The gas station industry is one of the fastest-growing in the United States, currently at a growth rate of 12.3% per year on average. Thus, gas stations are a thriving business, but they are also a competitive one, especially when it comes to making money. They require constant work, and going above and beyond is often a must.
If you have a gas station, know that a gas station’s land is highly valuable to business owners. It is estimated that there are over 150,000 gas stations in the US. This gives newbies a chance to get their share of this lucrative market.
However, you will have to prove to be more profitable than the existing gas stations. And the question that arises here is, how can one do so? In this article, you will discover proven tips to make more money with your gas station. Read on.
1. Benefit From a Convenience Store
Saving money while getting great service is a smart idea, and often, this means shopping at gas stations. But, how can you make money with a gas station? very well. It may be hard to believe, but you can make thousands of dollars at a gas station convenience store. The first way is to benefit from the convenience store.
The gas station provides more retail space to attract some traffic for their profit. It is the best choice for you to open a convenience store of your own to earn more money. These convenience stores have many of the same characteristics as supermarkets and grocery stores. They also sell beverages such as coffee, tea, and juice that are not typically seen in grocery stores.
It may be hard for you to imagine this when you look at an ordinary gas station. Nonetheless, these convenience stores are now an incentive to make money with a gas station. As a result, motorists will be more likely to spend more money for a day and more likely to frequent that particular gas station.
SEE: Discover tips to succeed in a restaurant business
2. Have a Car Wash Section
A gas station offers an excellent opportunity to make money by having a car wash at the same location. Many car owners want to keep their cars clean and shiny all the time. A car wash vehicle can be the best way for a gas station to make additional money. You can have your own or get a contract with a car wash company to supply the service at your gas station.
Make sure that the quality of your car wash is up to standard. The quality of the materials used for your car wash should be the best and it should be properly maintained. See to it that the soap dispensers are fully stocked and well placed so that people can still see clearly at night.
Having a car wash is one of the biggest attractions for customers to come in. This would also be a big money-spinner, but at the same time, it would take up a lot of space at your gas station. But if you think about it, this would be a good idea after all. Business gets better the more you advertise. Always remember that what is best for business is best for you too.
3. Offer Car Repair Services to Customers
At a gas station, you can help customers with car maintenance and repair. Most motorists visit gas stations to check the quality of gasoline, oil changes, and car inspections. In this case, you will find many opportunities to build up a lasting trust relationship with customers.
Whether you own a garage or not, you can offer car repair services to customers. Put up a sign that says “Car Repair” and take on all car repair jobs that come your way. Or, if you are sought after by someone for some car maintenance service, why don’t you see if there is a chance for cooperation?
With the right tools, personnel, and knowledge, you can make as much money as possible to meet your financial needs.
4. Run a Used Car Service Where You Charge By the Hour
If you have the space, add a used car service to your gas station. If you are located in a large city with a large population and are in a busy area, this can be a very lucrative business. It is true that locations with high traffic, such as near the airport, are often more profitable. However, if you are looking to get started on a budget, don’t worry too much about location.
With proper management and strategic marketing, you’ll be able to make money fast. You will be able to charge by the hour. Chances are travelers will stop by your gas station at some point throughout their travels. Create a car rental service in which customers can rent out their cars on a daily or hourly basis.
For example, someone who is spending the weekend in town may be interested in renting a car, but not one for an entire week. Make sure you contact the local government to make sure that this is legal in your area. Also, make sure you have great customer service with clean cars, professional chauffeurs, and a system that is easy for the customers to navigate.
SEE: Here’s how you can make money with a car rental business
5. Tie-Up with Large Retailers And Auto Dealers
You can make money with your very own gas station, but there will be times when you need extra money. To have more extra money, you may have to enter into a contract or partnership with a large retailer or auto dealer near your gas station.
Many gas station owners do not realize how important it is to be tied up with major retailers. If you team up with big stores and auto dealers, you’re likely to get customers who need gas to drive their cars or fill up their RVs, ATVs, and boats.
They may also need a place to stop to pick up a few items or grab a bite. They may even have time to spare and choose to use the washroom or grab a bite inside your convenience store while they fill up. The key is to make it so convenient for them to do business with you that they cannot resist.
6. Sell Lottery Tickets
Lottery tickets can be a great way to make some extra money at your gas station. Customers that buy lottery tickets tend to spend relatively more on other products than non-lotto buyers, often making multiple trips back to your store after checking their ticket.
