$189,360 $222,190 $255,020
    TOTAL LIABILITIES AND CAPITAL$198,839 $232,978 $267,117
    Net Worth$182,060$226,240$270,420

    8.6 Business Ratios

    The following table shows data about business ratios, ratio analysis, total assets, net worth.

     Ratio Analysis    
     Year 1Year 2Year 3INDUSTRY PROFILE
    Sales Growth4.35%30.82%63.29%4.00%
    Percent of Total Assets    
    Accounts Receivable5.61%4.71%3.81%9.70%
    Inventory1.85%1.82%1.79%9.80%
    Other Current Assets1.75%2.02%2.29%27.40%
    Total Current Assets138.53%150.99%163.45%54.60%
    Long-term Assets-9.47%-21.01%-32.55%58.40%
    TOTAL ASSETS100.00%100.00%100.00%100.00%
    Current Liabilities4.68%3.04%2.76%27.30%
    Long-term Liabilities0.00%0.00%0.00%25.80%
    Total Liabilities4.68%3.04%2.76%54.10%
    NET WORTH99.32%101.04%102.76%44.90%
    Percent of Sales    
    Sales100.00%100.00%100.00%100.00%
    Gross Margin94.18%93.85%93.52%0.00%
    Selling, General & Administrative Expenses74.29%71.83%69.37%65.20%
    Advertising Expenses2.06%1.11%0.28%1.40%
    Profit Before Interest and Taxes26.47%29.30%32.13%2.86%
    Main Ratios    
    Current25.8629.3932.921.63
    Quick25.428.8832.360.84
    Total Debt to Total Assets2.68%1.04%0.76%67.10%
    Pre-tax Return on Net Worth66.83%71.26%75.69%4.40%
    Pre-tax Return on Assets64.88%69.75%74.62%9.00%
    Additional RatiosYear 1Year 2Year 3 
    Net Profit Margin19.20%21.16%23.12%N.A.
    Return on Equity47.79%50.53%53.27%N.A.
    Activity Ratios    
    Accounts Receivable Turnover4.564.564.56N.A.
    Collection Days9299106N.A.
    Inventory Turnover19.722.5525.4N.A.
    Accounts Payable Turnover14.1714.6715.17N.A.
    Payment Days272727N.A.
    Total Asset Turnover1.841.551.26N.A.
    Debt Ratios    
    Debt to Net Worth0-0.02-0.04N.A.
    Current Liab. to Liab.111N.A.
    Liquidity Ratios    
    Net Working Capital$120,943$140,664$160,385N.A.
    Interest Coverage000N.A.
    Additional Ratios    
    Assets to Sales0.450.480.51N.A.
    Current Debt/Total Assets4%3%2%N.A.
    Acid Test23.6627.0130.36N.A.
    Sales/Net Worth1.681.290.9N.A.
    Dividend Payout000N.A.

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