5 Expert Tips for Buying a Gas Station in Oklahoma City

The gas station industry, consisting of everything from gasoline to attached convenience stores and car washes, is an ever-growing market. Despite electric vehicles and hybrid options, the demand for gasoline in the U.S. remains high and continues to support the 419 billion dollar industry. If you’re considering opening a business of your own, Sunbelt Business Brokers of Oklahoma City offers step-by-step guidance through the process of buying a gas station in Oklahoma City.

Your Guide to Buying a Gas Station in Oklahoma City

Buying a gas station in Oklahoma City could be the perfect business opportunity for you! To help you along the buying process, utilize these essential tips.

1. Decide if you want to buy a franchised gas station or an independent gas station.

Before purchasing a gas station, determine if you want to operate an independent gas station or join an existing franchise. If you’re new to the industry and are unfamiliar with the business, buying into an existing franchise will ensure proper training and support upfront.

On the contrary, running an independent gas station gives you control over how it’s operated. You have the freedom to choose branding, prices, specials, and more. Which ever option you choose to pursue, both privately owned and franchised gas stations provide plenty of opportunities and benefits.

2. Learn why the current owner is selling.

Ask the owner why he or she is selling to help you determine how the gas station is doing financially. If the owner tells you they’re selling the gas station because they’re retiring, wanting to pursue a new opportunity, experiencing burnout, or due to an illness, you likely don’t need to worry about the financial state of the business. If the current owner hints that they’re selling because of financial reasons, be sure to do additional research to ensure you’ll make a profitable investment.

3. Consider the competition.

Not only should you research into the business for sale, but you should also look around at other the gas stations in Oklahoma City to see who your potential competitors are. Determine if the gas station is in high demand where it’s located, and determine what you can offer that the competition doesn’t. For additional appeal, consider adding a convenience store to the gas station to serve more of the community and drive more traffic.

4. Determine the gas station’s current reputation.

After considering the gas station’s competition, determine the business’ current reputation. Do customers think positively of the gas station for sale? If so, look at the current marketing strategy and determine how you can replicate it if you decide to purchase the gas station. If the existing business has a negative reputation, brainstorm how you can improve the business to change customers’ attitudes and better ensure success.

5. Consider the asking price.

If you’ve decided buying a gas station in Oklahoma City is the right opportunity for you, ask the current owner how he or she arrived at the listing price. Having a professional valuation done to determine a listing price most likely means there’s little room for negotiation. However, if the current owner came to the asking price on their own, it’s likely the asking price is higher than what the business is truly worth.

If buying a gas station in Oklahoma City is your next business venture, start by browsing Sunbelt Business Brokers of Oklahoma City’s listings. Our expert intermediaries are here to guide you through every step of the buying process and prepare you for a smooth transition to business ownership. To get started, contact Sunbelt Business Brokers of Oklahoma City today!