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Baker20
03-29-2015, 01:18 PM
Hello,
I am wanting to start investing my money when I turn 18, I am 17 right now and I am thinking of ways on how I can purchase a gas station to run. My questions are when I apply for a loan can I use a personal loan from wells fargo or a federal credit union? Or does It have to be a SBA 7a loan? Also, when I am purchasing a new gas station can I use there previous business plan for the loan?
Thanks!

Owen
03-30-2015, 08:33 PM
Hello,
I am wanting to start investing my money when I turn 18, I am 17 right now and I am thinking of ways on how I can purchase a gas station to run. My questions are when I apply for a loan can I use a personal loan from wells fargo or a federal credit union? Or does It have to be a SBA 7a loan? Also, when I am purchasing a new gas station can I use there previous business plan for the loan?
Thanks!

Don't just start owning a gas station. Go work at one, but don't do the low stuff, go for the more corporate side of it. Once you feel comfortable, start you own.

2for1Creditlines
04-23-2015, 03:12 PM
Don't just start owning a gas station. Go work at one, but don't do the low stuff, go for the more corporate side of it. Once you feel comfortable, start you own.



Totally agree with this quote. You're young and full of energy (I assume), since you're going after a large endeavor such as owning your own business at a time when other guys your age are still getting over
pimple explosions. The issues are; how will you intelligently articulate to a bank or investor how they will get their money back if you have no previous experience ever doing so with a business.
By working at the station, you will be able to pick up that experience, learn what the challenges are and find creative ways to develop solutions. You'll also be able to do it without risking your own money (or credit reputation).

You will also learn if this is a business you even want to be a part of, day in, day out. It also gives a better story to the lender; you started from the bottom and worked your way up to owner, and a local community lender helped you to achieve this. This makes them look better as well because you become a testimonial and a success story for why others should do business with them.





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bgallegos
06-03-2015, 12:45 PM
All of the above is true regarding the importance of gaining experience in the business.

However, if you find at age 18 that you are still in need of a loan, why not go with an SBA loan if you qualify? The rates are great though the process may be a bit slower. SmartBizLoans even offers SBA loans with expedited online applications.

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GSB101
05-27-2016, 12:42 AM
I am late to the game, but here is my take. At 18 thinking about buying a gas station business is truly a commendable idea, but I have to agree, yes you do need to work at one first to see if you like the business first.
But another problem you may encounter is your age. Most gas stations sell beer and tobacco, so in most states you have to be 21 to even work there. Not to mention when you are buying a gas station you would have to apply for a liquor license which again would require you to be 21.

As for a loan for a gas station is not easy and simple process. Going the SBA route is harder because they require tons of paperwork but you still have to go through a bank or a commercial lender who then would submit to SBA on your behalf. If any of you need to know what documents you need to apply for a Gas Station Business loan, you can read my blog or listen to my podcast episode 5 and 19 at gasstationbusiness101.com.

As for Business plan, remember this is one piece of document that can make or break your chances to obtain that loan, so be careful when you prepare this document. Don't just use a store bought format or have someone lese write one who has very little idea about Gas Station business. You need to show a clear understanding of the business, good management skill and show some current Vs. projected P&L where you show attainable growth of your business, then explain how you plan to get there. But remember it all has to be realistic. For more on this you can listen to episode 25 where I discussed all aspects of Gas Station Business Plan.

You can also PM me if you need any help.

Cheers!

lindseyt
09-05-2019, 02:19 PM
If you're looking to buy a gas station and unsure where to look check out this informative article about the dos and don'ts!
https://thebizex.com/blog/find-a-profitable-gas-station-for-sale/

beetee
09-06-2019, 09:09 AM
There are alot of moving parts ie the store, the gas, the alcohol, etc. We talk to the principal to assess if we can provide equity partner - that starts at 12M. Most gas stations/stores don't price that high. Also lots of employee turnover :eek:

We have lower amounts to fund especially with good ROI. Every acquisition is different of course.

SkyWriting
11-15-2019, 06:31 AM
Don't just start owning a gas station. Go work at one, but don't do the low stuff, go for the more corporate side of it. Once you feel comfortable, start you own.

Very good advice. Perhaps he has worked at one?

SkyWriting
11-15-2019, 06:35 AM
Consider a 4 unit apartment that pays all your rent while you improve it as a good investment.

journalist55
02-03-2022, 04:42 PM
Hi, I just wanted to say I think it's awesome that you already have a vision and a future plan for your own business at such a young age!