How to start a business?

Question

Hi Dears,

I want to start a petrol pump in my city... how can i get start with it... please give me technical advice... and please tell me the challenges which are being faced in this business...

I wud be waiting for a detailed reply ..... Thanx for ur interest...

Answer 1

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By a petro pump I am assuming you mean a gas station.

A gas station is a difficult business to get started. It will cost several hundred thousand dollars to get one up one and running. So if you do not have the money on your own then you will need investors.

In order to start this business or any other business you will need a solid business plan. Either for investors or yourself. This business plan must also include a dollar to dollar break down and market forecast for 10 years.

For a gas station, after the business plan you will need a location with gas pumps. You could buy one for an average of $500,000 a location or you could lease one for an average of $8,000 a month. If you live in a rural area, these costs may be cut in half.

Then you will need to get a contract with a gas company to supply your gas.

Then you will need to contract a few hundred wholesalers to provide you with normal convenience store items.

You will also need shelves, cash registers, a merchant account, and to pay your bills like electric and water. All of this should be included in your business plan.

Also, if you are a minority you can more then likely get grants for all this once you have a solid business plan.

Hope that helps, good luck.

Answer 2

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