Starting a business is always exciting, but can also be daunting if you don’t know everything that goes into a legal business. It’s important to always know the law and obey any rules so your business can thrive without you worrying about legal issues.
New York is a great place to start a small HVAC business — it’s where everyone wants to live the high life, after all, and you can’t do that without proper heating, ventilation, and air conditioning.
Start With the Paperwork
If you’re planning to open an HVAC business in New York, you need to get an FDD (franchise disclosure document) because it is a franchise registration state. Initially, you’ll have to pay $750 for registration, and $150 every year after that.
You should also register your business name as well as the business itself. You will need various certificates, licenses, and forms from different agencies before you can actually say you have your own business.
Don’t Do Everything Yourself
It’s essential that you find the most trusted professional advisors to keep you on the right track. You’ll be better off with quality legal assistance from people who know the HVAC industry because there may be many small legal matters that you don’t know about.
Also, find out about New York’s tax regulations and laws, and consider hiring an accountant. You may want to do your business’s books yourself, but a professional accountant will save you a lot of time and worry.
Get an Appropriate Bank Account
You will need a separate bank account for your HVAC business, and it’s a good idea to go for a business checking account. This account should never be used for personal transactions or purchases and should be controlled with care
Register as a Contractor
You will have to register as a contractor, so be sure to find out about the state of New York’s requirements for registration. You cannot operate your business without registering appropriately.
Plan Your Fees Accordingly
Although it may be tempting to offer lower fees to attract more customers, you should not undersell your company. People expect to pay between $75 and $200 just to have their AC air filter repaired or cleaned, so you can ask anything between those two numbers. Do research about how much other companies charge, and keep your own experience in mind when deciding on your fees.
You cannot run a business without insurance, there is just too much that could go wrong. You should get your business insured against disasters and theft, as well as get health insurance for yourself and your employees. Additionally, you’ll need to have Worker’s Compensation for all of your workers.
Approach Investment Carefully
Should you want to invest in an already-established business, it’s very important that you do a lot of research into the corporation. You should never put your money on a business that you don’t know everything about. It can be fun to invest in a business, but be sure to approach such an endeavor carefully.
Don’t Neglect Marketing
Marketing may not be your forte, but you will have to invest time and money into promoting your business. You don’t have to do it yourself either, you can hire a marketing agency to take care of all your marketing for you.
It may be best to hire professionals because you will have to do market research and plan your marketing strategies according to what the research shows. You’ll also have to know your target market very well to determine the best marketing approaches. Then you’ll have to decide what kind of marketing you want to invest in.
Successfully Launch Your HVAC Business
There are nearly 28 million small businesses in the United States and although it may seem like there are too many, yours can still be a success. Follow the right procedures and plan your business carefully and you can be a proud and triumphant business owner!