GSB-28: Stop Thinking and Start Doing | How to Actually Get Started in Gas Station Business

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

Player FM - Internet Radio Done Right

تمت الإضافة منذ قبل nine عام

المحتوى المقدم من Shabbir Hossain, Shabbir Hossain : Entrepreneur, and Business Coach. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Shabbir Hossain, Shabbir Hossain : Entrepreneur, and Business Coach أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.

The Agile Brand with Greg Kihlström®

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#644: AI-augmented human recommendations for retail customers with Noah Zamansky, Stitch Fix 27:12

منذ 8 أيام27:12

التشغيل لاحقا

قوائم

إعجاب

احب

27:12

We are here at eTail Palm Springs and seeing and hearing the latest and greatest in e-commerce and retail. Question: Do you need to choose between AI and human recommendations as a customer? Why not have both? After all, don’t each have their strengths? AI in the retail experience is all the rage these days, but today I’m talking with someone from a brand that has been incorporating AI-personalized experiences and shopping combined with expert human recommendations for over 14 years, and continues to innovate today. Today we’re going to talk about how AI-based personalization plus human creativity and input makes an amazing customer experience at Stitch Fix. To help me discuss this topic, I’d like to welcome Noah Zamansky, Vice President of Product and Client Experience at Stitch Fix. About Noah Zamansky Noah Zamansky serves as the Vice President of Product and Client Experience at Stitch Fix, where he leads cross-functional teams spanning Product, Design, Engineering, Algorithms, and Platform Development. A seasoned leader, Noah has a proven track record of shaping product vision and strategy, designing exceptional user experiences, and spearheading the launch of new business ventures. Before joining Stitch Fix, Noah held the role of Senior Director of Product Management at eBay, overseeing Fashion and Vertical Experiences. Resources Stitch Fix: https://www.stitchfix.com eTail Palm Springs: https://etailwest.wbresearch.com/ Connect with Greg on LinkedIn: https://www.linkedin.com/in/gregkihlstrom Listen to The Agile Brand without the ads. Learn more here: https://bit.ly/3ymf7hd Don't miss a thing: get the latest episodes, sign up for our newsletter and more: https://www.theagilebrand.show Check out The Agile Brand Guide website with articles, insights, and Martechipedia, the wiki for marketing technology: https://www.agilebrandguide.com The Agile Brand podcast is brought to you by TEKsystems. Learn more here: https://www.teksystems.com/versionnextnow The Agile Brand is produced by Missing Link—a Latina-owned strategy-driven, creatively fueled production co-op. From ideation to creation, they craft human connections through intelligent, engaging and informative content. https://www.missinglink.company…

منذ 9 أعوام 45:35

MP3•منزل الحلقة

This episode is for people that are still thinking about getting into the business but haven't actually taken the plunge. You can read and listen to as many books or podcast as you want but if you don't take the plunge to actually getting into one it will just get harder as time goes by. Remember the opportunities are being taken every day and time and tide waits for none right?

Steps you can take to get into a business now.

First is soul searching?
Look at your financial situation and come up with a budget
Find that business
Do your due diligence
Buy the business
Work hard at the business learn everything you can learn for at least 6 months
Grow your business and enjoy the fruit

The book I have this week is called 4-hour chef by Tim Ferris, remember when I recommended his first best seller the 4-hour work week? I was fascinated by his work, he is the one who first said as long as you know little more than the average person on any topic, and you can be an expert on it. Well in this book he talks about how a person who has no interest in cooking can get into it and create some awesome things, the best thing in this book in my opinion is where he talks about META-LEARNING. Well read the book and you will know what I am talking about.

One quick announcement, I am putting the finishing touches on my new book that I have been working for last few months, it has been a long drawn process for sure but a very rewarding one to say the least. This book is about how to increase 25% sales in retail business in just 60 days. I spoke a lot about how to increase sales in various episodes here but this is truly a summary of all that. I will let you know once the book goes live on Amazon.

If you enjoy my show and think I am adding value to your business, please leave a review on iTunes and I will appreciate it a whole lot. Lastly don't forget to sign up for my newsletter by clicking on Subscribe now on my blog.

61 حلقات

#Business #Trading #Businesschecklist #Businessplan #Gasstationbusiness #Howtostartabusiness #Retailbusiness #Business Coach #Shabbir Hossain : Entrepreneur #Careers #Shabbir Hossain

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

GSB-28: Stop Thinking and Start Doing | How to Actually Get Started in Gas Station Business

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

published منذ 9 أعوام

MP3•منزل الحلقة

Steps you can take to get into a business now.

First is soul searching?
Look at your financial situation and come up with a budget
Find that business
Do your due diligence
Buy the business
Work hard at the business learn everything you can learn for at least 6 months
Grow your business and enjoy the fruit

61 حلقات

#Business #Trading #Businesschecklist #Businessplan #Gasstationbusiness #Howtostartabusiness #Retailbusiness #Business Coach #Shabbir Hossain : Entrepreneur #Careers #Shabbir Hossain

