The market size of the US gas station industry is $81 billion. It’s one of the largest and popular sectors in the country that is always in demand.
If you plan to enter the gas station with no prior experience, things can get quite tricky. There are several considerations that you factor when deciding how to get started.
From meeting environmental compliance to arranging finance, you’ll be busy navigating different obstacles, which can get overwhelming. But don’t worry. We’re here for help.
Here’s a cheat sheet to help you start a gas station without any prior experience.
Finding the right location
Choose the location of your gas station wisely. Places near highways, social amenities, and residential areas are ideal places to start your business.
However, you should also check out the competition in the area. If there are existing gas stations with established clientele, consider other locations.
Assessing the past performance
Go through the financial records, including financial and management documents, of the prospective gas station facility to determine their past performance.
It will give you valuable insights into the gas station and determine the financial viability of the project. If the numbers are too low, it’s best to look elsewhere.
Evaluating gas pumps and fuel tank Condition
When you buy an existing gas station, equipment like gas pumps and fuel tanks comes along. Make sure you check the conditions of these items before you seal the deal.
If the condition isn’t up to the mark, you can negotiate a lower price and replace them with new, high-quality fuel station equipment and supplies to ensure smooth operations.
Modernize the place to attract more customers
Either purchase a well-furnished gas station or look for one that can be modernized by performing renovation like installing new canopies, LED lights, and other fixtures.
If you’re buying an old gas station, you’ll get a bargain offer, but you must invest extensively in replacing old equipment with new ones to get maximum returns.
The convenience store is your key to success
A convenience store will bring most of the sales for your gas station business. So, evaluate the condition of the c-store to determine whether repair and replacements are necessary.
Do you want to buy fuel management systems and other equipment and supplies for your new gas station? Contact us today. At John W. Kennedy Company, we provide a variety of high-quality petroleum equipment and supplies of top brands like Gilbarco-Veeder Root at competitive prices. Visit our online store to browse our products.