Whether you are new to the fuel industry, add to your portfolio of fuel stations, or look to buy fuel stations that already exist in the market. Selecting the right location for your fuel station is crucial to maximizing profit and ensuring your business’s long-term success.

People make the biggest mistake: they purchase land and rush into the building or buying petrol station without doing solid homework.

They spend a lot of money, time, and effort building or buying a petrol station only to find that the station is selling a little volume from the market in trading areas. They are losing investment time and effort.

So if you are thinking of opening a new petrol station, here are some steps in ensuring you make sound investment decisions.

1.How much fuel volume you expect to sell per month in the trading area?

Determine the quantity and type of cars and vehicles per day passing in your location.

By collecting traffic data, you will estimate the fuel volume that you expect to sell in your trading areas and project the monthly fuel volume that your location might sell. This will also identify whether there is an opportunity to achieve greater volume in the future. It would also aid you in determining the underground fuel storage tank’s capacity to buy for your new site.

2.Who are your competitors?
It is crucial to understand who are your closet competitor are you trading areas and identify their strength and weakness and what volume they are achieving.

If there already other petrol stations existing in the same trade area, Identify what volume they are achieving. You may also need to identify the competitive advantage your new site could gain on its fuel volume. To collect competitor information, visit their sites and gather bits of intelligence from their pump attendants.

Finding reliable market expertise can be complicated and time-consuming. Furthermore, gathering competitor intelligence is particularly difficult and daunting.

The good news is that there is a reliable source that can give you all market knowledge, expertise, and insight to empower your decision-making and improve the operational performance of your new sites and station.