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Open A Company For Convenience Store and Gas Station

 
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Category : > New Business Setup
Posted On : Wed Sep 21st,2016

 
How To Open A Company For Convenience Store and Gas Station?
 

An Ultimate Guide To Start a Comapany of Convenience Store, Gas Station or a Deli


INTRODUCTION:

 
The purpose of this article is to focus on the methods and ways to open your own business of gas station alongwith convenience, grocery and deli store.

 

CONVENIENCE/ GROCCERY STORE ALONGWITH GAS STATION:

Convenience stores are very common as people can get high-convenience food basics and items that they use commonly. For instance, prepared foods, soft drinks, microwavable, and toilet paper. If we talk about the biggest point of a convenience store; it sells gasoline as these stores have been accounted for 85% of gasoline sales.

Alongwith the gas station, you can also have a convenience store through which you can supply the necessary products so you do not need to run to the suppliers for the products for your station. Further, they also stock a range of daily usage and other confectionary items like magazines, newspapers, packed foods, snacks so it would be easier for the customers picking up the fuel to stop at gas station and buy from the store.

 

DELI STORE ALONGWITH GAS STATION:


While the sale of gas is the primary business almost all of these individually owned stations operate "mini marts" which generate most of the profit. Opening a deli, convenience store along with the gas station is a great idea to generate additional profits. Providing the customers with ready made food when they picking up the fuel can make great deal of money for your major business.

 

WHAT WE NEED TO KNOW ABOUT STARTING GAS SATION BUSINESS:


The oil and gas industry is probably one of the most vital sectors of the economy because every other industry is dependent on its output; which are petroleum products. The world billionaires and richest people own considerable investments in the oil and gas sector.

A gas station is a place where petroleum products are stored and sold to end users.

 

STARTING WITH A BUSINESS PLAN:


A business plan plays an important role to start a business successfully. For the purpose you need someone to create a unique plan following all necessary techniques and methods to make you successful. Starting a gas station business requires every aspect such as market analysis, risk analysis, cost of business, business strategies, competitors, and final projection. Along with a business plan you can also apply for financing.

 

CHOOSING A SUITABLE LOCATION FOR YOUR BUSINESS:

 

Location for any business is a key point. Same with the gas station. The selection of business location is your first step to a successful business. Customers prefer location while travelling. An easy location attracts more customers as compared to any other business at a tough place. Keep in mind that flow of business should be consistent.

 

COMPLIANCE WITH THE LOCAL LAWS AND SAFTEY REQUIREMENTS:

Your business needs local, state, and federal requirements to run without any hurdle. Consult Health Administration and US Environmental Protection Agency Office for compliance with rules and regulations.

  

OBTAINING FINANCE FOR YOUR GAS STATION BUSINESS:

Getting finance for the business is a difficult task. Small business loans can be obtained from small business administration. These loan programs are offered to business owners face trouble to qualify for a traditional bank loan. If you want to start the process, visit lending institution or a local bank.
 

 

INCORPORATE YOUR COMPANY:

 

For getting a certificate of incorporation, incorporating company name is must. Once you are done with your business name, you need to register it under the law. Some businesses demand registration with local government agency or state.


OBTAIN NECESSARY LICENSE AND PERMITS:

    

Business Name Registration


A business name is a title or a name under which an entity conducts a business. The business name registration process is complex but it reflects your brand too. You need to seek ways to secure it against scammers and business identity theft.  Your business name must be registered with the County Clerk Office, Division of Corporations, or the Secretary of the State. Your business name can be incorporated as DBA or Sole Proprietorship, LLC, or a Corporation. 

 

 

  

  • Employer Identification Number


Employer Identification number is known as EIN number. It is an identifier for your business tax purpose. You can consider it as a social security number for the business entity. You need an EIN number immediately as you start your business. You need the EIN to open a business account in a bank. Limited Liabilities Companies and corporations need an EIN from the Internal Revenue Service for a bank account, filling taxes, and obtaining licenses. 

 

  • Sales and Use Tax License

 

Retail stores are required to collect sales tax from customers and must register for a Sales Tax Registration with the Department of Taxation and Finance or the Department of Revenue of your

  • Occupancy Permit

 You should obtain a Certificate of Occupancy from the building department, if customers are eating on the premises.

 

  • Occupancy Permit

 The certificate of occupancy is necessary for every property owner or rental. Basically this document serves following purposes:

  • Structure is suitable for occupancy

  • The purpose of the structure

  • Structure meets all building codes

The local building department makes sure that the property is suitable for occupancy. Certificate of occupancy is necessary if customers are busy in eating on the premises.

 

Retail Cigarette and Tobacco License


A tobacco license is must to sale retail cigarettes and tobacco products. All retailers, importers, manufactures, and distributors need this license too. 

  

  • Liquor License

A liquor license should be applied to sell alcohol products.

 

  • Food Processing License

You should apply for the food processing license if preparing food on the location.

 

  • Workers' Compensation and Disability Insurance

You must get the above insurances for your employee(s)





 

 

  

Sumaira Sharafat

The Author of this article is a CA (Chartered Accountant Finalist) and APFA (Associate Public Finance Accountant).


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