Don’t Open A Gas Station Until You Watch This!
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- Опубліковано 31 тра 2024
- Is starting a gas station business a smart investment? It was for Parm Bhullar, who’s grown a $1 million investment into $37 million in yearly revenue. We’ll hear her insights on how to open a gas station in this interview.
Parm and her business partners had more than 15 years of experience in the retail industry, along with a shared passion for small business ownership. She’s been a gas station owner for 3 years and now owns 8 Arco and Shell stations throughout Washington’s Whatcom county. Their gasoline stations have been growing revenue year over year even through COVID’s impact on gas sales.
One of Parm’s greatest strengths as a gas station owner is that she’s a people person who loves the customer service side of the industry. We’ll find out what she does to create a great customer experience, as well as what approaches work best for bringing in new customers when you first open a gas station. She’ll also share her tips on writing a gas station business plan, and what processes and systems she put into place early that allowed their business to grow quickly.
Building a solid team is another key step to starting and running a successful gas station. We’ll ask Parm where she finds reliable employees and how she attracts and retains them to keep all of her locations running smoothly. She’ll also share how she manages and leads her team, and what tools and systems she uses to schedule her team and keep track of their work.
Anyone wondering how do you start a gas station business or any retail-oriented business, will want to hear Parm’s insights.
See our detailed guide to starting a gas station business with cost, set up, location, licenses, and much more: www.upflip.com/blog/opening-g...
Ready to buy a gas station business of your own? See what’s available in your area on UpFlip’s business listings: www.upflip.com/gas-stations-f...
Check out our podcast for more amazing interviews: www.upflip.com/podcast
And if you’re looking for more advice on starting a business, here are some videos you can check out:
Resources:
www.upflip.com/academy - Start, Build & Grow Your Business
www.upflip.com/equipment-list... Premier Equipment List
How to Write a Business Plan (You’ll Actually Use) ►
• How to Write a Busines...
How to Start a Business in 2021 (A Step-by-Step Guide) ►
• How to Start a Busines...
Timestamps:
0:00 Intro
0:34 Meeting the Co-Owner of 8 Gas Stations
1:30 First Time Buyer Advice
2:22 Business Runs on Family
3:40 How To Decide Branded or Unbranded
4:44 Required Skills For Success
5:30 The Importance of Location
6:26 A Unique Type of Marketing
7:42 How To Keep Costs Covered
8:11 Pricing Strategies
9:03 How To Beat Competitors
10:28 Becoming a Millionaire
10:55 Inside Store Sales vs Outside Store Sales
11:56 The Perfect Gas Station Team
12:56 The Key To Keeping Your Gas Station Safe
13:55 System and Processes
14:49 Finding The Perfect Gas Station Brand
15:22 The Best Maintenance Routine
16:40 How To Determine Your Business Hours
18:31 The Secret To Bringing in More Customers
19:31 The Items You Must Always Carry
20:16 The Secret To Hiring Great Employees
21:40 Pros and Cons of Buying a Station
22:43 Special Licenses and More
23:40 Fears and Doubts
24:26 How To Manage Seasonalities
25:10 When To Expect Profit
26:03 Your Favorite Type of Customers
27:13 Is It A Good Idea To Go 24 Hours?
28:07 The Pandemic vs Gas Stations
29:02 Favorable Things as a Gas Station Owner
29:49 How To Create The Best Experience for Customers
#gasstation #gasstationbusiness #howdoyoustartagasstationbusiness
Join UpFlip Academy and learn from the best in the industry: www.upflip.com
Where would you go to make purchase to be an owner of a gas station ?
What's the plan when EV's become mainstream?
So in the early 80's minimum wage was like $2.35 an hour if you can imagine that & 181 gas stations took in 131 million dollars for the year & that was only 1/3 of the state 1 brand. Profits of only plus or minus 1 penny up or down on a gallon of gas. It's no surprise a 2 pk of aspirin had a Mark up of 7500%
Yeah those were some interesting times! Everything is different now!
Top seller's aspirin vitamin packs 6 pack cans soda and 3 pack cigarettes. microwave burritos ,nachos , & polish dog's average store would sell 10 to 12 gallons of gas 5000 to 7500 gallons diesel per week major cities.
To everyone who has started or is thinking of starting their own business: *Believe in yourself and never give up.* If you can work 8 hours for someone else. You can work 2 hours for yourself.
Amazing MrBreak! Thanks for being a star player.🤩🌟⭐You are very motivating. Keep up the excellent work! 💪👍
it helps to have a high income
Do not drink Alcohol, Alcohol steals your power. Believe in power of yourself , you will become rich similar to brown people.
