A gas station business can be lucrative if you are shrewd in your choices. Or it can make you lose money if you are not prudent enough in running it. From buying a gas station to purchasing gas pumps and accessories, make sure to do thorough research and know the pitfalls and the potential of your investment.
Just having the capital is not enough in this business. You must know how to make your gas station stand out from the rest. You also need to be able to make it operate smoothly by using the latest tools and technology.
Whether you are starting the business from scratch or looking to expand your chain, there are some common mistakes people make while setting up the business or buying gas pumps or dispensers. Let’s analyze these mistakes and learn about effective ways to evade them.
Choosing the location is the most critical part of the gas station business.
High traffic means higher revenue in sales of the various items you sell at the station shops. You need more people driving by the road where your station is located. So that they will not only buy fuel from you but also shop for utilities, buy lottery tickets, etc., thus increasing your revenue.
Avoid buying a station in places that are not on the major travel routes. However, in case there is news for expansion of the area and the possibility of greater traffic though the route, it can be a wise option for you.
Security of your gas station shouldn’t be ignored.
Fuel station owners often forget about taking proper security measures. It is easy as you are focused on other areas of operations in order to draw more customers. No doubt, making your place more attractive and appealing to the visitors by buying antique gas pumps and accessories is a smart decision in this business, but stations tend to be magnets for criminals.
They may rob your store or zoom off without paying. Surveillance cameras and other security systems must be installed to help prevent and deter any such occurrences from happening.
Not checking the tanks in time can cause you heavy losses.
Gas tanks need to be in good shape and not have leakages. Examining it from time to time can save you the environmental costs and the cost of cleanup. While buying gas pump parts, it may be an astute idea to get tank monitors to ensure that nothing goes wrong unnoticed. Getting a technician to come out and do an inspection, compliance inspection and environmental testing. It is always more economical to do your due diligence and prevent a problem then to fix it after it occurs.