The oil and gas industry is probably one of the richest industries in the world. Despite its rigid regulation, business tycoons and capitalists are willing to defy the risks to get involved in this lucrative venture. Why not? While this industry needs capital and associated with risks, it also means huge profits. What you need is to know how to begin and how to go about it.
Capital, risks and profits. If you had the capital, whether it’s just little, and you have the mind and heart of a true businessman, then the oil and gas industry is the best business domain to venture. Just think about the every-minute value of oil and gas to the world; those are essential commodities to almost all other industries and every household. With that, I see millions ahead of you as an oil and gas merchant.
So, what specific business are you going to try within this industry? Here are the five ideas that you may like to consider running:
Oil Drilling and Exploration
If you would want to earn big-time, then oil and gas drilling is the right opportunity to try. But first, you have to be aware that this business requires an extensive amount of capital. The process of putting up this business is rigorous and long as it involves government permission. Of course, you will need highly qualified and knowledgeable individuals to comprise your technical team, those with expertise on this field. And also, there is the procurement of heavy machineries, like the oil well and drilling equipment, and the like. It’s really arduous but in the end, it is financially very rewarding.
Transit and Logistics
Just make sure that in getting the trucks for this business, you are purchasing it from a reputable transport company. Hauling of oil and other petroleum products from depots to the different areas is a good business with high returns. In this line of business, your establishment should focus on the safe and efficient implementation of schedules, dispatching and distribution of the products. A small manpower should include well-trained and skilled individuals, and are dedicated to their jobs to ensure timely delivery and quality service to your clients. Despite the risks, this venture still proves to be lucrative and sustainable.
Oil & Gas Filling and Refilling Stations
Petroleum products are essential commodities most people depend on almost every day. Before jumping into this business, you need to consider few things. Do your homework, look for the best location and try to make a feasibility study before setting up your station. Setting up a fuel station could be a little time consuming, but when everything is ready, your investment will be rolling and gaining profits. The whole oil and gas industry might be oscillating every now and then, but while vehicles are running and other industries are using fuel and gas, expect to branch out in the next few years.
Offshore Oil Trading
This is one of the most popular business in the oil industry. This will require enough capital and mechanisms. Oil merchants like you will have to make business mostly on country borders where oil shipping tankers are allowed. But just remember that this type of business involves risks but when you know how to make a deal, you will earn big profits.
Consultancy Firm
If you didn’t have the massive capital to venture into those expensive oil and gas businesses but you have an extensive knowledge on the ins and outs of the industry, you may consider putting up a consultancy firm and help rich investors who would like to know how to start an oil and gas business. With your expertise and experiences, your services will be very helpful in determining the right business for them and how they will make it through.
Investing on these ideas would require a huge amount of capital, but once you have decided which of them you are going to venture into, don’t forget to refer to some business experts for guidance and insight. More than that, be prepared to take on the challenges to succeed!
Brandon Peters is an entrepreneur, writer and a travel, gadgets, health, and outdoors enthusiast. He loves sharing his insights, knowledge and experience in different fields. You can follow him through Facebook, Twitter and Google+.