@@dontaskwontell3458 it sure does
@@infoupdater582 well said thanks for bringing it out
This interview is GOLD to any business minded person. Thank you so much for asking the "real" questions most interviewers are afraid to ask. And also thank you to all the business owners who are willing to give you specific answers instead of vague answers.
I am not business minded tho :-(. Wish I was.
Yes, I appreciate her direct and honest answers. She's knows her numbers. That's why they are successful.
A gas station is a sinking ship. Why open something like that now. 15 years of revenue max and at some point decreasing.
It isn't though. At all. It's aimed at people who know nothing about business.
This is absolutely an eye opener, my family run 7 gas stations in Nigeria, sold two in 2019 due to poor economy. Been looking to how we could bring our business to the western world and this interview really answered 70% of my questions. Many thanks for this video.
We're so happy the videos was helpful Farayola. 😀Congrats to you and your family on all your success. This is amazing. What area are you all looking to branch out to?
Nigeria is owned by Shell corporate cartel. It must be really hard to go beyond shell dictat and do what this lady has done.
bro I own a gas station this information is false. most gustation owners are very miserable. and if your part a franchise the little profit you get goes back to them
Don't come to America please.
@@sreyanshuchaterjee3962 who told you this?
This content is GOLD! Rarely do we get to hear about the nitty-gritty financial details of small businesses and what makes them 'win'. This interview is outstanding!
Glad you enjoyed Brent. Thanks for the awesome feedback. How's your week going?
@@UpFlip Well, at some point today I'm going to have to stop binge watching your videos. :-D Come Monday, it's back to corporate but throughout the week I'm constantly searching for a business to acquire and learning from your videos. Very cool stuff you're producing.
Pretty sure it’s a guarantee to become rich if u own a gas station especially in a good area
But most importantly, be born to a rich family
The best business.
Hi everyone, thanks for watching this video. Few of our viewers had some questions about taxes and wages. I would like to let everyone know that every business here in the USA has to pay taxes whether you are a US citizen or not. Second, when the video was done the minimum wage in our county was $13.69, our new hires started at $15-$16 an hour plus gas cards. The wages are increased after 3, 6 and 12 months of performance review.
Thank you Parm for clarifying 🙏
Thank you Paramjit!
Do you take feedback from your team to seek improvements since they are the one running day to day?
Are you willing to partner with us...in AL?
@Luxe Aux stop it
$37m sounds like a lot of money but remember it’s the revenue. The billion dollar question is what is the profit margin. Some businesses makes a lot of revenue but their cost of goods and fixed cost eats up most of that and left only a meager amount for profit or even worst, running at a lost...
Probably a 10-15% net
If she is making 20-30 cents per gallon and you know 40% of revenue is from gas after all the calculations you get a figure of around 800k profit from gas alone which accounts for 40% she probably makes 2 Mil a year give or take plus you can't forget all the partners ect.
Guys, remember, when you calculate net profit, it doesn’t just include cost of goods, ie cost per gallon or goods in the retail store, you need to consider the fixed cost too, ie property cost, employees, utilities and all other cost to operate the business. That is one major mistake a lot of business owner makes...
She already answered this 40% on gas and 60% on goods. You people don’t listen.
even if its 5%, theyre clearing almost $2 mill.
Love how you ask the questions that normally an interviewer would be afraid to ask cause it got too much into their business, but you got right in there and asked the questions i would ask if i were there. Good interview
Thank you Tahmas.😀 We try to ask questions that we feel will be informative. We're ecstatic that you are enjoying the content. Should we do another video on this industry?
@@UpFlip Yes please I've always been interested in the economics behind gas stations from the people running them. I see they dont operate like traditional franchised business having to pay a franchise fee etc. This was very good i even looked up gas stations for sale in my local area because of this. 😂
And you believed the answers? She forgot to mention the cleanup costs when gas leaks into the ground ($200k and up) which it will. That cost rears its ugly head when she tries to sell. The buyer will require an environment report which includes soil samples, and in all likelihood it will show contaminated soil. If the water table is shallow, then your station has contaminated the water too, so be prepared for the county and state to get involved. Drycleaners, gas stations, and car repair shops are the worst. Major toxic cleanup. Of those, drycleaners are the most expensive to clean up because the chemicals they use are heavier than water, insoluble, and completely non-biodegradable, so they sink and stay in the ground forever.
Nothing in this interview that reading a book about business wont answer you lazy fyk.
Any interviewer can ask those questions. But thank the host for answering them openly!
This channel is truly empowering small & medium businesses and future business owners. Kudos to the entire team of UpFlip.
You Really are a HIGHLY SKILLED Interviewer. Great Job. The owner was Super Friendly and Transparent so that helped a lot too.
Transparent, really? You must have never worked on financials. There was very little information or details, very vague.
