Gas Station Business 101 Podcast - How To Start, Run And Grow A Successful Gas Station Business

In this week's episode I talk about how to create effective working partnerships to grow your business rapidly. I discuss 3 key ways you can build an effective partnership: 1, Working Partnership Equal Partnership Multiple Partnership with One Key Operation Person I also discuss what are the key characteristics you need to look for when looking to build a partnership and why and how they can be successful.

In this episode I discuss how you can get started in Gas Station Buisness even when you are short on Cash. I outline 3 ways you can get started which are: 1. Crowd funding2. Getting Investors3. Getting Partnership I outline how you can achieve success with your funding issue. I discuss every tools and documents you need to get it done properly and right the very first time. So enjoy!

In this episode I discuss a 8 point checklist that one should follow as the pre closing checklist to ensure the closing transaction is done smoothly and without any unnecessary hiccups. Not to mention following these 8 points property can save thousands of dollar.   Check the merchandise pricing to make sure they are not out or range Negotiate the retail to cost percentage of the inventory you will be paying to the seller Meet with the employees and explain to them what is taking place Plan with seller for transfer of all regulatory licenses Transferring all utilities under your company Notifying all vendors about the change Identifying all unsalable merchandise at the closing day Follow proper Inventory counting process   The book I mention in this episode is The School of Greatness: A Real-World Guide to Living Bigger, Loving Deeper, and Leaving a Legacy by Lewis Howes

In this episode I discuss the basics of gas station book keeping practices and how to get it done with an ease. How to understand and analyze the numbers, How do you calculate profit and how to figure out what your breakeven point is for your business. I break is down to 5 parts and discuss each part in depth. So enjoy.   The book I want to recommend today is call Turn the Ship Around by David Marquet and Stephen Covey

Welcome to episode 17, this is the 2nd part of 'adding 5 mini businesses to your existing gas station business' series. In episode number 16 I touched on how to add income by adding mini business such as Vape shop, novelty, wine, and cigar or movie rental to your existing business and generate extra sales and profit. Today I want to add 5 other avenues to that theme so all together you will have 10 ideas, but please understand you are not limited to this 10 ideas, there are many other avenues and ways that you can do this. What I am offering here are some ideas that I have tried in our business and seen some positive results and at times great success. You can spin some of these ideas and come up with something better, bigger and or more innovative and creative ways to increase your business. So let's get started here, in today's' episode I want to cover 5 more mini business models all of which can add extra revenue to your existing sales and make you more money at the end of the day. Deli (fresh food) Hea

In this episode and the very next one I will be addressing again how to generate extra income. Especially how to add income to our bottom line by simply adding some extra income generating mini businesses to our existing business. The ideas I will be talking about today does not only apply to gas stations but most other brick and mortar retail businesses can try these and see some extra monthly income in their pocket. So stay tuned. The 4 Mini Businesses I mention in this episode are: How to open a Mini Vape Shop How to Find and carry highly profitable Novelty and Health related Products How to Carry Premium Cigars in your store How to have a Mini Wine store inside your store Red Box Video Rental

Welcome to GSB 101 podcast this is episode 15. In today's episode I want to bring everybody's focus on the biggest bulk of our business which is gasoline or fuel. If you are in gas station business more than 50% of your revenue comes from selling fuel. But I know we have not talked about it at all. It is kind of like the big elephant in the room we all it's there, but no one wants to talk about it. In this epsiode I talk about Fuel or Gasoline part of your business has many moving parts, and even being in this business for many years some of us still do not know what is rack price, or what is jobber markup or what pool margin is all about. I discuss how to clarify and simplify all those components of fuel and everything that is associated with this part of our business. We discuss what are: Dealer-Jobber agreement Fuel carrying cost Demurrage fees Fuel surcharge imposed by your carrier and not your jobber. Credit card fees   I also explain the 5 important elements of Fuel Pricing in depth, which are:   Cru

 Imagine for a second,  just by making a few changes in appearance you make a business go from loss to profit, well minus the legacy cost off course. So yes that is the very reason I have decided to share this topic with you and do a separate episode just on this. I do think all of you can benefit from this episode. Honestly, it opened my eyes, and I too realize the power of great appearance and how powerful it can be for a business's success or failure for that matter.  I discuss a 10 step process that anyone can follow and see a positive result in his or her business in a very short period of time.  

    Welcome to episode 13 of GSB 101 podcast. I have decided to do another episode on the 1k profit theme since the feedback I have received so far has been overwhelming, so I am on a roll can you tell? I have had the idea that I would want to do a podcast on how to increase bottom line profit by a certain dollar figure without increasing the sales. But didn't think I would be doing it so soon. In this episode, I discuss how we can all save again another 1k by focusing and tweaking some of your pricing strategies. Sounds too simple to be true? Well sometimes the simplest things can bring you great results so stay with me, and I will go step by step and show you how you can do it.  

