How do you Start a Gas Station Business

How do you start a gas station and why would you want to start a gas station business. A gas station is not only about selling gas but about having more than 5 different ways to make income from one business.
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1. Example Person ( to prove its possible)
- Harry came from India with $50 ( became a tax driver than a mechanic and then started buying a gas station and today he a billionaire after 25 years work)
- But he gets to enjoy a beautiful mansion, with 6 cars, a movie theater, and more.
- So if this guy from India can do it, then you can too.
Con: electric cars are on the rise, but that’s a 30-50 year change and by that time you can be wealthy. But there is something I want to make very clear when you have a gas station, you’re not selling gas, you’re are selling convenience.
2. Cost of Startup and method ( buy, build, franchise)
- Now if I’m being honest here, building one or getting a franchise are usually going to be the most expensive method, can cost you a ton of money
- It's like you can buy one with everything ready including permits, or have to build one from the ground up ( obviously it's going to be a lot more expenses)
Price Range:
- The most important factor to the price is going to be 3 things, Location, location, and location ( because this provides foot traffic)
- If you go on Bizbuysell, you can find gas stations ranging from 10k to 2M and even more, average in new York is 100-500k
- And I know its a lot of money, but if you have good credit, a solid business plan and a great relationship with a bank its not impossible to get a business loan with a good down payment ( or get partners)
Questions: Why would someone want to sell a golden goose:
- Stats show that 59% of gas stations are own and operated by its owner ( so imagine after 10-25 years work at the same gas station, although it pays the bill, you might not want to be their anymore)
- They could be lying about all the good things, so make sure to do your research on the location, and sit around and see how many people come in and so forth
- They might be tight cash, unfortunate but by you buying you solve their problem and you get a good deal.
Tip: you sometimes can also get seller financing
3. Cost of operations
- This depends largely on the type of gas station you have and also the location
But common expenses are going to be:
- Employees to work that 24-7 shift mostly on 1099 or w2 ( I recommend you man your station for the first 6-12 months to get all the experience and then hire someone)
- Legal fees, insurance premiums, state permits, inventory, maintenance, and so on
- And yes gas is inventory also because you also sell it, and you’ll get the gas from a supplier that you’ll sing a contact with
4. Profits ( all the income streams)
- The most important part of any business, if it doesn’t make money
- Then why you got it
- The gas station is just the front to get people in the door, and that’s why in 20-50 years, it won't matter if we have electric cars
Different ways:
- Gas station to get people through the door ( margins are slim, and you won't get a lot of money from here)
- Convenient store that can make upwards to 50k a month in revenue ( depends on the location and competition of course)
- Car Wash ( 100K to 1million dollar a year if it's fully automatic and again depending on the location)
- Mechanic ( you can also hire a mechanic or lease a space in the gas station to a mechanic and get some extra income that way)
- Gas Route: ( if you want to take this to the next level you can become the supplier for oil all the stations need but that’s a video for another day)
Overall: remember you’re not selling gas, location is key, and don’t stop with one.
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