Oil and Gas Business Plan
OilGasArticles features up-to-date, searchable oil and natural gas industry articles, online oil and gas publication service, and a full-text article database covering all areas of the oil and gas industry.View all articles by OilGasArticles Editor
Because it provides specific and organized information about your Oil and gas related company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.
The importance of a comprehensive, thoughtful business plan for a oil company cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.
Despite the critical importance of a business plan, many oil and gas industry entrepreneurs drag their feet when it comes to preparing a written document. They argue that their marketplace changes too fast for a oil and gas business plan to be useful or that they just don't have enough time. But just as a builder won't begin construction without a blueprint, eager business owners shouldn't rush into new ventures without a business plan.
Before you begin writing your business plan, consider four core questions:
- What oil and gas service or product does your business provide and what needs does it fill?
- Who are the potential customers for your oil and gas product or service and why will they purchase it from you?
- How will you reach your potential customers?
- Where will you get the financial resources to start your business?