Thinking about opening an oil field specialties business? We tell you what you need to know to get started.
(article continues below)
Best Practices: Business Plans for Oil Field Specialties Businesses
In a startup oil field specialties business, there is no substitute for a high quality business plan. The effort you invest in the creation of your plan now will pay off later in lender responsiveness, investor attention and strategic confidence.
Business plans address a wide range of issues, including startup financials. Not surprisingly, lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
Subsequently, a thorough understanding of business plan financial basics is a prerequisite to effective business plan writing for oil field specialties businesses.
Prior to launching an oil field specialties business in your town, it's essential to find out how many competitors you have. Try our link below to get a list of local competitors in your city. Simply enter your city, state and zip code to get a list of oil field specialties businesses in your town.
Is the local market large enough to support another oil field specialties business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
As part of your due diligence on opening an oil field specialties business, be sure to have a conversation with someone who is in the business. If you think owners of nearby oil field specialties businesses will give you advice, think again. It'd be crazy for them to teach you the business.
However, an entrepreneur who owns an oil field specialties business outside of your community may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. In that case, the business owner may be more than happy to discuss the industry with you. If you are persistent, you can find a business mentor who is willing to help you out.
Want the scoop on finding somebody who runs an oil field specialties business who is willing to advise you because you live in different cities?
Here's one way to do it. Just use our link below, find somebody and call them.
Oil Field Specialties Business Acquisitions: Financial Considerations
Startup oil field specialties businesses carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Although there are many benefits to buying an existing oil field specialties business, the financial advantages rank near the top of the list. Many entrepreneurs buy an existing business for the sole purpose of tapping into the financial benefits of an established customer base.
An acquired business also has documented assets and earnings - a big advantage with lenders and investors.
Don't Forget About Franchising As an Option
Your odds of surviving in business increase if you opt for franchising rather than going it alone.
Prior to making the decision to open an oil field specialties business, a smart move is to determine whether purchasing a franchise might simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing oil field specialties business, try these useful resources:
If you sell to oil field specialties businesses, you're in the wrong place. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.