Recessions don’t sound like great news for anyone. But if one strikes, not all industries are hit the same. While retail and real estate traditionally suffer the most, there should still be plenty of opportunities for good HVAC technicians to secure work and maybe even grow your business, regardless of the economy.
HVAC technicians should still be able to secure work during a recession, but it won’t be a usual day on the tools.
Here’s how the HVAC industry might look during a recession:
A lot of your work as an HVAC technician can’t wait — even in a recession. But clients may put off the nice-to-have jobs until the financial climate eases, meaning you get less work than usual.
People are more willing to support businesses they already know when everyone’s struggling financially. That could mean most of your work comes from existing clients rather than new ones.
With everyone feeling financial stress, some clients might struggle to pay their bills, which puts you out of pocket.
A looming recession can feel daunting, but there are ways you can safeguard your HVAC business:
People might be unable to justify installing a new heat pump or updating their tired refrigeration system in a recession. If they aren’t completely falling apart, those things probably won’t be on their priority list.
But some tasks can’t wait, like cleaning, repairing, and investigating risks and faults in HVAC systems. Create a plan to market these services now so potential customers keep you in mind.
Future-proofing your business is all about putting plans in place before it’s too late. If you don’t, things won’t run as seamlessly as possible.
Here’s how to get organised:
A recession often means less cash for everybody. It’s a good idea to work out your cash-flow forecasting and profitability so you know how much money is coming in and going out. Then, make sure you’re claiming all business expenses.
Not sure what or how to claim business expenses? Check out our helpful guides:
Staying on top of your finances will ensure you’ve got every cent behind you to tackle a recession. There are many ways to boost your cash flow and profitability. One of the easiest ways is to use one system for quoting, invoicing and scheduling. Streamlining your admin into one job management software like Tradify will help you save cash, especially if you use multiple apps.
If you’ve started your own HVAC business, you’ll know marketing is crucial to success. In a recession, it’s even more important. When cash is tight, spending hundreds of dollars on marketing might not be an option. Instead, look at low-cost marketing ideas for HVAC technicians or offline marketing strategies to help you grow your HVAC business —without digging too deep into your hard-earned cash.
Recessions are tough, but they don’t last forever. If you can remember that, even in the hardest times, you’ll be more mentally prepared to tackle any challenging situation.
Building a recession-proof business starts with getting organised today: streamline your business processes with Tradify, update your marketing strategy and cut back on unnecessary spending. You’ll be set up to weather any storm and might find new opportunities to grow your HVAC business.