The BP brand is known in the United States, the United Kingdom, Germany and in South Africa. It is primarily an energy company that has businesses in fuel retail marketing, automotive lubricant retailing and operation of convenience stores along with fueling stations. BP was originally British Petroleum, and eventually evolved into a big company with different brands. BP offers franchising opportunities in the areas it operates in, and if you are interested to learn more about how to open a BP franchise, take a look at the following information:
- Get to know the BP Company. Read the information on their website and find out the businesses that BP is in. It is good to have confidence in a company first before partnering with them since you will be investing a serious amount of money, so do your background research. If you have a finance and business background, then reading their annual report will help you assess the stability of the company.
- Find out whether BP operates in your area. It is best to open a franchise close to home, so inquire from BP whether they operate in your state. Their franchising opportunity website provides the different website addresses where you can get details on what type of franchising opportunities are available in your area. Also find out whether there do exist BP ampm, ARCO ampm, BP Connect with Wild Bean Café, Aral with Petit Bistro or BP Express in your town. If there is one, you might want to consider putting up your BP franchise in another area.
- Do your own market research and feasibility study. Aside from knowing whether there are existing BP franchises in your area, also get to know people who already own a BP franchise. Since they are not direct competitors, you will be able to ask about their experiences and challenges while starting their BP franchise. It is best to ask these folks since they have been there, and they will be most helpful about details you cannot find in the websites like what permits to file for, and other administrative tasks. Also inquire with the appropriate BP personnel about the requirements and the rate of return on investment, so you can assess whether the BP franchise will be worth it for you.
- Find out whether you are capable of financing the BP franchise. Once you find out the amount of investment and working capital needed, assess your finances and savings. If you need the services of a banker or accountant, then hire one. Basically, you need to know whether you have enough cash to buy a franchise, and if you do not have the cash on hand, then look at other options such as taking a business loan from a bank. Talk to several banks and lending institutions before filing for a loan, and compare interest rates to make sure you choose the one that is most beneficial for you.
- Work closely with BP to make your franchise business work. BP provides trainings (which is what you pay for in getting a franchise) which you should take advantage of. Learn how to do the BP franchise business, work hand in hand with the BP Company and make the business work for you.