Yes i like how he respects their boundaries and doesnt come off as intrusive.
Is he single
Knowing your customer is crucial but also supporting your employees is even more crucial. Employees are the company's front person. There are convenience marts I will not go to due to employee attitude and lack of cleanliness.
I would treat you how I want to be treated if you were my customer.
I'd be devastated if I lost your business.
I'm also a very clean person.
Cheers! 👍
No Disrespect, but when employee work and make sure money is pulled in for business in a better sense, they need something in return, opening, running, making money on a business is not crucial in today's culture, the owners are not helping hands for employees. I can send you list of more than 442 stores in this country where employees are not happy with the owner because there is not returns for employees..
@@JakeStewart1343 I'm your new manager. Go back to stocking selves on aisle 4.
@@drroy5762 something as simple as a coffee machine and drinking water would work miracles. I worked for 2 company's that didn't offer that and actually had us buy it through their own vending machines
employees can make you or break you.
As a prior gas station owner(Amoco/BP) I didn’t have a choice on my hours of operation. It was specifically stated in the contract that the station must be open 24/7/365. The only exception was if the town would not allow it.
Wow Carlos! I'm sure that station kept you busy. It all depends on location, type of purchase, franchise, privately owned, etc. What industry are you in now?
Was it worth it?
@@method341 from a financial perspective, not at all! When you factor in the stress that comes along with being opened 24/7/365 and the minimal amount of revenue generated between the hours of 12-6 am, it ends up being a total loss.
@@carlosaracil7980 thanks for your honesty. I hope you are in a more lucrative business now.
@@carlosaracil7980 Was your location a factor? Was the station in a city or a suburb?
Honestly, this is the best interview ever. The interviewer was outstanding, and the owner was so nice and kind to share her knowledge. Kudos 🙏
The owners have several family members involved , contributing investment and time, to running the gas stations they own. This is why you see South Asians and Middle Eastern ethnicities dominating this industry, because white and black people don't typically have extended family and relatives all coming together to start a business. Generally speaking Asian and Middle Eastern cultures will sacrifice individual needs for the good of the family and group.
Pretty cool. Smart. Partnerships do have pitfalls however, especially involving family. Some cultures must be innately better at handling these conflicts. Good for them.
They're hard workers and don't want to shame their families
@@ikhbjhbkm5 that’s exactly right…
Maybe it's not necessarily a black and/or white thing, but it's a Western or American thing, versus an Asian or eastern thing.
I am the 3rd generation in a family business engaged in the gas station business, currently we manage 12 gas stations located in Sulawesi, Indonesia.
Awesome!💘 We're glad this video was relatable to you. Any advice for new gas stations owners or anyone looking to invest in the industry?
@@sam-ci8lz Not every comment is supposed to be helpful.
Personally it was interesting for me to know it can last generations.
@@sam-ci8lz you sound bitter af
How much profit per year?
Nice to see how Parm was very upfront and honest with all the information regarding her business. Great video.
Thank you Strauss. Many others enjoyed this video as well. 😀Do you think we should have this business owner back on the channel for a follow up?
Keep up the great work UPFLIP! I am a new subscriber and I must say I am very impressed with everything and ability to get business owners to open up and at least appear to be honest with the audience.
37 million over the 8 stations combined seems like a crazy amount at first, but break it apart. Let's use averages: 37 million (gross) between 8 stations is about 4.5 million per year each. If you use their average profit margin of 50%, each station takes in 2.25 million a year. That's about 187,000 per month. Now they have to pay off their loans, pay mortgage on stations, pay utilities, snow removal, garbage collection, liability insurance, pay sales tax, pay employees (I'd guess at least 8 per station on different shifts) and pay themselves. There's 8 partners that all want a piece. That money shrinks quick. Still a good business though.
Yes, the number I'm curious about is the profit.
Too much math, simply put at 10% profit margin puts them at 3.7 mill a year. 3.7 mill over 8 ppl is about 462.5k a year for each person, beats working in any industry. 10% figure is very conservative too.
@@terencelee7868 I guess math wasn't your strong subject. Your method is so oversimplified that it isn't accurate.
@@ruffxm meh, I disagree. That quick math using 10% is a good starting estimate for a UA-cam “P&L” breakdown. More often than not, it’s exactly what Wall Street bankers do when they assess a company’s EBITDA over a drink at the bar. Then if the baseline numbers seem enticing, they have the analyst start doing due diligence on the full P&L.
@@terencelee7868 no it isn’t. I’m an accountant who has seen a lot of petrol station books. Never seen 10% net profit, not even close
Gas sells itself if the price is right. The margins though are slim. It's the convenience market that makes the money. So it's all about the location because you want a site with a lot of "pass-by" traffic.
