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A business plan is very important because it is the only document that can prove to
investors and your bankers that you have done your homework. Thats why after the
feasibility study phase, the next important phase is to write a business plan.
Your gas station business plan should contain everything about your proposed business
such as the cost of the project, financial projections, risk sensitivity analysis, possible
problems that might be encountered and how to deal with them, your management
strategy, your marketing plan, mission and vision statement, executive summary, your
personal profile and biography, etc.
To avoid misquotations and miscalculations, it is advisable you conduct feasibility
research and work on your business plan alongside a business consultant or a
consultant specialized in the oil and gas sector.
4. Raise the needed capital
After developing a business plan, you can now proceed to raise the needed capital. You
can choose to either self finance the project, raise money from private investors or take
a bank loan. Regardless of the route you choose to take, just make sure you know what
you are doing.
5. Secure a good location
A gas station is location-driven. What this means in essence is that establishing your
filling station in a good location will almost guarantee success; as you will likely not
invest much in running advertisements. Examples of good locations are:
Commercial areas
Areas or road intersections with high vehicular traffic
Along major highways
Industrial areas
Residential areas (If you are sited here, that means you will need to focus on retailing
Kerosene)
6. Incorporate your company
One of the prerequisite for obtaining your license of operation is your certificate of
incorporation and tax clearance. So therefore, incorporating a company name is a must.
I advice you seek the services of a lawyer or attorney.
7. Obtain the necessary licenses and permit
Obtaining licenses, approval and permit to run a filling station is where the major
problem lies. Like I said earlier, the oil and gas industry is strictly regulated. In fact, I
personally know some individuals who gave up at this phase; just because of the stress
involved with getting approval for their mini kerosene depot.
To make the process easier, I recommend you seek the advice of an oil and gas
consultant; or better still, you can talk to an already established gas station owner.
Now using Nigeria as a reference point and case study, there are about five regulatory
bodies you may have to deal with in the quest to obtain your license, commence full
operation and get regular supplies. They bodies include:
DPR Department of Petroleum Resources
PPPRA Petroleum Products Price Regulatory Agency
PPMC Pipelines and Products Marketing Company
NNPC Nigerian National Petroleum Corporation
It is also important to note that you may need to join various associations and unions
such as:
A gas station business requires a huge amount of money for its establishment. There is
no definite amount for starting this business as the cost may vary due to factors such as
location, size of station, number of fuel pumps, type of extra services offered. Now when
planning for your gas station, you need to consider some costs such as:
Running a gas station is management intensive, so you will need extra hands to cover
positions such as pump attendants and a manager. Once you hire employees, you are
good to go.
12. Add other income or revenue sources
Once your fuel station is up and running, you can choose to expand your revenue
sources by considering additional business opportunities such as:
A snack corner or fast food joint. This can bring in much income, as hungry drivers
will appreciate buying a quick snack on the road. Food retailing is now provided by
several gas stations, it is the main big trend in Gas Retail for 2013.
You can also add a convenience store that retail items such as alcohol and tobacco,
you have to carry out a research on the legal requirements for selling these kinds of
products.
You can also install a car wash service
Or better still, you can allocate a space to a mechanic to carry out car maintenance
services.
13. Grow the business
The oil and gas industry in general is hugely affected by environmental and political
events such as wars and rumors of wars, etc.
Getting an operating license to become an independent petroleum marketer is quite
difficult especially in Nigeria; as you have to go through a lot of bureaucratic hurdles.