كل الحلقات

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

1
GSB-61: Progress Report # 3 for December 2016: Actual Business Evaluation & Sales Analysis of a Real Store 43:24

منذ 8 years43:24

43:24

Remember the store I helped some investors buy in 2015 that was losing money? I shared two updates so far and now here is the 3rd one about how that store is doing now. This is a long awaited episode, but here it is. Enjoy! Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 61. This is the show where we discuss everything under the sun about the gas station and convenience store business, how to buy these businesses, how to operate them and how to grow them to be a million dollar success. Now on to the show..... On Episode 23 , I brought you a real life store sales data and analysis, where I was helping a group of buyers decide if they should buy a location or not. If you recall, in that episode I published the real sales figures of the store and some projected ones as well. Based on their sales data I created some P&L's of my own and it showed for the month of October the seller had lost about $2500. But despite the fact that the store was losing money, I did go ahead and recommended that they buy the store based on few factors which I discussed in that episode 23 as well. If you recall, in that episode (episode 23) I discussed few issues, and few opportunities of the store and we covered 9 points: The store and its location Demographics Age and brand Physical inspection of the store and the issues we noticed Recommended upgrades and how much those upgrades would cost Indoor Issues Outdoor Issues Sales and financials Projected P&L vs. Real P&L If you have time, please go back and listen to Episode 23 and 29 this way you will know the whole story. In episode 29 I shared some P&L for March 2016, in that episode, I did compare P&L’s from October 2015 which the sellers provided us to what the new owners did in March 2016, and if you recall there was a drastic difference between those two. The new owners increased the business and made it a very profitable one. But to get to that increase, the new owners implemented these nine strategies that I proposed. Strategies we implemented: Address all maintenance issues Upgrade all lighting and put a fresh coat of paint Clean up the store Remerchandising the store based on its traffic flow Bringing in products that sell in the area Advertise heavily via reader board, pump toppers and on the front door Bringing in EBT and money order Implementation of new fuel and merchandise pricing strategy Full on marketing and promotional campaign As you can see it was not one single strategy that made the business profitable but a combination of many factors. It was not an easy task, but the credit goes to the management team of the store who were able to follow directions and implement everything we suggested for the store. Now let’s take a look what and how the store has done since March 2016 until December 2016, instead of showing you month by month P&L, I can tell you that the new owners have seen a gradual increase in business and enjoyed a positive growth each month. Let’s now take a look at the P&L from this last December. But remind you in most areas, November through February are usually the slowest winter months. Business usually slows down quite a bit compare to the summer months. So I figured if we can see something positive even in December then we can be assured that the business will make more sales and show more profit during the summer months. Here is the P&L for the same month of December 2016 (If the Excel Spreadsheet is not viewable, please visit my blog at GasStationBusiness101.com to view them) Let’s look at the Profit and Loss history of this store. If you remember in October 2015 right before the new owners took over the store lost $2574.51, then the new owners took over in December, and by March the store became profitable which I shared in episode 29, the P&L then showed a profit of $5193.33. Now fast forward to December 2016, which is a slower month for most gas station business, and with less fuel sales, the store generated $6,875.46. It is important to share that in this past one year, their best month was August 2016, and for that month the net profit was $9,612.90., But I wanted to give you a full year’s snapshot so I brought December and not August in this calculation. What have they done differently? Well, nothing other than keeping up with the proper inventory, making sure the pricing is right and superior customer service. That’s the secret sauce of success in this line of business. If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe In the meantime, if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Here is a link to my podcast page on iTunes, if you follow this link you can give me a review right on that page. Trust me it will make my day and won't cost you anything other than maybe 30 seconds of your time. https://itunes.apple.com/us/podcast/gas-station-business-101-podcast/ Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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GSB-60: 5th Q&A Episode | Part -2 42:26

منذ 8 years42:26

42:26

In this 2nd part of our last Q&A episode, I answer remaining 5 questions all related to buying gas stations and how to understand the numbers and if the stores are really making money or losing money. I also answer questions about how to grow your business with financing and how to take on a new partnership. I think you may find this episode helpful if you are in the market to buy a business. Here I analyze some sales numbers and see which ones are making money and which ones are not. Stay tuned. Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 60. This is the show where we discuss everything under the sun about gas station and convenience store business, how to buy these businesses, how to operate them and how to grow them to be a million dollar success. Question #4 Hope this email finds you and your family well. I personally want to thank you for writing a book about Gas Station Business. You have explained very well process of how to buy and what to keep in mind before purchasing store. I am in Gas Station with C-Store business since The year 2005. I have been thru many challenges similar to yours which you have explained in your book. I am currently looking for something to understand how to get finance to expand like big national corporations? Can you explore few points of financial strategies in order to expand in gas station business? Your help will be highly appreciated. Question #5 Dear Shabbir, I will be running a gas station from April 1st. Let me give you the picture; the store owner still has 3.4 million volume of gas volume under contract. He splits his profit, expenses, credit card fees, and maintenance fees with a small oil company. If I take his contract, I have to split the fuel profit 50/50, but I get 3 cents cheaper than other gas store. If I don't take his contract, I have to pay 3 cents more than his contract price. Which deal will generate more profit for me? Being a 1st-time business runner, I would appreciate your suggestions. Question #6 Hi Shabbir Thanks for the great article, it helps a lot. One question, though: when a seller say his store sales are 37k, does that figure normally including lotto and scratch off sales? I am asking because one of the stores I looked at treated lotto, scratch off tickets and prepaid phone cards separate, so inside sales were more than what they were saying. Thanks and keep it up Question #7 Thanks for the great info. I had limited fund like around 100k, and most money making gas stations as I saw on websites are expensive. Do you think it is a good idea to go in partnership with a stranger? I have posted on cl for partnership and got responses, but I am curious about it. Answer: Check out episode #21 where I spoke in details about how to create effective partnerships. Question #8 Andres sent me this question, he is a long time listener and contributor of this show, he asked Hi Shabbir I hope you are fine. Do you have a good template to control cigarettes in your stores? I would imagine your employee has to count the cigarette boxes when he starts the shift and also at shift end to reconcile the daily sales, right? If not, how do you do it? Tune in and listen to this episode for all the answers. If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe In the meantime, if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Here is a link to my podcast page on iTunes, if you follow this link you can give me a review right on that page. Trust me it will make my day and won't cost you anything other than maybe 30 seconds of your time. https://itunes.apple.com/us/podcast/gas-station-business-101-podcast/ Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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GSB-59: 4th Q&A Episode | Part-1 57:11

