Owning a gas station is a business we think of when we imagine an entrepreneur realizing the American Dream.
According to the National Association of Convenience Stores, there are over 120,000 gas stations that double as a convenience store in the U.S. (out of over 150,000), and 62% of convenience stores are operated by a single-store operator.
That means most gas stations are not owned by multi-store corporations. They’re owned by individual proprietors who invested their own money into their business.
Have you ever thought about realizing your own American Dream and starting a gas station?
To guide you, we interviewed Punardeep Sandhu, who left his job as an IT Consultant 8 years ago to open a Chevron gas station. He helped us break down the process, so we can show you how to do it step-by-step.
Before we break it down, note that the terms gas stations and convenience stores (or “c-stores”) are sometimes used interchangeably. In this article, we’re focusing on opening a gas station that also includes a convenience store. You can read our article on How to Open a Convenience Store for great tips on that subject if you’re not interested in selling fuel.
1. Initial Planning
Like any small business, opening a gas station business begins with careful planning. A business plan is more than just an outline of your ideas and dreams; it’s the blueprint for your business and the key to securing the funds you’ll need to get things going. Your plan must include and account for things like:
- Initial and Ongoing operating costs
- Tanks, Pumps and Fuel
- Products and Inventory
- Location costs
- Insurance
- Accountant and Legal Fees
- Licenses and Permits
- Marketing
You can visit the U.S. Small Business Administration’s site for some great tools that will help you write a business plan. It’s important to get familiar with the SBA now as you’ll see them again in Step 3: Funding.
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