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How to Open a Gas Station
How to open or start a gas station business. This type of business is always in demand due to the increase in population and the use of trucks/cars. However, getting started without doing proper research is a surefire formula for disaster. This article has two parts. The first part will show you the steps required for an existing business to sell. The second part will show the steps to start from scratch.
1- Location: Find a desirable location with high traffic and a convenient location. Ensure that all property and equipment are in a good state of maintenance. The more clean and organized the place is it shows that the current owner took pride in the business. People who take pride in their work provide excellent service. Customers appreciate great service and will go out of their way to shop there.
2- Reason for Sale: Find out why the seller is placing the sale. If it’s because of retirement or something similar that’s fine. However, be aware that the main reason may be due to a struggling business.
3- Financing: Contact a financial institution or financial broker that specializes in this type of business. Find out what kind of documents the seller needs to provide in order to apply for financing. A good credit score, down payment and management experience will be definite assets.
4- Down payment: You will need to put down anywhere from 15 to 25 percent down.
5- Test: You will need to conduct an assessment of the existing business. This can take up to 3 weeks and $2,500 to $3,000.
6- Judgment: If the lender is satisfied with your application, you will be approved for the loan and it will be up to you and the seller to come up with a closing date where the business changes hands.
Building from Scratch:
1- Location: Get the right traffic and the right place.
2- Property Zone: Contact your local government municipality and find out if the property or land can be zoned for a gas station.
3- Environmental Assessment: You will need to hire an environmental assessment company for around $2,000 and this process can take between 1 to 2 weeks. This step is expensive but never the less mandatory. There are corrosive substances in some soils that can feed into your tanks causing leaks and significant environmental risks and costs.
4- Lawyer: You should hire an attorney who specializes in this business to come up with your business plan. They will also see that the whole process is going well for you
5- Suppliers: Talk to oil company reps as much as possible until you get a good match. You can go with premium providers like big name companies or small discount companies.
6- Structure: Hire a gas station design company to design your business. Be sure to add incentives like convenience stores and lotto to the mix Gas stations make most of their profits from selling convenience items in the store. Ask them to create a plan, estimated price and closing date to submit to your lender.
7- Financing: Submit a financing application to your preferred lender with your business plans. If you get approved for the estimated loan amount, build a property.
8- Opening date: Once your business is built and you’re ready to come up with an opening date, advertise for maximum impact.
You should weigh the pros and cons of buying an existing business, starting from scratch or buying a franchise. Whichever way you go, it will be a very expensive business and may require more licenses like the lottery and liquor. There is also a lot of profitable trading time involved in this business.
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