Editor's choice: Lendio business loans
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Gas stations are on just about every corner. Even with the push towards green cars and hybrids, there’s still a huge market out there for gas and convenience store items. If you’re looking to invest in a commercial property and want to get hands on with your business, a gas station could be the right choice for you.
Buying a gas station can be costly. If you need help financing your purchase, you’ll need to apply for a business loan. You can find business loans from a variety of lender types — including online, bank and alternative lenders. It’s worth shopping around to find the lender and loan that meet your needs.
To qualify for a loan, you’ll need to provide business account balance sheets and profit statements for the gas station to demonstrate its current financial position. The lender will also consider your own personal finances and any previous industry experience you have before approving or denying your loan.
Every gas station comes with unique set of expenses and assets, and costs can vary depending on the size and location of the business. You can choose to rent the land its on or buy it outright, which impacts the final cost. Business-specific factors, like electronic doors and security systems, will also impact how much you’ll pay. Gas stations could cost over $1 million to purchase.
Have the business professionally evaluated before you buy, and make sure your assessment include the following:
While you may consider trying to calculate the value of a business yourself, this is a task that’s usually best left to an expert. An accountant or business advisor or can help you analyze both your own finances and the value of any business you’re considering buying. They can also examine market trends to help you work out a fair value for the gas station.
Running a business takes time and money, and this can be an investment for years to come. You’ll not only have to factor in the changing price of gas, but also the cost of running an attached convenience store. Most of your money will be made inside the store, not at the pump. Success comes from good retail management: regular shifts, hours and inventory.
Large, clean stores attract customers, but so do low prices at the pump. In fact, many experts on the industry state that low market prices will have a positive impact on your profit margin, which is often around 2%.
Your basic costs will largely depend on the following points:
Generally speaking, gas station monthly operating costs range between $10,000 and $20,000.
Gas stations require a lot of hands-on work to function successfully. You should keep these points in mind when assessing whether or not you want to buy a station and run your business.
Although gas stations tend to have thin profit margins, they are a fairly stable business with predictable revenue. If you find a good deal and have the capital to invest, a gas station can be a great way to own your own business and run an intimate store with plenty of potential customers. Compare your business loan options before deciding on a lender to make sure you find the best fit.
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