Gas station business

[Alexandoy]

Let me share the experience of my wife’s colleague in the office who resigned to open up a gas station business. The monthly rent to the place was $2,000 and he spent more than $100,000 for the construction of a structure to house the mechanic garage and restaurant (to be managed by his wife).

The business plan was good but not accurate. Before the gas station could open it took 4 months because of the construction and the permits to operate. When the business opened he was already paying installments to his bank loan. After a year the business closed due to lack of revenue. He lost a lot of money may be due to the inaccurate data in his business plan. When it comes to big businesses you should be realistic in your cost estimates.

 

[Augusta]

Oh too bad for your colleague there. I hate business failure because I know alot must have gone down the drain. I think some people don't study the business they are trying to get into. They just move in blindly and get hurt on the way. Taking a market survey is always important. It makes one understands a business hetter

 

[Wisdom01]

This is really bad before taking the great move of starting any business ,it's best for you to make your research and do more finding ,so the person don't invest in the wrong pattern and others ,adequate planning is very important in any business too

 

[btaliat]

It is a pity. The failure is not as a result of the nature of the business but inability to plan very well while forming the business. An intending business owner should by no cost take feasibility study with levity. Assuming he has taken this into consideration, he would have prevented the loss. I know he would have learnt his lesson now and make correction next time.

 

[Bookwormlux]

This kind of business is not only costly, but it is also risky since gas is something that poses harm to the environment when it is not properly handled.
As for the person who started the business, I believe he did not have enough planning at hand and was just going into business out of naivety.
It is always good to reach out to people who are already into the business so that they would out one through on what is needful.

 

[Mika]

I think gas stations in busy highways and small towns have better chances of survival. IN the cities where there are already too many gas stations, you may find it hard to survive the competition. However, this business needs a lot of investment, a really big investment. IN our town, you need at least $500,000.