Location is definitely important! We appreciate your feedback! 😀
Location location location!!
Exactly!! My BF used to run a fast station and he said ALL their profits came from their hot bar and items in the store.
Awesome Video!
Great interview, appreciated the direct practical questions asked by the interviewer and the honest detailed answers given by the store owner.
My most Sincere appreciation .
It only confirms that customer service is huge and what husband/wife unity can achieve.
Not wanting to be contrarian but I understand most gas stations are barely hanging on.
Margins on fuel alone are so small they are not enough to keep the doors open.
If u get lucky with a location I am sure it can work out well.
But for years for example Exxon gas station owners have been complaining to Exxon that the same money simply invested into Exxon stock rather than a gas station and then doing nothing would have made them more money at no risk than buying a gas station and investing the 80 hour work weeks they have as gas station owners.
Amazing how open , honest and comprehensive this is ... I have no interest in buying or owning a gas station or any property but this was a pleasure to watch just from pure information and understanding of the sector. Thank you to the owner and to the interviewer ..... Mega BrainFood
How can I help someone help me get money
It is a very profitable project, especially here in my country, Morocco
@@user-et9rs4fg5f Just a fellow Moroccan passing by and confirming how true this it .
Owning a gas station runs the risk one of your employees getting shot and killed during a robbery.
@@WW3_Soon only in America
Thanks Parm for being very open and honest about your numbers. It really helps those trying to decide. Saves thousands that we would've paid consultants. God bless you and your business.
Tremendous questions! Very very well informed and added elaboration when needed.
Parm knows her stuff inside and out. From running 8 locations to intricacies of costs of pump inspections to inside sales. I need her running my business!
@Jorge Jorge 8 stations Buddy, (eight) gross revenue per year across all stations…
@Jorge Jorge if you listened to the entire episode you’ll know that these were excising stations already generating hefty sales numbers, they improved and increased that number in three years…
@Jorge Jorge I appreciate the feedback, go troll someone else 🙏 go do something with your knowledge and make some money 💰
@Jorge Jorge I don't think you understand sales revenue vs profit. They could most definitely be doing 37M in sales (think the GAS in gas station). Of that, they will have some markup that is their profit from the gas. Let's do some simple math. Take 4000 gallons sold per day (a number I found in google for an avg flow for a gas station in the US). at 3.50/gallon. 14K/day/store. 8 stores @ 365 days = 40.8M/year revenue from gas alone. Let's add 7% markup for profit. 2.86M for income. That's only the gas income, not inside sales. Now add expenses for the tanks, staff, utilities, taxes and you get the net profit. From the description: "$37 million in yearly revenue"
@Jorge Jorge Ok so you still don't understand basic accounting terms. Revenue is basically all money taken into the business (accounts receivable). Expenses is all money spent to run the business (accounts payable -- like paying for the gas in the tanks, payroll, etc). Profit = Revenue - Expenses. Running a high revenue is a big deal even if you only profit a fraction of that. You're still running financial books moving many times in cash flow than the actual profit.
This interview videos are quite better than what mainstream channel produces.
Big thumbs up for hitting majority of business aspects of gas station business in your questions.
Very good interviewer and very good interviewee.
Parm is very open about her business. She really is an amiable person. No wonder their business is thriving. Good job!
I was trying click on a different UA-cam video and I clicked on Upflip advertisement..this is the best mistake I have ever made..I have been binge watching your videos..extremely educational and informative..I love it!!! You got yourseld a new subscriber !!!
Great episode... I worked at Am/Pm for 6 years. The case of beer, cigs, had set prices & the 20oz sodas were pretty much locked in too. The profits came from the fountain drinks which is around 80% profit margin and the carwash since I'm here in CA. Really enjoyed this one.
Hi Sideways! Thanks for the insight. This is good information. 😀
I guess Car wash Must be 'Bikini Car Wash ' 😁😁😁
This is true! In our business class we were taught the majority of profits in a restaurant don't come from the food but the drinks they sell. I guess the rule applies to a gas station as well.
My acid reflux disease and fat stomach made me stop drinking pretty much anything but almond milk and water. As for washing the car, I put on a rain coat and go out in the rain with a sponge and wipe off the dirt.
@@crand20033 🤣
Damn bro covered almost everything, your basically ready to marry the business! Great interview, questions and quality content.
thank you so much for the video, specially because you were so generous as to share all the information pertaining the ins and outs, that generosity of the owners is what will continue to keep them prosperous!
I love this interview he is asking all the right question’s and the lady is answering it straight forward.
Thank you so much for this
Except for the key question !! What is your net profit … as opposed to revenue!
