Came up with my business idea

After much thought I think what I am going to do is start a fuel oil delivery business. I prices out a truck, brand new Frod f-750 all set up witht the tank $80k. I just need to ake a test for a class2 liscence and as far as customers I know many people that would gladly switch to my services. I sat down wrote up a short business plan and I think that by this time next year I could easily have 4 trucks running steady. I may not get rich but I will no longer be working for the man. whatta ya all think?

Interesting, I would say go for it. You should defintely write up more detailed business proposal, and budget outline and criteria. You can't get there if you don't try.

Follow your ideas and dream. Your business plan will be the most important piece of frame work you will need. You will need that in order to go to a bank and ask for financial backing. They WILL ask for it. If you need to hire someone to help you with it, it will be money well spent!
Best of luck to you...

Take your time with your business plan and make sure to account for everything!

Then go for it!

I don't know much about the fuel oil delivery business, but make sure you can answer a question like......why do i want to switch from my current delivery service to your?

and what will you offer that i'm not getting now?

you need to try to find something that will set you apart from the others.

good luck

insurance will be high for that business due to it being hazardous material and flamable, but others have done it and it is still a needed service.

good luck

ok lets look at the questions you have to ask..

1. who are your competitiors, is there even an opening for a small business in that market?

2. have you factored in depreciation costs on your equipment, salaires for your truck future truck drivers, salaries for your other workers, fluctations in the price of the materials youll be delivering, start up advertising costs, future advertising costs, warehouse costs, insurance, liscence costs

3. what lisences do you need to carry materials like that? how much do those lisences cost, or what are the osha requirments for that job?
4. how many years to turn a profit
5. how much does the price of what im delivering flucuate?
6. how are you going to market your service?
7. do you have a detailed business plan to get the loansk? from the bank
8. have you met with an accountant to run the numbers on your business plan?

those are just some of the questions you have to ask yourself. you have to get your idea past a bank..im all for following your dreams, but i think that market is saturated with big name companies already....it might be more headache than its worth bro...why not focus on a niche market....MM

good luck!

I spent all last year trying to start up a new biz so I know how tough this can be. Although I had a great business plan (hired an outside company to help), my financials just weren't strong enough at this time. You never know for sure if a new business venture will be a success but if you are passionate enough, chances are good it will be. Good luck bro....follow your dreams!

one piece of advice.......stay away from lawyers unless you absolutely have to use them. When you do, control the meeting! Tell them you just want legal advice, no business advice. Those assholes will try to pass judgement....do not let anyone tell you you can't! I lost my #1 investor because a lawyer put doubt into his head. Then, charged me $500.

Great input thanks all! Madmax, I guess I will start with the marketing ?. I have worked a deal with a local plumbing and heating co. to partner up with for selling oil. the owner said he gets asked all the time if they sell oil....now he can say yes. I tis a very reputable co so many of the costumers will be had vis that route. Even the big name companies in the area can't keep up with demand. Some of that is due to the extreme cold but I would peg that at only about a 20% increase. A freind of mine on auto delivery (w/ a big name co) owns apartments (36 units). They let 4 of his houses RUN OUT of oil becasue they can't kep up! IMost delivery services mark oil up 100% from purcahse price. I think this is an opprotunity to offer it lower, find an acceptable margin and stay with it. I can almost buy the truck cash so finance and overhead will be minimal. The only liscences required are class 2 with hazmat training. I am actually over qualified on the hazmat training just need to take the class 2 test. I certainly have more research to do but this is a start. I beat my head against the wall for a niche market. all I could come up with (still researching) is designing insatlling eqwuipment for a 'smart house" you know where your house is all automated, call the house to tuen up the heat, turn on a lite etc etc. I have a lot more work to do on that idea though. Anyone out there want me to make their home inot a smart house?

Thanks again for the input, definitly brought up some valid points.