Service Station Business
V27 June 2010
Welcome to the Department of Employment, Economic Development and Innovation’s Service Station Business Information Package. Starting a business is a complex matter. There are many facets to small business that may not be obvious to you initially. This package has been designed for people who are considering starting or buying a Service Station Business. It has been designed to assist you through the decision-making process which means that you will get the best start for your new business.
What does this package cover?
It will give you an indication of how long it may take to establish your business and how much it may cost. However, it is important to understand that time and costs vary according to the complexity of your business. This package has been divided into five key sections to assist you in the decision-making process.
Can your idea work?
7 Steps to Business Success Plan to Succeed
Industry and market information
Know your market Know your competition
Staffing your business
Your premises Your business structure Employing staff Operating Requirements specific to your industry
Key contacts and locations
See section 5.
1.0 Can your idea work?
7 Steps to Business Success
Starting your own business is a rewarding and challenging career option. However, be mindful that many (50-80 per cent) new businesses fail in their first three years of operation because of poor planning and management. The 7 Steps to Business Success guide can help you assess whether your business will be a success. Listed below is an overview of the 7 Steps to Business Success. You can access the complete version online at www.business.qld.gov.au/7steps. Alternatively, you might like to answer a number of simple questions and receive feedback on your 'business readiness' by using the Business Readiness Diagnostic online at www.business.qld.gov.au/businessreadiness 1. Consider your suitability: Start a business where you already have industry or management experience. Studies show that those starting a completely new venture have a higher risk of failure. If you are starting a new venture, ensure that you are continually learning new skills and researching your industry. 2. Consider your idea: Assess the merit of your business idea and determine whether people will be willing to pay money for your product or service. 3. Consider your market: Develop a way of consistently reaching your customers, because you require customers in order to survive. You might also find a lot of marketing is needed to help establish a name for yourself. 4. Consider your competition: Look into what your competition are doing because you need to create a competitive advantage to succeed. 5. Consider the environment: Try to keep in touch with what is happening in your industry, the general trends and the overall economic situation so you can take into account factors that might affect you success. 6. Consider your finances: Keep accurate and up to date financial records and manage your cash flow. A close eye on performance means you can address problems straight away rather than leaving it too late. 7. Consider your start-up: Make sure you have enough money to cover your start-up. Many people budget optimistically and then, when in trouble, they find the banks are unwilling to lend money because of the risk involved.
Plan to succeed
After you complete the 7 Steps to Business Success or the online Business readiness diagnostic it is a good idea to complete a business plan as it can increase your chance of obtaining finance as well as the profit and value of your business. Visit www.business.qld.gov.au/resourcecentre to purchase an Easy Plan business planning template.
2.0 Industry and market information - The service station industry* It is...