Have you been wanting to open your own gas station but haven’tdone so yet because you simply do not know where or how to start? Opening and running a gas station is no easy task, there are several unique challenges involved. However, starting a gas stationis lucrative and straightforward when you follow this process.
Write a business plan
Costs of opening a gas station are significant, and may necessitate a loan. Hence, writing a detailed business plan will help get your loan application or funding approved. For your gas station’s business plan ensure researching and including these topics:
- Products and services you plan on offering: Apart from gas every service and category of products that you plan on offering at your station should be included in your business plan.
- Location: A great location increases visibility and sales. Hence, choosing and listing a great location with considerable footfall is essential.
- Market analysis: You must differentiate yourself from your competitors, hence you should list how your products and services will stand out and solve problems in this competitive field.
Register your business
Before you can start running your gas station, you must register your business. Operating as the only proprietor is not advisable, as you must keep your personal assets protected and running gas stations involves risks such as leaks and burglaries.
Name your business
Choose a unique name, confirm its availability by using the Secretary of Stateand the United States Patent and Trademark Office’s business search feature. Additionally, confirm availability of domain names using GoDaddy.com or Name.com.
Acquirefunding
You will need aminimumof$300,000for all these:
- Acquiring your location
- Registering your business
- Business insurance
- Licenses and permits
- Inventory including gas and consumables
- Marketing materials
- Setting up gas and convenience store
- Finding a gas supplier
- Payment for employees
- Royalties according to your franchise agreement
To lower these expenses, we recommend buying used gas pumps. These pumps function just like their new counterparts but cost significantly less. Simply Google used gas pumps for sale near me to find the best pumps and deals.
By going through these expenses, you will also go through each step of setting up, registering, and finally opening a gas station.
When incurring all these costs you must also factor in all ongoing costs of running your gas station as well.
Conclusion
Now that you know everything you need to do to start your gas station, you can confidently do so with great planning and following the entire aforementionedprocess.