Are you thinking about expanding your company to become an oilfield supplier? We have a guide for you!
From start to success, Energy Job Shop will walk you through the steps to get up and running.
Why Should You Become an Oilfield Supplier?
Oilfield businesses have one focus in mind: To keep their production operating at full capacity and keep downtime to a minimum.
In order to do this, they rely on supply businesses to keep them well-stocked so they can continue their operations.
If you can establish a solid oilfield supply business, there are many oilfield companies out there that require supplies from safety equipment to parts and more!
There’s a potential here to build a solid client base and create a successful and lucrative company.
But what are the steps to getting this done? Let’s take a look:
Create a Business Plan
The first step in beginning any small business is to create a business plan. A business plan is an outline that will ensure that you have all your bases covered when it comes to becoming an oilfield supplier.
Thankfully, there’s no right or wrong way to write a business plan! Just make sure the plan you create meets your needs.
Here are some things you should include in your business plan:
- Executive Summary: This section describes your company and how it will be successful. This includes your mission statement, products, and a basic explanation of your team.
- Company Description: Your company description provides more details about your company, including what problems your company will solve and its advantages.
- Market Analysis: Research your competitors and see what their strengths are. How are they successful? Why does their strategy work? How can you do it better?
- Product Line: Describe what you will be selling and how it will benefit your customers.
- Marketing Strategy:How will you attract and retain customers? Also, describe how you will sell your products.
- Cost Structure and Revenue Streams: Detail how you will fund the business and how your company will earn money.
Check Out the Competitors
Before you launch your oilfield supply company, it’s important to see what competitors in your area are doing.
This will give you an idea of how to market your business in a unique way that stands out from the rest!
You should also reach out to those already in the business - just in other areas. As long as you are not in direct competition with a company, they may give you valuable advice to help you get started.
Your Product Line
Of course, it’s important to consider what types of products you plan on selling!
You can sell a wide range of oilfield products and equipment or focus on particular items such as safety gear or accessories.
For example, if you plan on supplying hard hats, the oilfield can be a great industry to work with.
Here are some other product ideas:
- Pump parts
- Gaskets and gauges
- Truck parts
- Pipes and fittings
And don’t forget that the oilfields also need windsocks!
Marketing Your Business
Your marketing strategy is key to building a successful business that stands out from the competition.
Here are some ways you can best expose your business and gain business:
The internet is possibly the best way that you can market your business. You can let the world know about your business and your products by using a well-designed website, newsletters, videos, and articles.
Don’t forget to leverage social media platforms such as Facebook and LinkedIn to expose your business to potential prospects.
Networking involves connecting with industry colleagues through industry associations or by attending industry events.
Networking with others in the oilfield industry can help open the doors to meeting new clients!
Not all business has to be conducted online! You can market your oilfield supply business by attending tradeshows in your area.
Rent a table and showcase your business using fresh and creative marketing materials, such as branded brochures and videos.
Starting your own oilfield supply business can be challenging and exhausting. If you are truly passionate about pursuing this avenue, you can also consider purchasing a franchise.
You can buy an existing oilfield supply business and make it your own! If you already own an oilfield company, you can easily integrate an existing business into the one you have established.
Plus, commercial lenders are more likely to fund an acquisition versus a startup, so securing capital for this new venture should be easy!
Energy Job Shop - Helping You Get Started!
Whether you are looking to start your own business or get your foot in the door, our extensive database of oilfield jobs is right at your fingertips!
Check out the links below for more information:
And don’t forget to sign up for our newsletter for all the latest industry news and hot job leads.