HVAC SCHOOL MONEY TALK - Don't Make This Common Mistake
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- Опубликовано: 28 май 2024
- In this stream of HVAC SCHOOL MONEY TALK, we talk pricing and P&L reading to help people understand why markup is a nightmare and also to not make this common mistake.
Read all the tech tips, take the quizzes
and find our handy calculators at www.hvacrschool.com/
I watch a lot of your videos, but i never comment . This is so what I needed , so thanks.
Very nice video. Thanks you. Respectfully, CJ.
On call backs make the tech write up a invoice and show its a call back. Can I write the full invoice off on state tax. Also warranty calls write them up as a loss. Say a motor on 3 ton Trane goes bad 14 seer outdoor 5 years old. If it was not under warranty flat rate price $1290.00 plus 7.2 state tax. Under warranty flat rate for labor only. $760.00 plus tax. write off the cost $530.00 company did not make because the factory thinks parts last 10 years.
Try selling 40% mark-up in that fashion ie cogs /.60 on t&m to S&P 500 companies such as 3M , Amgen, Cat . You will never see another purchase order in your career. It’s impossible to sell , so lump sum only or double your labor rate .
Great explanation bud loved would love to see more videos like this to help is first time business owner
There's also the "this customer is an asshole" divisor.
Most of the time I’d view your videos, I’d appreciate the tech tutorial. I’d have a Q?. Bike shrader valve Vs AC sharader , will it be a problem and specifically why?
Got in a bit too late for the live show but am watching now lol
What time and what days you go live ?
A much needed topic.. you did a great job well explained. This is the time like a recession when people get laid off this is when their minds make a decision to go into business for themselves. A recession or a depression a downturn is an excellent time to start a business.
I am contemplating working for myself
William Swan here are some suggestions to listen to and watch podcasts. itunes.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?id=1285306513 If you want to go in business for yourself you got to stop thinking like a worker and a technician. Believe me 30 years ago I wish I paid much more attention to business management finances bookkeeping and 100 other things not just how good a technician you are. podcasts.apple.com/us/podcast/hvac-know-it-all-podcast/id1359253455 Everybody has different experiences but the more information and knowledge you obtain before you start the more positive in the quicker your business will be enjoyable. podcasts.apple.com/us/podcast/hvac-school-for-techs-by-techs/id1155660740 I’m a fourth generation mechanic my son is a fifth generation so we have that one advantage over somebody just came into this trade with no family member or trades training pre-high school. I was a tool whore who like the most accurate and technical tools and my father bestowed upon me the importance of education in that for the rest of your life you’re nothing more than a student never the master of all. Even though math reading and writing we’re definitely at the bottom of my list. If you haven’t listen to these pod cast already then listen for a few months straight nonstop from the minute your alarm clock goes off in the morning through your break time through your lunchtime driving to work driving home and putting yourself to bed falling asleep listening to the podcast especially when it comes to business and handling employees and your margins and your mark ups and your profits. If you can’t put in 100 hours a week educating yourself how to start and run your business I don’t know if you play video games but that’s gonna have to stop. If you drink a few beers with your buddy after work that’s gonna have to go on a great decrease. Because when you start a business from scratch and you want to be successful really fast hundred hour weeks are not uncommon. If you’d like to sleep in till 9:00 AM the majority of those people are not successful very few exceptions to that rule but it does happen. And if you’re going into business for yourself you are now the employee of your customers. When you’re starting a business if you think you are not an employee anymore it’s a good chance you’ll have a rough time if not fail. I don’t know what state you’re in but in California we are allowed to touch electrical in some states I heard HVAC guys cannot because of the laws in their particular state. I would also spend the next year to watching all Mike Holt videos on RUclips. You will discover electricians often make mistakes on installations for your jobs and you have to go be a babysitter and fix their mistakes. I myself personally when my customer cannot get a electrician out there because we have a shortage of both HVAC and electrical contractors I do all my own electrical then. As for software something cheap easy to learn that you can do invoices and track your parts with part numbers and pricing and mark ups and markdowns and multiple sales levels and then basically hit a button at the end of the year and turn it over to your tax person and you’re done QuickBooks online. It’s about $25 a month gives you ability to input every part you order from your parts house including a picture and a description with part numbers you can even track inventory. Later if you get bigger and you start having employees that’s when you may want to invest in one of those high dollar HVAC oriented business management software‘s. Do not go into debt do not buy a fancy new van whatever you do try to start without debt. End up being that guy who fixes everybody else’s work. Learn a lot about airflow and understand it as well as you know how to breathe. I don’t know what state you’re in or what the rules laws and regulations and the new title 24 requirements on equipment you have 10 times more to learn than what I had to learn 40 years ago. And word-of-mouth business if you’re a small business and you get that good you will never ever have to advertise you or even remove the signs off the side of your vehicle you will remove your telephone number out of the yellow page ads because you’re so busy you cannot afford to answer the telephone except from your tried-and-true customers who do word-of-mouth advertising for you. That’s how my grandfather did it that’s how my father did it that’s how I do it and that’s how my son is starting to do it from zero advertising to where you’re turning down more work than you can possibly take and you charge the highest prices. Because flying around for education to different manufacturers is expensive not just in the flight and hotels in pain for training but also for the loss of work you have to calculate you did not make while you were gone for a week at a time. Good luck
Good episode
@@coldfinger459sub0 thank you
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There is a difference between making a reasonable profit and being a business crimal.
Some of these business owners have have a lake house, 14 car's three boat's and ect.. when is enough enough?!?!??
140 dollars to show up at a house, then the parts mark up then lobor?!?!?
When is enough enough???
I ALWAYS show the customer what I pay for the parts I use.
I'm not a greedy prick and I can rest my head at night knowing I honestly provided a service for someone.
Put yourself in the customers shoe's.
Knowledge is power...
Why run a business if you’re not making good money? You’re only hurting yourself then, charge what you’re worth for your time
@@murkyturkey5238 there's a difference in making an honest living and ripping people off for personal gain...
Remember the Kentucky tornadoes????
Everything was gone in seconds...
Help people... Don't take advantage...
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