After years of saving up your money, you are finally ready to build your own gas station. You are about to become the owner of your own small business, and this could open up all kinds of new doors for you and your family in the future if you pull it off successfully. But before you move forward, one of the first things you should do before the shovel breaks the dirt is to get a gas station feasibility study completed. Here's why this study could help make or break your new business even before you open the doors.
Find the Right Area
It might seem while you are driving down the average road that there's always another gas station around the next corner. But these gas stations are not just placed randomly. The owners of these successful stations took the time to make sure they would be in a high-traffic area. When building a new gas station, you need to find a sweet spot where there is a decent amount of traffic that is not yet being serviced by another gas station that's too close to your location. A feasibility study can help you determine the perfect spot.
Find the Right Size for the Store
Building the actual gas pumps is one thing, but every gas station owner knows that the convenience store can make or break you when it comes to long-term profit. How many products should your store carry? Should you go heavy on snack foods and bottled drinks that customers can just grab and go, or should you take the time to build a more complete dining experience with made-to-order food? A feasibility study will tell you about the local market and which items the average customer will be looking for inside your store.
Decide How Much of Each Type of Fuel You Need
You'll be carrying regular unleaded gas, of course, for starters, but what about ethanol-based gas or diesel fuel? Expanding your gas selection can be expensive and require additional regulatory oversight. Make sure the additional options are worth the investment by conducting a feasibility study in advance. You'll be able to find out how environmentally conscious the local community is or exactly how many big rigs are likely to roll through the area on a month-to-month basis.
To learn more, contact a resource that does gas station feasibility studies in your local area.