This channel is literally a gold mine
Thank you Daren. We're glad you find the information valuable. That's one of our primary goals. 😀
You must not know what literally means or a gold mine
@@BBMoney007 Exactly! "Literally" has been misused and abused so much it has literally lost it's meaning.
@@BBMoney007 Lol, CONTEXT is everything Professor
@@kyhermit only lost it's meaning to the uneducated
I like how you interview people and industries that you would necessarily think about. Thanks! Very insightful.
You'll love the topics we have planned for this year ;)
@@UpFlip do you have interview with a plumber?
I am from Chad and I am presently pursuing my Master's degree in management the U.S. I just discovered this channel and must confess that I am learning more from this channel than in my Business classes. So practical and in tune with reality.
Take notes. Everyone in the family is focused on who and what is important. I wish all families were like that.
Absolutely these are things I wish my family and friends could implement because that’s why they come here and live the dream they understand and practice group economics.I WANT TO TEAM UPWITH SOME FOLKS OF OTHER RACES THAT PRACTICE OPERATING LIKE OUR JEWISH BROTHERS AND SISTERS SO WE ALL PUTIN AND BUILD TOGETHER SO WE ALL CAN IT JUST DOING IT LIKE THE MOST HIGH GOD GAVE FATHER ABRAHAM THE BLUE PRINT AMEN!IF INTERESTED HIT ME BACK!🙏🏿😇🤔😌🥰💰💰💰💵💵💵💸💸💸📡📡📡☺️☺️😉🇺🇸🇺🇸🇺🇸🇺🇸💯💯
I love your videos, guys.You ask all the questions that both I would have wanted to ask, and those I would have thought of but maybe after the interview, and it would have already been to late to ask. Keep these videos coming!
Can't lie I cringed a few times when I heard him ask certain questions but the owner didn't hesitate at all to answer the questions
Great video! Location is definitely key. What really has killed some businesses though were larger convenience stores opening nearby. There are 2 gas stations within 2 miles of my home that have closed when a dollar general and a RaceTrac opened up close by.
Thanks for your insight respinoza89.
That's the thing big businesses eat small ones.
That’s how a corporatist society works. It’s so much harder for small businesses to start up because already established business can suddenly just open up nearby and then boom.. your business does not blossom
Walmart would open up in small city and kill all small stores then money would dry up abd walmart would close after # of years.
Dollar general is a killer.. all money goes to same owner u never see or any chance to meet ever.
This was a great review and I love her honesty so we can understand the inner working of a gas station owner ..thank you
Kudos to the interviewer. Every time I wondered about something, you managed to ask a question that will answer my question. Now this woman knows her business; every question is answered clearly without hesitation
Great interview. Great questions and I like how honest she was. She answered everything.
I have a friend who’s family owns just one station here in nyc and they do very well. The most important factor BY FAR is location.
I felt like I was talking with the Gas station Owner since the Presenter covered all my burning questions. Thank You so much!
You should do a video on trucking businesses. Average 15-25% profit paying a driver, each truck grossing about $280-350k a year in total revenue. Love your videos!
As a gas station owner thanks for shedding light in the industry.
Thanks for watching Nimo!😀 We want our videos to be relatable. How long have you been in the industry?
@@UpFlip
My wife of 20 years parent's own a gas station since 1980, we now run it/profit share.
I was going to suggest a way to get more business is to have an auto repair shop.
This is the key for our gas station, we have a great reputation, it's always busy.
We are not big on sales of canady/pop/food/lotto tickets, to much work, not enough profit.
Great chanel, I subscribed
@@nimo6972 what about gas profits? How is that working for yall?
@@nimo6972 start owning charging stations as well, it's the future.
We have been successful in reducing the credit card merchant processor fees. We have had a few gas station clients before who were successfully able to save on their CC processor fees because of our expertise. There’s no upfront fees. Would you like to connect?
Always asking the right questions. Good on you.
Thank you very much bro.it was nice interview.she is positive and i saw that her positive mind is the one push her to this higher level.doubtlessly she will be a big business owner after like 10 years.i wanna say thank you for both of you guys.
First time on this channel. Great episode. From the editing, b-roll footage, interview skills, etc it’s all perfect. I’m very surprised you only have 444k subscribers. You definitely deserve 2-3million. But it will come. That’s the great thing about UA-cam, hard work pays off. I can attest to that from my channel. Cheers 🍻
Thank you for a great interview on a business I have no knowledge about. I am thankful Barm was very open to give information about her business. She seems very friendly, knowledgeable and kindly gave all the information UpFLip asked her.
Thank you for watching and providing such wonderful feedback! 😀You're the true MVP.💪👍 This was a great interview. Please stay tuned for more amazing interviews.
