Startup How to Guides
Starting an Oil & Gas Exploration & Development Business
These tips are perfect for those of you who hope to start an oil and gas exploration and development business. Make sure you consider this advice before you open up shop.
Wondering how to start an oil and gas exploration and development business? We take you step-by-step from start to success.
Characteristics of a Good Oil & Gas Exploration & Development Company Business Plan
Your oil and gas exploration and development company's business plan should be tailored to your business's unique traits and goals. Yet good business plans universally hit on sound business plan elements:
- Mission Statement – Your description of your oil and gas exploration and development business's reason for existing.
- Goals & Objectives – A list of mile markers on your oil and gas exploration and development business's road to success.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Well in advance of opening an oil and gas exploration and development business within your community, it's a good idea to determine how many competitors you have. Try our link below to generate a list of competitors in your city. Complete the form by entering your city, state and zip code to get a list of oil and gas exploration and development businesses that are close by.
Is the local market large enough to support another oil and gas exploration and development 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
Once you've finished assessing the competion, you really ought to talk to somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. Why would they want to educate a future competitor?
However, a fellow entrepreneur who has started an oil and gas exploration and development business in a location that is not competitive to you will be much more likely to talk with you, after they realize you reside far away from them and won't be stealing their local customers. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
The key question new becomes: how to find an oil and gas exploration and development business manager outside of your area who is willing to talk?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Three Arguments for Buying an Oil & Gas Exploration & Development Business
For years, street-smart entrepreneurs have known that whenever possible, it's more advantageous to buy an existing oil and gas exploration and development business than it is to start one from scratch.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Established Operations & Processes. When you're shopping for an oil and gas exploration and development business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Capital Acquisition. With several years of operations under its belt, a purchased company is much more appealing to lenders and investors interested in avoiding the risk of an unproven startup.
Don't Forget About Franchising As an Option
Recognize that your chances of becoming a successful entrepreneur greatly improve if you purchase a franchise instead of doing it all on your own.
If your goal is to start an oil and gas exploration and development business, a smart move is to determine whether purchasing a franchise might increase your chances of success.
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.
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These additional resources regarding getting started as an entrepreneur may be of interest to you.
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