منذ 8 years57:11

57:11

In this episode, I answer three questions all related to buying gas stations and how to understand the numbers and if the stores are really making money or losing money. I think you may find this episode helpful if you are in the market to buy a business. Here I analyze some sales numbers and see which ones are making money and which ones are not. Stay tuned. Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 59. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. First my apology once again for not coming up with an episode sooner, I was busy with a few projects and had to put the blog and the podcast on the backburner for just a bit, but I am back, and hopefully I will be posting new episodes sooner rather than later. I still haven’t forgotten about the episode I promised you where I would share the new P&L of the subject store I helped some investors buy about 14 months ago. I have some new updates on that store and recorded that episode halfway through already, which I will share soon I promise. Now as for this episode, I had to do this one first because I have had way too many emails lately where many of the blog readers and podcast listeners have been asking me various due diligence questions, and it is hard to answer them via email. So I have decided to pick just 6 out of them since they are mostly all similar in nature, and I thought by sharing them with rest of you, it will benefit everyone. For various privacy reasons, I have decided not to mention any names of the people that sent me these emails here. Let’s dive right on… Question #1 I need your advice about the valuation for the store based on the following information. Inside Sale# $55000/month (27% profit margin) $55,000 x 27% = $14,850 Outside Sale# 25000 Gallon/month (10 cents per gallon) 25,000 gallon x 10cents =$2,500 Lottery commission# 4000/month, ATM# $200/month Total Gross Profit $21,550 Owner absentee Capability to open deli with grill. Store located in small town and mostly neighborhood business. Expense: Rent# 5000 "NNN." Utility# 1300 Credit# 1000 Payroll# 2400 (Two full-time employees) Other# 500 ______________________ Total Expenses: $10,200 Net profit: $21,550 – $10,200 = $11,350 Asking price is $225,000 What would be the price we should go for? Question#2 Shabbir, here are few questions. Please note that I do not have prior experience, so how can I convince them that I am serious and are there any training provided by gas companies? When buying just the business, I mean just goodwill without R/E, how do I make sure that my investment is protected? For Example, If I buy the lease for 500k and pay 16K a month. What if the lease is for two years and after two years the owner does not want to renew the lease. How can I make sure 100% that I will not lose everything? As far as tax benefits are concerned at the end of the year, which option is better buying or leasing? I would appreciate if you only focus on the tax benefits since you have already talked about pros and cons from other angles. For example, let's say that gas station A is leased with goodwill paid by on-hand cash and gas station B is bought with R/E with a bank loan. Let's say both gas stations have exactly same per month profit after all lease or loan payments. Now at the end of the year when I will file income tax, which option will give me bigger return? What is the best way to approach companies which own multiple stations around me? Question#3 Good Morning Shabbir, Glad, I ran into your website. I found a gas station business for sale for $85K. We did our due diligence to look into the traffic, etc. Mostly the sales are from Cigarettes and Beer. The other items are pretty much a stand still. In addition, this station the gas is unbranded. They are selling like 700 Gallons per day, inside the store with the majority of sales been Cigar and Beer. The sales is about 40K revenue and 35% profit, and expense is about 9.5K. Profit is about $2,750 is what I am estimating. Is the goodwill they are asking outrages? Currently, the owner is not opening the store properly and wants to sell it. If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe In the meantime, if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Here is a link to my podcast page on iTunes, if you follow this link you can give me a review right on that page. Trust me it will make my day and won't cost you anything other than maybe 30 seconds of your time. https://itunes.apple.com/us/podcast/gas-station-business-101-podcast/ Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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GSB-58: 3rd Q&A Episode | Answers About Ground Lease, Business Resale Value, Buying A Closed Up Station And Much More 1:02:22

منذ 8 years1:02:22

1:02:22

I am sure you have seen a gas station or two that are closed up in your area and wonder why did someone close it or if you should buy it, or would it do great business if you start it up? Listen and find out as I answer 6 burning questions from our listeners in this episode. Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 58. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. First my apology for coming up with an episode sooner, I was little under the weather at first then got busy with a few projects and had to put the blog and the podcast on the backburner for just a bit. Well, we all have to make money to survive right? I was doing just that too. But I am back, and hopefully, I won’t take much breaks anymore. Even though I told you in the last episode that this next one will be about the update and P&L of the story I helped some investors buy back in December 2015, but I am still analyzing and sorting out those P&L numbers, so hopefully it will be in the next episode. As I said I have been busy so I didn’t even get to answer some of yours email yet, and if I haven’t, my apology. But I picked out 6 questions out of 30 or so email I looked at in last two days and decided to answer them on this episode this way everyone gets to benefit from the answers. In this 3rd Q&A episode, I answer 6 questions I am looking to buy a closed up gas station with the property, what do I need to worry about in this process? In one of the podcasts, you had mentioned that one of the reasons someone could sell their gas station is because some competitor is crushing them on fuel prices. How can we figure out if this reason why a seller is selling his gas station. I am buying a gas station, but the seller wants to sell the tanks, canopy, and pumps for $1.00. What I want to know is if I leave the business at the end of the lease term due to not finding any buyer then what should I do if it is in my name? What if the landlord doesn’t want to buy it for a $1 like I did I have been meaning to tell you how much I enjoyed the gas station/c-store development podcast you did. Thank you! One point I was not clear on was about reselling or leasing the property. Let’s say I stabilized the business in 3 years and it does: 120,000 Gallons/Month on fuel sales 22,000 gallons of Diesel sales $75,000 on inside merchandise sales $90,000 in Fast food sales My question is what should my resale value be after 3 years of operation? How much can I sell and/or lease the business for which will not include the R/E How much can I sell the business with R/E 5. First of all, thanks for your podcast and for all the resources you share with us. It's great to learn from someone with all your experience. Keep it up! The public restroom at my gas station is located outside, meaning people have to ask for the key at the counter to use it. Normally we give the key to customers (people who actually buy) and people we know (customers from the past who might not be buying anything on that day) but sometimes people get very mad when we don't give the keys out if they are not buying anything (people who only stop at the station to use the restroom). That being said, the cashier is many times "forced" to give out the keys to non-customers in order to avoid headaches. The problem is that people don't care about the restroom. They pee on the floor, misuse the toilet paper, soap and paper towels and write graffiti on the walls. Some others use it to consume drugs and have other illegal activities. The main problem is that once every week the toilet gets clogged, sometimes so badly that I've had to actually replace the toilet 3-4 times a year as it is impossible to unclog it. I've been trying to find the best solution for this. It is mandatory to have public restroom according to Florida laws so I can't close it. I am also forced to offer toilet paper, soap, and paper towels even if people misuse them and it represents a high cost to my business. Some people have suggested installing a coin lock, so I charge something small to use the restroom, but I'm afraid this would make me lose real customers. While I know the coin lock does not fully solve the problem, at least it would generate me some cash to keep the restroom neat. Have you had this problem in your stations? What is the best way to tackle this, so the restroom does not become a drain of my profit? Thanks for any hints you might share to help me out. (Andres sorry for the delayed response to your question) 6. I have noticed in 3 of my dispensers the regular unleaded runs very slow but other two grades are fine, it has been happening on and off, what should I do? If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe In the meantime, if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Here is a link to my podcast page on iTunes, if you follow this link you can give me a review right on that page. Trust me it will make my day and won't cost you anything other than maybe 30 seconds of your time. https://itunes.apple.com/us/podcast/gas-station-business-101-podcast/ Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