If your gas station is in a populated area, get a lottery machine. These days, you can’t swing a dead cat without hitting a lottery ticket dispenser. The machines make it easy for people to buy lottery tickets without waiting for the attendant or clerk to come back from a smoke break.
7. Sell Kid’s Stuff At Your Gas Station
As a gas station owner, you have an advantage over the competition. A gas station with an attached store can sell any kid-related products that are extra to children when parents are buying fuel for their cars. By selling kids’ stuff at your gas station, you can offer services and products that other gas stations would not have.
One of the best ways to make money with a gas station is to offer kid’s products, food, and toys. While most gas stations have candy, chips, and fountain drinks, you can increase your earnings by providing more items and services. Items like school supplies, writing instruments, crayons, and small toys fit the bill.
Seeing the child’s face light up when he or she takes something from your station home will make all your hard work worthwhile. Another option would be to sell board games or cards at your station, allowing parents to conveniently access them while on the road. Just remember to price them comparably to the grocery stores in your area for maximum profit.
8. Have Customers Participate In Reward Programs
Gas station rewards programs are increasingly becoming more popular among customers. A rewards program can do wonders for customer loyalty, as well as help you retain customers and potentially even attract new ones. So how can you create your gas station rewards program? One of the easiest ways to give them a discount.
As a part of reward programs, customers are required to register or use their credit/debit card to complete a transaction. Their fuel savings are immediately activated without any special coupons. Rewards add up quickly and most customers will take advantage of an incentive.
Rewards programs are a great way to keep customers coming back to fill up at your gas station. Thanks to loyalty and recognition, gas stations with reward programs usually see an increase in sales and repeat business from their frequent customers. Offering rewards for purchases will encourage customers to return frequently to your business.
SEE: Compare cashback and rewards programs
9. Hire Out Parking Spaces
Your parking lot is underutilized, you’re busy with your job and haven’t got the time to run a proper car wash. What if I told you that there’s a way to make money without much of an investment and without having to hire anyone?
As I mentioned earlier, a gas station’s land is highly valuable to business owners. Parking spaces can make a great deal of money for your gas station if you lease them out to clients. The service helps drivers who have gotten delayed on their way and need to park near the gas station or a vehicle having mechanical problems.
You can charge an extra $20-$30 per space, then generate the income in just one day. You can earn thousands of dollars monthly without any hassle. It becomes a great traffic booster for your business. So, you can make more money by increasing its customer list.
SEE: Discover tips to make money renting out your space
10. Sell advertising space
As gas stations can be open 24/7 and tend to be in high-traffic areas, they are an ideal place for an advertiser. If you own or manage a gas station, why not sell advertising space on the walls. You can earn some extra cash this way, or advertise your other products.
Here is an example of how an owner can start selling advertising space at their gas station. Build an outdoor billboard (banner or sign) in your gas station and target local businesses to make an ad campaign. You can sell the ad space for X dollars per month, or sell a yearly package. It is a great way to make some money while covering expenses.
The main thing to know is that most people do not know you can sell space for your gas station, and the list goes on from there. So it may be worth a little research to discover how you can take advantage of this and other opportunities in today’s business world.
SEE: Explore tips to make money with an advertising agency
How Much Money Can You Make with a Gas Station?
If you have a gas station, you can make anything over $60,000 per year. However, the average annual salary of gas station owners can vary widely depending on which part of the country you’re in. Based on my research, you get a lot of people stopping if you position yourself right.
FAQs
Is it profitable to own a gas station?
Yes, you can make a good amount of money by owning and operating a gas station. The profit depends on two things: how much you can buy fuel and how many cars you are able to pump out per hour. In addition, several factors affect your gas station’s earning potential, including its location, its demand in the area, the competition nearby, and more.
How long does it take to make money with a gas station?
The time to make money depends on many factors including the type of gas station and your methods. For most single pump gas stations it takes a year or two to be profitable. For larger gas stations that have multiple pumps, it can take up to one year to be profitable.
Final Thoughts
It’s very clear how the gas station business can be a huge moneymaker. The world has a seemingly endless demand for gasoline and other petroleum products. Hence, it’s only natural that these stations will continue to thrive.
Besides, the fuel industry will likely stay competitive as new stations are added and others are shuttered due to changing market conditions. As long as people drive cars and trucks, gas stations will always be around. Use this tip to maximize your gas station income.
For more money ideas, check out small business ideas you can start with a little budget. You can also explore Tosinajy if you would like to learn ways to make money both online and offline.
Thanks for reading.
