Nick Kambitsis works as a gas station owner and is an accomplished entrepreneur within the realm of property management, gasoline stations, and convenience entities. In the following article, Nick Kambitsis discusses how real estate location plays a pivotal role in the success of gasoline and convenience store enterprises.
Gas station and convenience store owners are the unsung heroes of long road trips and rush hours – their establishments have been there for countless people to fill up their cars with fuel and provide snacks when drivers get hungry.
That said, there can never be too many convenience locations.
But when starting one as a franchise or a standalone business, what should aspiring entrepreneurs consider? How will their establishments stand out from others that are already doing the same thing? Moreover, how can they ensure that their customers will be happy?
Below, Nick Kambitsis of Raceway Petroleum discusses what factors to consider when starting a convenience/gas station business, as well as marketing strategies to consider implementing.
Nick Kambitsis of Raceway Petroleum Explains How to Choose Location
Not every empty lot is suited for a gasoline station. But besides choosing a roadside lot, what else is there to assess?
Examine the Area
Chances are that well-developed areas will barely have leftover space for a gasoline station – there might already be one (or a few) in there. Therefore, it would be best to try choosing a location with fewer competitors – for example, in less crowded places.
Nick Kambitsis of Raceway Petroleum notes, however, that these locations may not always remain that way – some property developers may have plans to commercialize the area. If that is the case, then more people will start traveling there. Therefore, ask the local government if other entrepreneurs already have plans for their lots.
Furthermore, to ensure that more people visit the fuel station, make sure it is clearly visible.
Prioritize Visibility and Accessibility
Different types of roads have their pros and cons. For instance, some roads have heavy traffic while others have very little – therefore, it can be difficult to determine whether or not the gas station will be profitable.
Nick Kambitsis of Raceway Petroleum points out that highways, on the other hand, always have hundreds of cars passing by. This means several drivers will always be able to visit the station – if they see it. Sometimes, other landmarks or trees can obscure the fuel station, which can prevent drivers from noticing it.
Intersections are visible from many angles, but they can also make it difficult for some drivers to access the station when they’re on the other side of the road.
Pro Tip:
Studying traffic flow and the probability of the cars stopping by is possible using Erlang’s Law.
However, just evaluating the location isn’t enough – the competition, too, needs to be factored in.
Consider the Competition
In most cases, establishing a gasoline station in less busy areas is better, especially when the last or next gas station is far away.
Nick Kambitsis of Raceway Petroleum explains that drivers may run out of fuel somewhere along their road trip – but they can feel at ease knowing there’s that newly established gas station where they can fill up their car with gas in a pinch.
However, if these stations are built close to each other, the competitor might get more customers, especially if they established their gas station first.
And what if the only available location to build a gas station has competitors nearby? How does an entrepreneur gain leverage in this position?
Perhaps building a convenience store as well will bring in more customers.
Providing Convenience – in a Convenience Store
Convenience stores are essential to people. According to the National Association of Convenience Stores (NACS), convenience stores cater to roughly 1,100 customers per day.
Nick Kambitsis of Raceway Petroleum explains more on how an entrepreneur can get started on this profitable business venture.
Obtain Licenses and Other Requirements
Like any business, people must obtain licenses for their business and the products they will sell. When starting a gasoline station and convenience store, make sure to obtain the following licenses and documents:
- Occupation Permit
- Employer Identification Number (EIN)
- Business License
- Gas Permit
- Health Permit
Furthermore, some products and services need additional permits to sell – such as lottery, alcohol and tobacco licenses.
Nick Kambitsis of Raceway Petroleum explains that once a convenience store owner has obtained all of these, it’s time to stock up on some products and provide unique, convenient services.
Offer Customers a Variety of Products
All convenience stores have refreshments and snacks, so how can one stand out?
- Perhaps some delectable ready-to-eat or microwavable meals?
- A uniquely flavored slushy?
- Or rare, imported snacks?
Whichever one it is, make sure it’s different. To let customers know that these products are available, hang tarp posters or vinyl banners in front of the convenience store.
Moreover, part of the convenience of shopping in a convenience store is the payment method.
Use the Latest Technology
Nick Kambitsis of Raceway Petroleum maintains that most people who visit convenience stores and gasoline stations are going to be in a rush. Therefore, make payment options efficient for both parties. Besides cash, customers will ask if the convenience store allows:
- Gift cards
- Credit cards
- Debit cards
- Mobile payments
- Cryptocurrency
Find ways to make all of these available for the customers so that they can walk in and out of the establishment satisfied – and get to their location on time with a full tank and stomach.
Conclusion
Gasoline stations and convenience stores have provided countless customers with snacks and fuel when they needed it the most.
Nick Kambitsis of Raceway Petroleum notes therefore, that entrepreneurs interested in this field must make sure to build their convenience stores and fuel stations where people can see and access them easily. Be sure to provide a unique and efficient experience for the customers visiting the convenience store.