1
GSB-57: How to Calculate Fuel Profit Accurately Every day 36:41

منذ 8 years36:41

36:41

I get asked this question often, and I have tried to answer them before as well, but let’s answer it once again in very much details so we can clear up any and all the confusion, let’s discuss how you can figure out how to calculate your fuel profit precisely and accurately. Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 57. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. Before we start, one important announcement, my new email server is working beautifully now, so if you are on my email newsletter list, I am sure you already noticed you are receiving my seven very important how to find and buy a gas station email series. If any of you are not receiving these emails, please sign up again, and that should solve the issue, you can simply go to http://gasstationbusiness101.com/subscribe or go to my blog at http://gasstationbusiness101.com and sign on the landing page. You will also receive my free eBook 9 Passive income idea book for signing up. Okay now on to the show… First take a look at the attached daily fuel price notification that we all receive from our jobber/suppliers. This is the price we pay to buy our fuel. Remember it will vary city to city, state to state and country to country. What I pay for a gallon of regular in Alabama may not be the same as someone buying the same brand fuel in NY City. But a couple of things to consider here, if you look at this fuel prices you will notice there is a difference in price between the regular, Mid-grade and premium right? Well, typically, your mid-grade price should be around 15 cents higher than your regular price, the same way your premium price should be around 50 cents higher than your regular price. So, you need to price your fuel accordingly. Let me show you how. Price Regular Mid-Grade Premium Cost $1.89 $2.04 $2.39 Retail $1.99 $2.39 $2.89 Profit: $.10 $.35 $.50 (Listen to the show for details on how we price our fuel) Now let’s look at the Excel image of the fuel margin calculation, it will be easier for you to understand this episode if you can see the excel sheet. You can also download this and use it for your business as well. (Listen to show for full discussion on this) To download the Fuel Profit Calculator please click below (In Microsoft Excel Format) http://www.gasstationbusiness101.com/Fuel-Profit-Calculator If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe In the meantime, if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Here is a link to my podcast page on iTunes, if you follow this link you can give me a review right on that page. Trust me it will make my day and won't cost you anything other than maybe 30 seconds of your time. https://itunes.apple.com/us/podcast/gas-station-business-101-podcast/ Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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GSB-56: Five Unique Marketing Strategies to WOW your Customer and Win Them Over! 36:29

منذ 8 years36:29

36:29

I want to tell you about five proven marketing strategies that have worked for me for last 18 years. But remind you they will sound silly at first, but I want you to hear them out in their entirety before you knock any of them out. After you hear me out then maybe you can go try them in your business and see how your business rises to the top. Welcome to Gas station business 101 podcast, I am your host Shabbir Hossain, and this is episode 56. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. Here are five silly sounding strategies you can take and become a unique retailer in your area. Trust me they work; I have tried and tested them for last 18 years. Just trust me on this okay? Before you knock these proven ideas, hear me out, let me explain each and you will see and hopefully agree with me. So here we go... Know your Customer Give them something for Free Feed them Free Support your local community Give out Candy to Kids (Listen to the episode for all the details) If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe For all our international listeners, if you are interested in learning about the investment category visas and how to get one of those by investing in a gas station business, do check out my new book USA Investment Visa to Green Card, How to Qualify, Apply and Obtain EB-5, E-2 and L-1 Visa . You can find this book on most online retailers like Amazon, Apple iTunes store, Barnes and Noble, Kobo and most other online booksellers. In the meantime, if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Here is a link to my podcast page on iTunes, if you follow this link you can give me a review right on that page. Trust me it will make my day and won't cost you anything other than maybe 30 seconds of your time. https://itunes.apple.com/us/podcast/gas-station-business-101-podcast/ Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

1
GSB-55: How to Have an Effective Inventory Management System 48:39

منذ 8 years48:39

48:39

How can you tell if an employee or customers are stealing from you? How do you know someone is not stealing your beer, cigarettes or other merchandise? Is your business losing money every day and you just don't know about it? Let's see how a great inventory management system can help you stop the leaks, stay tuned.. Welcome to Gas station business 101 podcast, I am your host Shabbir Hossain, and this is episode 55. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. The topic today is How to have an effective Inventory management system. Sounds complicated? It is really not, I will not be talking about any complicated computer program or any such things. Instead, I will take a very simple decade old method that business owners used for years. If you recall from my previous episode where I talked about various types of theft, then you may recall there are two different ways theft takes place in our business External Internal External is where your vendors and customers are walking away with your money or products without paying, and internal theft is where your employees are walking away with your money and merchandise. Since stealing cash is typically harder than stealing merchandise, and we did address the cash issue in the previous episode, let's discuss how we can have a great yet very simple inventory management system to check and see if you are losing your merchandise due to either kind of theft. First, I need to tell you how big chain stores and companies do their inventory management then I will talk about how we do it. There are two ways you can do inventory management Item level inventory tracking Department level inventory tracking Big corporations like Circle K, 7-11, Wawa food and many other regional, local and national chains practice Item level inventory while small business owners like us typically practice department level inventory. Item level inventory tracking is more cost and labor intensive; this system requires more labor and dedicated managers on duty on every shift. Which is usually not cost-effective for most of us small business owners. First, let's recall your typical merchandise categories and see which ones are more prone to theft. Typical product categories: Cigarettes Beer Tobacco Soda/Drinks Grocery Automotive Fountain/Coffee Novelty Let's discuss each category and see which ones are an easy target and which ones are not, also which ones are easy to track and which ones are not. (Listen to the episode for the whole story) If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe In the meantime, if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Here is a link to my podcast page on iTunes, if you follow this link you can give me a review right on that page. Trust me it will make my day and won't cost you anything other than maybe 30 seconds of your time. https://itunes.apple.com/us/podcast/gas-station-business-101-podcast/ Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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GSB-54: How To Build a Gas Station From Start to Finish (Hint- It Includes Construction) Part -3 58:20

منذ 8 years58:20

58:20

Once you finish the construction of your new gas station how do you get it open up for business? How to pass the inspections, how to merchandise, how to get everything ready, let's discuss and let's see if we can finally open your new store for business. Stay Tuned... Welcome to Gas station business 101 podcast, I am your host Shabbir Hossain, and this is episode 54. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. Today's episode is the third and final part of How to build a gas station from start to finish. In this episode we will discuss: The final inspections (Building, fire, electrical and most importantly the health dept. inspection and what they look for) How to merchandise your store for the first time How to hire people How to train them When to buy your first load of fuel How to set up your POS How to set up all the pricing The actual opening of your store How to do a grand opening Resale value of your newly build store If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe Good news is the email transition process has started, so in about a week or so we will be able to start sending out emails that many of you have been waiting for. In the meantime, if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Thank you once again for joining me in this episode; I will see you in the next one.…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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GSB-53: How To Build a Gas Station From Start to Finish (Hint- It Includes Construction) Part -2 55:10