Right off the bat, it's costing over $10,000 per month interest on that 1st station loan of $2.5 million. So, the first 20,000 gallons sold per week (if even attainable) goes to paying the interest on that loan. It would never survive without snacks. It's NOT a gas station. It is a CONVENIENCE STORE that sells gas. Remember that.
Stations make ZERO profit off the fuel... it is not paying for anything.
@@stuartstogdill2406 Not zero, but the gas profit is not what carries the store. That's why you rarely see fuel-only stations these days. They all supplement it with cigarettes, lotto, coffee, snacks and beverages.
a Campbell go to the top
Beginning of this page
It the corporation making the billions
Trillions Not the operators/owners
Franchisee..
jb.ok
20k a week is not that great especially if it's a store around the size of the video.
@@stuartstogdill2406 that's just wrong. Flat out. At the very least it will pay rent and expenses
That was a great interview and the owner was very open! She is an amazing person! Thank you Upflip! Keep rocking!
This interview was a game changer for me ... This is not your typical gas Station and Gas Station Owner ... Your Interview was simple Amazing !!!! Love the structure of it and how seamlessly you let her flow through the interview.
I'm glad to hear that you found the interview so impactful! It's always great to see interviews that go beyond the expected and offer valuable insights. 🙏
Thank You so much for educating us. A lot to learn in this line of business. I believe for a first-time buyers, Investment is a huge factor before you start out. Thank you Paul
Paul is a middleman .......looking to sell a 80K gas station at 200K. Do ur research ........... Never trust anyone in business.
This is one of the best interviews I have ever seen Ms parm bhullar has a great business personality everything she said in this video is 100% correct anyone who is looking to get into gas station business this tells lot of information thank you for this video.
Thank you for watching!😀😁👍
Good interview/video! Love the approach on the questions, although I'd love a bit more conversation on the balance sheet if possible: top line vs net, people challenges, dealing with the investor pool, etc.
Great stuff guys! I've just discovered you with this video and immediately subscribed! Great questions asked and lots of useful details provided, thanks!
She and her team have done an amazing job I think if she was to look for investors for expansion people would invest in her
Thanks for watching Muhammed. We think she's great also and so are you.😀
Muhammed don't be silly...this is clickbait. the real numbers are normal numbers.
Great interview! I've always wondered about gas station owners and how they operate! Another unique business! Thanks!
Awesome Kaijaful! We're glad you enjoyed the video. The gas station business can be very interesting. What's some other businesses you'd like to see on the channel?
@@UpFlip owning and operating an airport! My cousin went up north made some friends and one of them, her parents own banks, hospitals, and airports.
@@JayLupe airports??!! Not even airport (1). I'm guessing the ones for the smaller or private planes
This man asking all the right questions, and the owner answered so openly with full of useful infos. Probably can’t afford one in the future but I really did enjoyed this video.
Glad you liked the video, Luong! Have you checked out our other videos?
I don't usually comment on videos, especially ones where I was not looking for content such as opening up a gas station, but the UA-cam algorithm did its job, I guess. 😂 This was definitely informative and I could see myself being open to being a gas station operator/owner. This was definitely eye opening, and if I ever wanted to pursue this, at least I would have an idea of how to begin. Great content and a huge thanks to Ms. Chhokar for her candor in her overview!
Thank you for this video, this video actually covers all my degree of Entrepreneurship in uni. God bless you guys for making this video and thank you too Parm as well, such a good owners
Thank you for watching MYR. We're so glad you enjoyed the video. 😀😀What industry are you in?
Great job on the interview, keep up with the good work, and thank you for doing this videos they are very informative.
Thank you Mynor. You're great! 🌟What's some topics you'd like us to cover on future videos?
I loved this episode! I'm addicted to business and continuously learning from other business owners how they do things. I've always been interested in how gas stations operate and getting the inside details was interesting. What I do love about what Parm mentioned is their deep focus on their customers. Gas stations are an "in and out" business where customers don't usually stay for long periods to the point where you can learn about them unless they come in regularly, so to see Parm and her team putting customers first and doing what they can to learn about what they want, what they need, etc is remarkable. I believe that customer experience is the key no matter what kind of business you operate in and it's great to hear other business owners prioritize that. Great video and to all of the other business owners or soon-to-be business owners out there, go after your goals and dreams and make it happen, I look forward to seeing you on one of these episodes in the future!
God bless this guy and the lady for sharing this practical experience.
How to get into the gas station management/ownership game.
Step 1: Get a million dollars.
Step 2: Oh... never mind.
if you manage to loan a million dollar then chance of to be a millionaire is so close and also the risk is huge
Don't be fooled. There's gas stations selling less than half that in some towns
In the video she stated that it took them 10 years to save it. I would like to know what their situation was prior to that. It's all pure hard work from what I see.