  In this episode, I discuss the second part of How to save $1000 on operation cost while making your business lean, mean and a money making machine. This episode is all about theft and employee errors and how that can cost your business thousands of dollars each month. I mention a list of items you can check and follow to minimize theft and errors and at the end save at least a $1000 each month that you can add to your bottom line profit. Stopping Theft is a 3 step process:   Detect Deter and ultimately Defend theft   In this session I outline how to successfully follow all 3 steps.  

  In this episode I outline how you can save $1,000 each month by taking 10 steps I outline in this episode.  This session is all about how to be creative and reduce all your utility bills and bringing your operating cost down and making your business run lean, mean and as a money making machine it should be.   This is part 1 of the 2 part series on how to save money on various operating expenses in your business.  

  How to Promote a Gas Station Business effectively both on and offline   In this 10th episode I cover the last P (promotion) of the 6P's of Marketing mix. Here we talk about how to promote your Gas station business both online and offline.   We start with offline promotions like in store and local area marketing in which there are 3 types of promotions you can do:   1. Promotion via products   2. Promotion via Pricing   3. Promotion via People or Employees   We also talk about how to split test each promotion and see which one of the marketing efforts are brining you better success   Lastly we talk about how to promote a store online via Facebook.   In this episode I shared some of my very own marketing successes most of which you can take and implement in your business right away.   The book I want to recommend today is The power of habit, why we do what we do in life and business by Charles Duhigg  

  In this episode I discuss both sides of pricing, the price you pay to buy your merchandise and fuel and then the price you sell that same merchandise and fuel for also known as your selling price. I outline how to have a creative and effective pricing strategy that makes a retail business stand out in this crowded and competitive market.   After listening to this podcast, you will learn how to creatively price each category:   Cigarettes Tobacco Drinks Soda Alcoholic beverages Auto Accessories & Oil Fuel       I also talk about how to negotiate with vendors and buy at the lowest possible price so you can sell with a competitive price and still make a great profit margin.          

  In this Episode, I discuss the 4th 'P' of the marketing mix -Product which in our business is merchandise. There no "one size fits all" in this business. You have to differentiate your store/business from the next store to stand out in the crowd. Product selection is the differentiator that can make you a successful as oppose to a not so good product selection can tank your business to the ground.       There are 4 very important things you need to find out about your store, about your customer base and the demographics of your store first, before you can decide what and how to merchandise your business with the right products.   1. Median income level of your customer base   2. Race and ethnicity of the customer base   3. Age of the population or your customer base   4.   Location of your store I also discuss how to calculate your store's sales per square feet monthly and how to increase and track that number.       The book I mentioned in this episode is The 7 Habits of Highly Effective People: Powerful L

  In this episode, I answer a very common question most small businesses struggle with,  which is How to find, hire, train and retain the right people. This is also the 3rd 'P' of the famous 6 P's marketing mix.   It is a vast topic and a very important one. You can have the best location, fresh deli food and cheap fuel price but without the right people behind your register, you won't be able to see success.  The right staffing is one of the very important keys to your success.   In  this episode I discuss  the following 10 step process how to hire, train and retain employees.   Where and how to find the right people to hire? Asking the right question during interview Providing proper training Employee appearance Motivating and empowering your employees Teaching them marketing 101 Rewarding the right behavior How to discipline bad behavior Setting up Target & goal oriented incentives Regular employee meetings and coaching       The book I want to mention today is called rich dad po

  In this episode, we discuss first 2 of the 6 P's of marketing mixes and how they can effect your business. We dive deep into "Place" and "Process" and their importance in the marketing effort of your business.   When it comes to a retail business, the "Place" or the location is the key factor to success, and we discuss 10 key points of a successful location, which are:   Indoor lighting Outdoor Lighting Cleanliness Restroom Clutter Free Checkout Counter Parking Lot Ambience Effective layout Appealing Beverage Station Signage Operating hours Pricing Visibility       In the "process" mix, there are two types of process that takes place in any business.   Inner Process Outer Process   We discuss both of these processes in depth.                      

  In this episode, I discuss how you can get bank financing to buy a gas station business.  I discuss how to find the right bank that fits your needs. I discuss the difference between typical commerical loan Vs. SBA loans, what is LTV(Loan to Value).    I also discuss the items/documents you need both from yourself and from the seller to furnish to your bank as part of the loan package.  

In this episode I outline the complete 15 step prosess to buying a Gas Station/Convenience store successfully.

In this episode I discuss how to come up with a value of a gas station business( Business Valuation) and how much money can one make from operating this business. When doing a valuation of a gas station business, it is usually not as simple as doing a valuation of a home.

In this episode I talk about how to find a gas station for sale,   if you should buy or lease, the advantages and disadvantages of buying vs. leasing. Then we talk about how to do due diligence and dig deep into the P&L, how to calculate profit margin and lastly what are the typical product categories in a gas station and what is the average profit margin in those product categories