منذ 8 years55:10

55:10

Would you like to know how to build a gas station from ground up? Do you wonder what all it takes to build one of those? Let's discuss what it takes to build a gas station from start to finish. Stay tuned... Welcome to Gas station business 101 podcast, I am your host Shabbir Hossain, and this is episode 53. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. Today's episode is the second part of How to build a gas station from start to finish. The idea for this topic came from a long time listener name Shahnawaz so this episode too is dedicated to him. A big thanks goes to Shahnawaz for bringing such a wonderful and important topic to the forefront. If you recall in the last episode we spoke about: Site Selection Basic Market research Market study done by oil companies) Zoning Traffic count Demographics # of Competitors What size to build How many MPD's Actual size of the store Deli or no Deli Sales Projection Fuel Merchandise In today's episode we will cover: Land development Drawing up the plans Applying for various permits Pitching to the oil companies Deciding on a Brand Hiring the Right Contractor or build it yourself(how much can you save) How to Save money in the process (installing one tank with compartments instead of 3 or 4 tanks) Cost to build per SQF If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe Good news is the email transition process ahs started, so in about a week or so we will be able to start sending out emails that many of you have been waiting for. In the mean time if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Thank you once again for joining me in this episode; I will see you in the next one.…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

1
GSB-52: How To Build a Gas Station from Start to Finish (Hint- It Includes Construction) Part -1 1:00:37

منذ 8 years1:00:37

1:00:37

Would you like to know how to build a gas station from scratch? Do you wonder what all it takes to build one of those? Let's discuss what it takes to build a gas station from start to finish. Stay tuned... Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 51. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. Today's episode idea came from a long time listener name Shahnawaz so this episode is dedicated to him and thank you Shahnawaz for bringing such a wonderful and important topic to the forefront. He sent me a list of questions to answer, and these questions are: What are good traffic count #s that make a profitable gas station site? What are good income level demographics that make a profitable gas station site? What are good population density demographics that make a profitable gas station site? How far away from the site should other gas stations and hypermarkets be in order not to pose a threat to business? What are some good design characteristics of a gas station/c-store? 1. How many MPD and fueling positions should I put? 2. Should I do a 4,000 sqf store with 2,000 sqf branded fast food? Advantages and Disadvantages for doing so? 3. How many signs? What's the cost vs. benefit for them? 4. How many coolers, freezers, cashier stations, etc? 5. Any other design mistakes that developers make? Maybe have more expensive glass so people can see into store or have high ceilings and better modern design? F. Based on the traffic counts, income levels, population, competition, and design characteristics, how do you forecast the following revenue? 1. Fuel volume - # of gallons sold per month 2. C-store sales - gross sales per month 3. Fast food sales - gross sales per month Since "how to build a Gas Station from start to finish" is a vast topic, I have decided to break it up in to two parts. In this first part we will cover: Site selection, basic market research, demographics research, deciding what size to build and sales projection . On the next episode we will cover the actual planning, brand selection, hiring the right contractor, How to save money in the building process, cost to build, pre opening and grand opening. Site Selection Basic Market research Market study done by oil companies) Zoning Traffic count Demographics # of Competitors Here are the criteria for most major brand duel companies: Not every site is suitable for retail fuel sales, and major oil companies such as Chevron, Shell, and ExxonMobil have established minimum criteria that must be met before sites can carry their brands. These site selection criteria are established to help retail operators select economically viable sites. Brand identity and protecting their brand's public image are important to oil companies. The specific site selection criteria used by ExxonMobil are listed here to provide an example of how oil companies evaluate potential sites: * Exclusivity of trade area--A trade area's supply and demand profile is a key factor in site selection. * High traffic counts--There should be 18,000-20,000 vehicles passing by the convenience store each day. * +56,000 net usable square feet--The company will consider less square footage for stores in metropolitan markets. * Residential density--There should be 15,000 existing or planned residences within a 1.5-mile radius. * Excellent visibility--The site must be visible from one-third of a mile away. * Excellent accessibility--There should be convenient ingress and egress from both primary and secondary streets. * Signalized corner intersections--Ideally, stores should be located at four-corner sites. What size to build How many MPD's Actual size of the store Deli or no Deli Sales Projection Fuel Merchandise If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Lastly, If you are about to buy a gas station for the first time, make sure to read my book " Gas Station Business Smart Start-up " How to measure profitability, how to come up with a valuation, how to calculate ROI, how to write a business plan and how to get financing for your new venture. You can find this book on most all retailers including Amazon, Apple iTunes, Kobo, Smashwords and Barnes and Noble. Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe Don't forget to tune in to listen the 2nd part of this episode which will be out in about a week or so. In the mean time if you haven't subscribed to this podcast, feel free to do so, and if you like this show, I would love to see a review from you on iTunes or where ever you download this episode from. Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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GSB-51: How to Negotiate and Win - 13 Must Have Skills 48:50

