Even with the proliferation of electronic vehicles (EVs) in the European market, gas or filling stations remain a vital part of many countries’ transportation systems. According to the Gasoline Stations Global Market Report, the global gas station market amounted to nearly USD 2.6 trillion in 2023 and is expected to increase up to USD 3.2 trillion by 2027. In the Philippines some 469,000 barrels of petroleum were consumed in the country in 2022 according to data collated by Statista, marking a rise compared to the prior year. The transportation industry predominantly uses oil products manufactured domestically or brought into the country.
It’s no wonder that investing in a gas or petrol station business can be a lucrative endeavor. However, it's crucial to bear in mind that managing such a venture requires continuous effort and a host of duties that go well beyond the initial launch of your establishment
Are you an aspiring gas station owner? If so, you may be interested in knowing what goes into their day-to-day operations. Take note that these daily tasks would vary depending on how much responsibility you are willing to take on and how much you are willing to delegate to your staff or outsource to third parties.
Oversee Your Daily Operations
Unless you have a flawless management team you can fully trust to manage your new business, you would want to be on-site to oversee daily operations—at the very least until the business has hit its stride. Even if you opted for an established gas station franchise with a ready-made standard operating procedure, it still pays to know how your business operates, from top to bottom.
You can start by understanding how to use the equipment used to dispense your products. You can, for example, man the stations just to learn all about how your petroleum products are pumped into vehicles. Next, learn more about your other important, non-petroleum-related equipment, like your credit card swipe machine. Ask yourself if it is the right card terminal for your gas station.
Maya Business, the Philippines’ most innovative financial technology company, offers Maya Terminal Maya Terminal Lite, which are both ATEX-certified digital payments and card machines. ATEX certification is crucial as it guarantees that the device is designed to prevent the ignition of explosive atmospheres, such as those that may be found in gas stations. Moreover, Maya Business’s payment terminal devices are able to accept various forms of payments, including those made via debit and credit cards, QR Ph codes, and digital wallets.
Reinforce Your Customer Service Standards
In high-traffic areas, gas stations have to compete to attract customers. Thankfully, there are a variety of ways to do this—from offering competitive pricing to implementing loyalty programs and other promotional campaigns. But what can really set you apart from the competition is the genuine customer service you can offer. So, make time to interact with your customers, address their needs, and ask for suggestions to improve their gas station experience.
In terms of elevating the customer experience, one way to do this is through efficient payment processing. Using the Maya Terminal or the Maya Terminal Lite, which is more than just a card swipe machine, your gas station can accept today’s most popular types of cashless payments such as credit cards, debit cards, digital wallets, and QR Ph codes, allowing you to be flexible enough to cater to different customer expectations in regard to payments. What’s more, attendants can simply go to the driver’s side and accept their payment using the wireless digital payment credit card machine without the customers needing to get out of their vehicles. Indeed, it’s a more secure and efficient way to pay for gas.
Update Gas Prices
In the ever-fluctuating fuel market, keeping abreast of demand, supply, and pricing fluctuations requires constant vigilance. As a gas station franchise owner, you must regularly update your gas prices to adapt to market trends and competition.
While the fuel price largely depends on the rack or wholesale price, franchisees are often given a profit margin where they can adjust the final retail price as they see fit. This delicate balancing act ensures profitability while retaining customer trust and patronage.
Monitor Your Inventory
From fuel products to convenience store items, effective inventory management is crucial in a gas station franchise business. For hands-on entrepreneurs, daily tasks may involve monitoring stock levels, implementing inventory control measures, and minimizing losses.
A well-managed inventory, facilitated by an efficient inventory management system and innovative point-of-sale devices, not only ensures that customers find what they need but also contributes to the overall financial health of your business.
Implement Marketing Strategies
Standing out in a crowded market requires strategic marketing. You need to make sure that your business is visible to potential customers—online and offline.
For a gas station, some of the most important apps where you have to be visible are Google Maps and Waze. Since motorists use these apps regularly, your gas station needs to appear on these apps so you won’t miss out on potential customers in need of refueling.
In addition, leveraging social media platforms can also be instrumental in capturing the attention of potential customers. Engaging with your audience through creative promotions, special offers, enticing visuals, and informative content can help amplify your gas station's presence and attract both local and passing motorists.
Accomplish Daily Bookkeeping and Accounting Tasks
Behind the scenes, meticulous financial management is a vital part of your gas station's success. For entrepreneurs who intend to manage their business’s daily accounts, tasks may include the management of financial transactions, reconciling sales and expenses, and analyzing profit margins.
In addition, it’s important to implement cost-control measures to ensure the longevity and sustainability of your business. Through the use of efficient tools like modern card payment machines and accounting software, human errors can be minimized in the accounting process.
For the most part, the success of a gas station business hinges on your ability to lead your business. Whether you’re learning how to use your card terminal machine or listening to your customer’s complaint, all of these are part of being a hands-on business owner
So, if you’re thinking about getting into the gas station business, you better do your homework and prepare to put on a multitude of hats. Also make sure to sign up for Maya Business to take advantage of various banking, payment, and disbursement solutions.
You can open a Maya Business Deposit account and designate it as your settlement account. This account provides an outstanding annual interest rate of 2.5%, better than what most commercial banks offer. To put this into perspective, you can earn PHP 25,000 in interest per year on a PHP 1 million deposit. Moreover, you can send funds to your associates and suppliers at no cost through InstaPay and PESONet. Registering also makes you eligible for a collateral-free Maya Flexi Loan offer. This unlocks access to financing of up to PHP 2 million in just 3 months. For a gas station business that’s just starting, it provides an invaluable funding source for the enhancement of this small enterprise.
To unlock even more favorable loan offers, simply make Maya Business your primary processor for all wallet and card transactions. Don't miss out on the advantages of Maya Business solutions!
