As long as people use vehicles for regular transportation, there will always be a need for gas stations. Owning a fueling business can be a great way to earn income, but successful operation requires careful planning and research. Here are some key things to consider before construction.
Location, Location, Location!
Picking the right location to build is essential to a successful business. You will need to pay special attention to the traffic counts, visibility, income demographics and population density necessary to generate enough profit. Not only is it important to carefully research the number of competitors nearby, but also to confirm that the area is zoned for gas station construction and operation. Consult your local planning office and online sources to verify that a fueling business will not violate zoning regulations.
Getting the Right Paperwork
To build a gas station, you must secure the proper permits. In addition to construction permits, you will also need to secure permits that specifically address all aspects of your business. For example, a permit that covers selling gasoline may not cover food, alcohol and/or tobacco sales in an attached store. Gas stations usually include underground storage tanks, requiring operator training, examination and maintaining records.
Working With the Right Companies
Selecting a knowledgeable contractor is crucial to getting off to a great start. You may be tempted to choose a builder based on the lowest bid, but this may indicate that a bidder has overlooked construction requirements. This oversight can lead to project delays and expensive change orders that negatively impact profitability. You also need to carefully consider your gas and retail merchants. Certain suppliers may have special conditions for conducting business. Securing contracts with these merchants can significantly impact your schedule to launch.
Owning a gas station can be a lucrative part of your investment portfolio. While the potential for significant income is high, so is the risk of failure. Careful planning and research of location, mandatory documentation and contracting can increase the likelihood of success.