منذ 8 years48:50

48:50

In business we all have to do some degree of negotiation, when buying a home, a business or just with your suppliers or vendors, but we don't get to win each time, but we should win if we know and practice this 13 negotiating skills, stay tuned and let's find out what and how they work Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 51. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. This episode is also important because it is based on my new book " How to Master 13 Negotiating Skills and Win in Business" that I published a few months ago, I know I didn't mention it here before, but this is one book I have been working on for a while now and was finally able to finish it. It was a soft launch, as I wanted to get some feedback from people and see what they think of this book. Now that I got some great feedback, I am happy to announce that it is out and available on every digital and print platforms out there. But this episode is not about my book but about the 13 skills that will help you win in business and in life Let's dive right in and get started.. The first and most important lesson in negotiation is never to show desperation, no matter what you are buying or selling, the smell of desperation can spread really fast and ruin any chance at winning a deal. There is some basic legwork that you need to do before each deal or negotiation, even long before you go to the table and sit down. You need to collect some data by research and discovery ahead of time so you can take the time to analyze it and then determine what your exact game plan is going to be. I know this may sound confusing, but after I discuss all 13 skills sets I will walk you through a real-life example of a negotiation that I had done recently and how these skills sets worked in that negotiation process. I will share the details and the outcome of the negotiation so you can visualize how these 13 skills work in real life business situations. Skill 1 - People Skill Know how your behavior affects others. Understand various negotiating styles and which one you're dealing with. Change your style of meet the needs of the listener. Skill 2 - Listening Skill Using steps to learn the interest of others. Three levels of listening to gain information. How to perceive yourself while listening to win at negotiating. Skill 3 - Develop a Full Plan Before You Go To Negotiate What a detailed plan should include. What alternatives should you be prepared for? Additional planning to be prepared. Skill 4 - Knowing What You Want Know what you want to gain. Know what you are willing to concede. Know timeline and expectations. Skill 5 - Knowing What They Want Know their interests. Know their walk-away alternative. Know their authority. Know their arguments, questions and tactics. Skill 6 - Knowing When to Walk Away Know your acceptable range. Know their acceptable range. Know your deal breakers. Skill 7 - Know How Much to Compromise What is a compromise? What can't be compromised? The perception of compromise. Skill 8 - Knowing the Barrier Identifying the seven barriers Language differences Culture differences Physical barriers Personal problems Preconceived notions Reputation Exhaustion Overcoming barriers Skill 9 - Knowing How to Control Your Emotion How do you want to feel and why What to do beforehand to put yourself in an emotional state. What can through off your emotional balance in a negotiation. How to regain emotional balance. How you want to feel when you're finished. Skill 10 - Using the Time (Clock) to Your Advantage How deadlines affect negotiations How you can use deadlines to your advantage. Skill 11 - Finding Mutual Gain Five principles of mutual gain. How to negotiate for mutual gain. Skill 12 - Make Them Look Good, Let Them Brag Why this is important. How to do this. Skill 13 - The Power of Paper Why you should put it in writing. When you should put it in writing. If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Lastly, If you are about to buy a gas station for the first time, make sure to read my book "Gas Station Business Smart Start-up" How to measure profitability, how to come up with a valuation, how to calculate ROI, how to write a business plan and how to get financing for your new venture. You can find this book on most all retailers including Amazon, Apple iTunes, Kobo, Smashwords and Barnes and Noble. If you want to see the " How to Master 13 Negotiating Skills and Win in Business " just click on the name and the link will take you to Amazon. You can also find this book on Kobo, Barnes and Noble, Apple iTunes store and many other book retailers. Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe I am working on a very important episode which will be our next episode, and it will be all about how to build a gas station from the ground up, the idea for this very episode came from a listener name Shanewaz, and he even sent me a breakdown of the whole episode. Thanks to Shanewaz in advance and I think it will be a great episode. Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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GSB-50: 4 Very Unique Questions & Answers About Underground Fuel Storage Tanks 56:12

منذ 8 years56:12

56:12

In this episode, I answer four very unique questions about the underground storage fuel tanks. Some of these are very unique problems; these problems can happen to any gas station operators. I highly recommend you listen to this episode and take notes... Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 50. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. This episode is a direct response to 4 of our podcast listeners, they all have questions regarding UST or underground storage tanks, I could have included these questions in our next Q&A episode, but I decided to keep this very important topic separated from all the rest. Back in Episode 40 and 41, I spoke at length about some of the risk factors that come with buying a gas station business, in those episodes, I covered some of the risks associated with UST. If you haven't listened to those episodes, I highly recommend that you do so, this way you will get the complete picture. But today I will take a different angle and talk both from a tenant's point of view and from an owner's point of view. The first question comes from Andres and he wrote: "I own the gas station business but not the property. The landlord (fuel distributor) is responsible for the underground activity and I maintain all above ground. In case there is a soil contamination, a tank leakage or a tank replacement need, the landlord will have to take care of that. However, I would face a business interruption. Is it normal to include in the lease with the landlord that, in case such things happen, I will not pay rent during the time period when I can't operate my business? Even more, would the landlord indemnify me? How far can I push it in the contract normally?" The second question came from Tina and she wrote: The land is owned. The business is owned. But the tanks are leased. So...who insures the leased tanks? What kind of insurance? If the tanks are not double lined...can the leased tanks be replaced through the company which is leasing them? What should be reviewed for UST through the TCEQ website? Who registers the tanks? How much does registration cost? The third one came from Michel, he wrote: "Hello, I enjoy your podcast very much. Great information and useful tips. Could you do a podcast on how you manage inventory effectively? Also, what do you think is the best way to handle, record and comply with UST regulations and compliance. Thank you." Last one came from Rakesh, and he wrote: "I am getting complaints from customers time to time that my gas has water/dirt in it, I called a local repair company and they told me to call a tank company to wash my tanks!!! I am confused, please help" Here is an image of how the UST sits underground and various layers of earth look. If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Lastly, If you are about to buy a gas station for the first time, make sure to read my book " Gas Station Business Smart Start-up " How to measure profitability, how to come up with a valuation, how to calculate ROI, how to write a business plan and how to get financing for your new venture. You can find this book on most all retailers including Amazon, Apple iTunes, Kobo, Smashwords and Barnes and Noble. If you are interested in learning more about small business and gas station marketing strategies, you should check out my book Sales Genie, Retail Marketing 101 . In this book, I show you 5 Proven Ways to Increase Retail Sales and boost profit by 25% in just 60 days. You can find this book in every online bookstore from Amazon to Apple and every other one in between. I would love to see a review from you on iTunes; this will mean a lot to me so please take a minute and put up a review for me on your app store. thanks. Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

