Venturing into self-employment is every man’s dream. Becoming your boss gives you a feeling of self-worth and accomplishment.
So, if you desire a piece of the pie in the oil industry, you need to know of its high investment returns, if the current crude oil prices are anything to go by.
If you plan on starting your own company, you should know that the initial capital is no mean feat. As with other businesses, your oil company may fail to launch. So, it would be best if you did in-depth research before taking the plunge.
Go Into Oil Exploration and Production
Oil exploration involves research and analysis in mapping out potential sites with petroleum deposits.
Once you establish initial interest, you need to lease the site before you begin drilling.
Drilling requires specialised equipment that you can easily find from a reputable company like adam drillers. With the machinery in place, you can start exploring the site and produce the oil in sufficient quantities.
Go Into Filling Stations Business
The filling station business is highly profitable, especially if located strategically in high vehicular traffic locations.
This business requires less initial investment than oil exploration and production. Startup requirements are also not as complex.
You will, however, need to obtain business licenses and permits from the appropriate authority before building a filling station.
Go Into Oil Products Haulage Business
Another thriving and profitable way to venture into the oil business is to start your oil products haulage company.
An oil haulage company purchases oil from production companies and supplies it to the filling stations.
This business is demanding in terms of initial capital investment. In addition, you will need fleets of oil tankers and drivers with valid driving licenses, as well as the business licenses and permits required.
Start an Oil servicing Company
This business is lucrative and highly profitable. Your job is to offer servicing and maintenance to other oil companies.
The job requires engineering skills and is demanding in terms of human resources and initial investment.
Good marketing is essential for the business to get huge returns on investment.
Start a Private Refinery
You can start your private refinery if it’s legal where you reside. However, you will require the necessary licenses and permits.
Although it is capital intensive, a private refinery is highly profitable. Once you obtain the required licenses, you can begin operations.
Go Into Crude Oil Shipping Business
This business is highly thriving and profitable. Your area of operation will be in the transportation of crude oil from oil fields to refineries.
You will need to obtain specific business licenses and permits from the relevant authority to lift crude oil.
Oil Spillage Cleaning Company
In countries where oil drilling happens in the deep sea, there is a high risk of oil spillages, fostering the need for the services of a professional oil spillage cleaner.
Establishing yourself as an authority and observing professionalism in oil spillage cleaning will ensure big businesses keep coming your way.
Conclusion
It is highly unlikely to make losses in the oil business except in hazardous events like hurricanes or fires. However, in-depth research shows you potential hazards and gives an analysis of their impact on your business.
And because of the high investment required, it is prudent to invest in research before starting your company.
