Starting an Oil and Gas Business
If you are starting your own oil and gas business, you should be aware of the huge cost it involves. You need to be aware that an oil and gas business is more complicated than other types of businesses to funding can take time.
The procedure is not that straightforward since this type of business has many inherent risks.
Funding Oil and Gas Business
Entrepreneurs tend to have second thoughts about starting an oil and gas business because of the huge cost it involves. But you see, as long as you know where to look, you can find the needed funds. You need to be aware that an oil and gas business is more complicated than other types of businesses, funding can take time. Not all drilling programs are successful and most investors fail while on the exploration stage. Producing oil and gas is serious business so you need to invest a lot of time, effort, and money.
Venture capital is widely available especially for new companies who want to explore the world of oil and gas. You can also opt for equity finance by issuing shares. Another option would be flotation on AIM or alternative investment market. Through AIM, you can gain publicity by allowing options for the acquisitions. You can try sharing drilling risks and profits with other drilling contractors. These are the various options for you when it comes to funding. With a carefully designed business plan, funding will be a lot easier.
Getting License, Equipment, Hiring Employees, Etc.
Like other businesses, you need to apply for a business license. Before doing so, make sure that you decide on the business structure and the name of the business. Submit the necessary papers and pay the fee for the business license. Now, it may take some time before the license is released so after working on the business plan, you should already apply for the business license. Find an ideal location for the oil and gas business. Check with the local zoning ordinances to find the right location. It would also be a great idea to have a mini store where you can sell essential items needed by travelers.
Purchase the necessary equipments and other materials for the oil and gas business. Hire competent employees by following a pre-determined qualifications guideline. Provide them with a decent salary. After that, you will now have to concentrate the oil and gas programs. Determine the pricing and the right advertising methods to use. You can also place a banner in your place of business to attract passersby. Send out flyers or leaflets about the grand opening. You can also provide business cards to potential clients. Tell your relatives and friends about the grand opening so that they will be able to tell others about it.
27 Comments
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- Please I need an advice I have an existing company but with different aims now I want to diversify into oil and gas how can you be of help please.thanks
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- hi i want to start Lube Oil Business
- I actually want to go into oil and gas business. Please i need your advice. i intend to have it in Asaba, Delta state, Thanks, George
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