1
GSB-49: Buyers Be Aware - Listen Before Buying Your Next Gas Station Business 49:56

منذ 8 years49:56

49:56

Did you just buy a gas station business and now finding out that even with high sales volume the business is not generating enough profit for you? Are you struggling to just meet your basic business expenses? Or are you about to buy a business that will put you in the red? Some of our listeners have just found themselves in that exact situation, so stay tuned and let's analyze all that in this episode. Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 49. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. This episode is a direct response to 3 of our podcast listeners and the issues they are facing about their new business venture. I won't mention them by name since I didn't ask for permission ahead of time, so I will just refer to them as person A, B, and C. Here is the situation, Person A recently sent me an email where he mentioned he recently bought a business but now a month and a half later he is still putting money into the bank just to meet his expenses. Person B sent me an email with a lot of sales data from a store he is thinking about buying and asked for my advice, and lastly person C just sent me an email which said he followed my advice that I gave on various podcast and bought a business but now he sees two of the categories in his new business has less profit margin than what I suggested. The two categories are automotive and cigarettes, where he said my suggestion was 15-17% on cigarettes but he found out his new business has only 5% margin, in the automotive category my suggestion was around 50%, but he sees around 18% margin. But what is alarming is that his cigarette sales are around 37% of his total merchandise sales while the automotive is only 3% Do any of you remember listening to episode #1 and #33, in these two episodes, I shared my own life story and how I failed miserably in my first gas station business venture, and how I was taken for a fool by the sellers. I am not suggesting that this is what is happening to this three gentleman, but as buyers, we do have to be aware and be very careful, so this does not happen to any of us, right? Let's start with Person A first, in his case, he is not sure why he is not making any money, in last two weeks we have shared a lot of sales and purchase data with me along with some of the selling prices on some of the products. Here are his numbers and since I am not sharing his name, I will share the numbers this way his privacy won't be compromised. Last month these were his sales: Fuel: 67,457.23 gallons Merchandise $71239.05 Out of the 67K gallons, he sold 61900 gallons of regular fuel and 5100 gallons of premium and plus grade fuel. The breakdown on merchandise were (I rounded the sales figure off) Cigarette $27,000 X 15% = $4050 Beer $16000 X 23% = $3680 Soda $12000 X 33% = $3960 Grocery $9000 X 35% = $3150 Tobacco $3000 X 23% = $690 Novelty $2500 X 40% = $1000 Auto $1000 X 50% = $500 Deli $500 X 35% = $175 __________________________________ Sales $71,000 Estimated Gross Profit $17,205. The gross profit margin here is $24% For the same month, he purchased $62,500 merchandise, which seems high for 71K total sales. If inventory level remained the same both at the beginning of the month and at the end of the month, then he should have ideally only replaced what he sold at cost right? If so then his purchase should have been$71,000 - $17,205 = $53,795, but he bought $62,500 which was $8705 more. But this is not always bad; this can also mean he may have $9,000 worth of extra inventory sitting on his shelves, but to find that out it is a good idea to have your inventory counted on the 1st day of every month. In his case, he hasn't but he told me he doesn't think he has that much extra inventory. Instead, he thinks he has less than what he started with. Now if his inventory has decreased compared to what he started with while he bought extra $9,000 worth of inventory, which can mean three things: His profit margins are lower than we estimated His having massive amount of theft Or a combination of both After I had concluded these 3 outcomes, I asked him to investigate and to tell me what are his profit margin by each department/category, he came back a few days later and informed me that his cigarettes were off by 4%, Beer was off by 3%, tobacco was off by 5%, auto was off by 6% and novelty was off by 10%. Only deli margin was higher than my estimated, and it was at 45% instead of estimated 35% and rest of the categories were pretty much same as predicted. So, the new calculation looks like this now Cigarette $27,000 X 11% = $2970 Beer $16000 X 20% = $3200 Soda $12000 X 33% = $3960 Grocery $9000 X 35% = $3150 Tobacco $3000 X 18% = $540 Novelty $2500 X 30% = $750 Auto $1000 X 44% = $440 Deli $500 X 40% = $200 __________________________________ Sales $71,000 Actual gross profit $15,210; the gross margin for him here is around 21%. The difference between my estimate and the actual gross profit was $17,205 - $15,210 = $1,995. Remember the difference of $8705 in inventory? Well that amount can now be reduced by $1985, so actually it should be $8705 - $1995 = $6710. He is still missing this much inventory in his store and now since we know the real profit margin, I can safely predict that he is having a serious case of theft in his store. Person B sent me a lot of sales data, and since he hasn't bought his store yet, I have decided not to share any of that here, but what I want to share with you is that he found a good store and the sales and profit margins both look great, the store is selling around 80,000 gallons a month while the merchandise sales are right around $75,000 with combined gross profit margin is around 26% and he has done some hard work analyzing numbers and the spreadsheet he shared showed the purchase is very much in line with the sales and as Is aid the store has great profit margin both in and outside. So I advised him to go forward with the purchase. Now, let's talk about person C, in his case he already bought the store, and he too analyzed his profit margin in each category and compared them to my suggestions and noticed that there are only two categories where he was off by big numbers compare to what I suggested. Cigarettes my suggested margin is 15-17% he found out his was only 5% Automotive category my suggestion is 40-50%, but his is 18% The problem is Cigarettes represent 37% of total store sales while automotive at just 3%. Do you see the problem here? Typically cigarettes carry anywhere from 20-40% of the total merchandise sales, but the since this is typically a low-profit margin category so if your store has lower sales in this category like 20-25% you are doing better than people with stores where they are having 40% of their sales coming from only cigarettes. In his case, this is very unfortunate because let's assume his store sales are at $70,000, if you take 37% of that sales which is $25,900 is cigarettes only, and at 5% margin he is making $1295. This is a serious problem, let's assume he is making 30% combined gross profit on the rest of categories $70,000 - $25,900 = $44,100 at 30% = $13,230 + $1295 = $14,525 But now let's look at if his cigarette margin was at 15%, how this number would change $70,000 - $25,900 = $44,100 at 30% = $13,230 + ($25,900 X 15% = $3885) = $17,115 The difference is $17,115 - $14,525 = $2,590 Typically when gross profit is this low, it is hard to meet all your fixed and variable expenses and still make a profit. So once again before you buy a business make sure to check episode 40 and 41 where I spoke at length about doing proper due diligence. In a nutshell remember to always check their sales vs purchase, if the seller tells you they are doing $70,000 merchandise sales and 50,000 gallons you want to check their records of actual sales documents like daily close out that comes out of the registers and not what they entered in their bookkeeping system, because when you go to buy a business you have to assume the seller may tell you lies, so I always tell people to let the seller prove to you that they are honest and truthful by showing you actual sales and purchases for at least last 2 years. This way you can draw your own conclusion. Don't look at their P&L; don't look at their balance sheet or income statement. These documents mean very little to you when it comes buying a gas station. 3 Things matter to you when doing due diligence: Verifying actual sales Verifying the purchases Verifying their profit margin by category Once you are satisfied, then move on to other parts of due diligence like expenses, payroll and such, but do follow the list I outline in episode 40. Let's now talk about what if you bought a business like this person C did, how to fix this issue, how do you raise your margin so you can start making money? One advice is if you find yourself in this situation, please don't start raising prices day after you buy the business, which can harm your business beyond repair. Instead, you have to take a smart but slow yet steady approach. Here are the six steps I would take: Check on competitor's margin Contact all three cigarette company reps and renegotiate the contracts Raise price in at least three different increments with long intervals in between Run 2 and three pack or even carton pricing special Run at least two other promotion on other categories like Beer and maybe Soda Start giving superior customer service and increase the WOW factor. If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Lastly, If you are about to buy a gas station for the first time, make sure to read my book " Gas Station Business Smart Start-up " How to measure profitability, how to come up with a valuation, how to calculate ROI, how to write a business plan and how to get financing for your new venture. You can find this book on most all retailers including Amazon, Apple iTunes, Kobo, Smashwords and Barnes and Noble. For all our foreign listeners, if you are interested in learning about investment category visas and how to get one of those by investing in a gas station business, do check out my new book USA Investment Visa to Green Card, How to Qualify, Apply and Obtain EB-5, E-2 and L-1 Visa . You can find this book exclusively on Amazon for now. Don't forget to sign up for my very important newsletter; you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe Thank you once again for joining me in this episode; I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