P.o. French Quarter
That's the operator side
U should be Looking at the
Stock.
Corp makes billions/trillion
The stock is key see the top
Front of page John benjamin
I break down for u..
jb.ok
@@graemeclarke3027 you don’t know indians
Love this channel ive always wondered what it would take to run a gas station!
Not easy would be the answer
*This incredibly enterprising family epitomize the "American Dream." Bravo to them and may they enjoy continued prosperity.*
Great questions asked, and great answers given. Well done on both sides!
Thank you Philip! We're glad you enjoyed the video. What some other type of content you'd like to see in future videos?
The most in depth and transparent interview, I have ever watched. Incredible jobs, keep going
Thank you Hunter!!😁🤩We're so glad this video was informative to you. That's one of the primary reasons for this channel. Stay tuned for more great content and have a wonderful week. 👍⭐
Wait! They make thirty seven million a year and they only pay their employees $15.00 an hour🙄🤦🏻♀️.
This is amazing. She is awesome. Thank you so much for being so open and forthcoming. This was very entertaining and informative. Her personality and outgoing nature is wonderful not to mention she seems very smart and sharp. It is not surprising they are so successful, as they treat their staff and customers with such respect and dignity.
Yet another great episode Paul!
To succeed in Gas Station Business you must choose the location which gives you traffic. Like something close to an Air base (or factory area as she said) Constant flow of customers not only increase sales but help reduce robberies and break-ins too "))
Lower gas prices guarantee high inside sales. You make less profit on fuel but more on In-store sale.
30% store profit is not a lot, compare to 40% as a norm as far as I remember.
Then you have to have a great customer service, customers will make sure to return if you treat them well, know them by their names, a quick chit-chat makes a huge difference.
A well lit and well maintained gas station gives a sense of security to customers compared to a dark or dingy ones.
Not to forget the clean toilets!
It takes a huge efforts to keep it clean but customers will always appreciate it and buy something in return! 😉
Thanks do you own a store?
I manage a 16 point gas station company in Portugal and this is pretty accurate 👌
@@GoncaloASilvaThanks Gonçalo!
@@youngatnaruto No I don't..!
and far away from a Costco gas station :-)
My Grandfather owned a gas station when he was in his working years. I recall him telling me after he retired that he'd get more in cash back on his credit cards buying gas than he ever made in margin from selling it. Tough business.
Hi Code! This is interesting. Would you consider opening a gas station based on what your grandfather told you?
Just found your channel. Dude amazing freaking questions!! Amazing video
Great video! I own a health food store, retail is hard, especially when it comes to food with expiration dates... they seem to be doing it well.
Congrats Brian! This is wonderful! Yes, business can be hard at times, but it also can be rewarding. 😀How long have you been in the health food industry?
@@UpFlip 7 years. I've been very fortunate, my store has done incredibly well.
Excellent, I very much enjoyed watching this video. Great work by the Host Paul and it was Super Nice of Parm Bhullar to sharing her Knowledge and Information. Thank you very much to both of you.
We're glad you enjoyed Karthik!😀😁We appreciate your wonderful feedback.💖⭐ What's some other businesses you'd like to see on the channel?
Several thoughts
1. Great topic, well thought of questions and the guest is clearly a strong business person.
2. I agree with the other comment that I would like to know the separation between gas and store sales.
3. So this family started with one gas station in 2019 and now they own 8? Even with 50% decrease gas sales during the pandemic?
4. Bravo to the American immigrants from India. Their hard work and family team work clearly show positive results. You do not see 2nd generation and older America families willing to get into hard business such as gas stations and work together as a family team.
I'm from Italy and this may not be relevant here.. margin on gas is low even if it was down 50% ( only for 2 months) not a big difference.. gains are made with everything else (shop,carwash or food).. employees salary,taxes and bills are high plus the debt to get in.. I can see her struggling to pay everything. 8 stations is serious debt.. It's a great bussiness model from Shell's part but not from her
@@MrTrdsmi yep, I doubt profit is more than $350k on that revenue
@@brentlloyd7908 350k for the entire team or for each person? I wish we could know the yearly revenue. But yea, I feel like a lot of debt is involved.
Dude, those Indian families have heavy connections in the Oil Industry. These aren’t normal everyday Indians opening up gas stations lol. Not that I’m knocking them but it’s extremely naive to think they are coming from rags to riches
This is mostly a retail business with a gas station just to bring people in.
What a great productive interview the vloger had with the sba owner. So comprehensive and helpful for the new generation who are coming to the business. But this interview was helpful as a general rule, but the whole concept gonna change depends on your state and the place. Because of the safety and security, nowadays and theft from the employees who work. Lot of issues with them. But anything is possible, nothing is impossible .