1
GSB-48: 8 Everyday Issues We Face as Gas Station Business Owners 43:44

منذ 8 years43:44

43:44

If you are not yet a gas station business owner, then you may want to listen to this episode, as I discuss what is like to be a owner or an operator of a gas station business, what are the daily challenges, and issues we face every day, and if you are already in this business, stay tuned and see if the challenges and issues I talk about matches what you face every day. Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 48. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. The idea for this very episode came from David, he sent me an email asking me to explain the day to day life of a gas station owner, so David here it is.. As a business owner we all get up every morning and hurry over to our business to start our day. Every business comes with its own sets of challenges, similarly gas station business comes with its own as well. today I want to discuss some of these daily issues and challenges and how we can manage them properly so they don't become a big burden on your shoulder. Here are the 8 issues we will discuss today Cash shortage/Overage Error in daily paperwork Merchandising issues Vendor issues Theft - Internal & External Maintenance issues Employee/Schedule issues Various Inspections If you are like me, the very first thing I do when I walk in to a store, I pick the daily close out report to see how much business we did the day before. Then I sit down and go through each shift report to see if there were any issues there. Next I will count money from all shifts and do my sales data entry in my bookkeeping system and balance the cash and the credit. Next, I check on any vendor and merchandising issues. Every store has some degree of theft, I try to analyze and see if there is any other safety measures that can be taken to minimize it. I then check on any issues related to maintenance either outdoor or indoor. Next comes the employee and scheduling issues, again every store has some degree of employee and or scheduling issues that needs to be resolved. Lastly I check on various compliance issues that we may have either from the local health department or from the brand inspectors. Once again a big thanks goes to David as he is the one who came up with this topic, so this episode is fully dedicated to him. If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Lastly, If you are about to buy a gas station for the first time, make sure to read my book " Gas Station Business Smart Start-up " How to measure profitability, how to come up with a valuation, how to calculate ROI, how to write a business plan and how to get financing for your new venture. You can find this book on most all retailers including Amazon, Apple iTunes, Kobo, Smashwords and Barnes and Noble. For all our foreign listeners, if you are interested in learning about investment category visas and how to get one of those by investing in a gas station business, do check out my new book USA Investment Visa to Green Card, How to Qualify, Apply and Obtain EB-5, E-2 and L-1 Visa . You can find this book exclusively on Amazon for now. Don't forget to sign up for my very important newsletter, you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe Thank you once again for joining me in this episode, I will see you in the next one. Cheers!…

Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

1
GSB-47: How to Flip Gas Stations for Profit 48:24

منذ 8 years48:24

48:24

Welcome to Gas station business 101 podcast, I am Shabbir Hossain, and this is episode 47. This is the show where we discuss how to start, run and grow a gas station business successfully and give you an inside look at many real life case studies so you can follow and be successful in this business. Today's' episode is a rather interesting one, and this idea came from Moe. Moe sent me an email about a month ago asking about this very topic as he found an opportunity to take over a store for very little money. I did answer his questions via email but I figured this is a topic that can benefit most of my other listeners. So here it is. As I said, we all know someone who flips home to make a living, and often they make good money doing so. But there is a growing market where people buy and sell gas stations for a big profit. But if you want to do this business there are few very key points you need to measure first and make sure you fulfill all those requirements. It can be a risky business, it can even be a money pit, so you have to be extra careful to do this business. But if you do it right the payout can be huge. 6 Key factors to consider and analyze before deciding to get into this business What type of gas stations are better for flipping Where and how to find them Who can flip gas station capital requirements Manpower requirements Management skill requirement Once you have fulfilled the requirements and bought your first store to flip, your real work begins. Find out the causes of failure of the business. 5 Main Reasons Businesses Fail Mismanagement Lack of competitive pricing and promotion Lack of merchandising Store outlook and maintenance issues Change in demographics or change in regulations Once you know what cause this business to fail, you need to take a comprehensive approach to fixing not only that single issue but all the other factors as well. It will be like opening a new store where you touch and improve on every part of the process. 6 Key Improvement areas Fix any and all maintenance issues Updated fresh outlook on a budget Remerchandise the store Innovative/aggressive marketing and promotion Well trained employees Install a good bookkeeping and store operation procedure Once you successfully implemented each of the above improvement measures, it's time to wait and see the results. On an average, it takes anywhere from 4-6 months for a dying store to come back to life and show growth. In my opinion, a flip from start to finish should take no less than four months and no more than 12 months. Once you see the sales are at a point where the store became profitable, it is time to put it on the market. But don't try to hide the fact as to why you bought this business when buyers ask you why you are selling the business. Once again a big thanks goes to Moe as he is the one who came up with this topic, so this episode is fully dedicated to him. If you have any question, feel free to send me an email at shabbir@gasstationbusiness101.com, or you can post it on my Facebook group page by going to shabbirhossain.net Lastly, If you are about to buy a gas station for the first time, make sure to read my book " Gas Station Business Smart Start-up " How to measure profitability, how to come up with a valuation, how to calculate ROI, how to write a business plan and how to get financing for your new venture. You can find this book on most all retailers including Amazon, Apple iTunes, Kobo, Smashwords and Barnes and Noble. Don't forget to sign up for my very important newsletter, you can simply sign up for it by going to http://gasstationbusiness101.com/subscribe Thank you once again for joining me in this episode, I will see you in the next one. Take care…

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مشابه لـGas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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Gas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business « » GSB-28: Stop Thinking and Start Doing | How to Actually Get Started in Gas Station Business

GSB-28: Stop Thinking and Start Doing | How to Actually Get Started in Gas Station Business

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مشابه لـGas Station Business 101 Podcast - How to Start, Run and Grow a Successful Gas Station Business

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GSB-28: Stop Thinking and Start Doing | How to Actually Get Started in Gas Station Business