Paul thank you so much for great informative, enlightening show.keep up good work.
Great video. I own a neighborhood convenience store and this video makes me wish it was a gas station in a major intersection.
Thank you Sergio! We appreciate your feedback. Do you see any similarities with the gas station and convenience store business?
@@UpFlip yes, very similar. 100 percent customer service and having everything stocked with the right merchandise. Financial services like money transfers and bill payments is also a good idea.
It’s a complete knowledge to start gas station. I like it so much, Inspiring episode 👍👏🏽
That was an amazing interview.
Both of you did absolutely great.
Been my first video, went straight to subscribe, not gona be the last one.
Cheers from Switzerland
Amazing video. Brilliant questions. You covered almost every imaginable topic. I might actually consider this as a future business venture. Thanks!
Our pleasure silent ninja. That would be cool. :) Have you started a business plan?
@@UpFlip Not yet. Any advice on how and where to start?
Just love this video, nicely done, questions are well balanced and answers are informative, so thank you for that. And please add one more question, what if someone want to own this kind a business, willing to work hard has a passion for a business but not much money in hand can he/she get some kind a support or coaching.
Wow, one of the most honest and eye opening videos for properly investing. Subbed
Thank you Daniel and Welcome! 😀We have more great content coming your way.👍
Really enjoyed this, thanks for posting...... Cheers from Chumphon Thailand..
This is the Best interview I have come across! Thanks to the team for bringing such quality Business Videos and Hat's off to the Owner 🙏 for revealing the inside scoop.
Wow Nature's Magic. We really appreciate that. 😀👍It means so much to us when our viewers love the content we put out. This business was very interesting and really shed light on the gas station industry. Should we have the business owner back for a follow up?
@@UpFlip Absolutely yes for a follow-up. Thank you for all you do 🙏
Thanks for this really helpful gas station content. Thumbs up!
Thanks for the feedback! We're glad you enjoyed the video.
I work in Retail and most of our stores bring in $600,000 to 800,000 per week (major grocer)... After all expenses we still only make 2% profit. People need to understand that no matter what business you are in, it's a balancing act to actually make money. Things can go wrong quickly and you can have many years where you just lose money for many different reasons.
Right. I was just doing some quick math while watching this video, and I'm not sure that they are really making any money. Slim margins, lots of overhead costs, millions borrowed, multiple investors, etc. It doesn't appear that there would be much profit left over, if at all.
@sean newman They ain't exactly dressed in LOUIS VUITTON or pulling up in French Bugatti are they lol?
@@krazyjnva2up2down55 Silly remark, due to my job i have met many millionaire folks wearing plain clothes like jeans and tshirts in utilitaries vehicles if your bussiness its like this you dont want to give the wrong impression coming to your job like if you are going to a malibu party, well unless they are rich tools of course
Now YOU SPEAK TRUTH. EVERYTHING THAT SHINES IS NOT GOLD!
Wow, what an amazing video. Thank you so much for being so detailed. I’m off to buy a gas station! 🙏🏼
Thank you Pawn and also thank you Paul that was very informative and educational ,entertaining to watch she seems like a real sweetheart and a great person to work for😊
Thank you for stopping by the channel today and leaving such a great comment Anthony. 😀This business owner was great to work with and was very informed in this industry. Do you think we should do a follow up interview with them?
The interviewer does a great job asking EVERY question we might want to ask the owner
Thanks for the feedback lilo45. We're glad you think so. Have you checked out any of our other videos?
This is the first ever UA-cam channel that shares to people about real business knowledge.Great great channel.Keep Up the Super Work 😘😘😘🧠
From Sri Lanka
We appreciate that Toon Thinker😍😍We're so happy you like the channel. Any business content you'd like to see on future videos?
He asked all the right questions, and she had all great answers. 👍
Great video, so much great info for anyone wanting to get into the space.
Beautiful stores. Clean and well organized. Very important.
Very cool and transparent owner. I’m curious what they do about brands they don’t sell a lot of. What happens with expired items, how they decide whether it’s a product still worth showing on a shelf, how they go about replacing that product with something else that will sell better.
I’m curious if they’re Hindu or Muslim , hard to tell with these dark faces
@@Pyongyang4948 I think their Sikh
@@masculinitymentor thanks hard to tell with “these” people
Most Vendors give credit for expired items. And they will replace product if it's not selling. And there's alot of companies that will go and promote their products.
@@Pyongyang4948 why does it matter, there people just like the other 7 billion.
Thank you for asking the right questions
What needs to be hammered home is this is reflective of the best locations in populated/traveled areas. The traditional mom & pop country store is a completely different animal.