Office Space Expenses

$0

$6,900

Employee & Freelancer Expenses

$151

$352

Business Formation Fees

$5,600

$20,400

Equipment & Supply Expenses

$63

$700

Inventory Expenses

$350

$14,750

Vehicle Expenses

$2

$10,004

Training & Education Expenses

$0

$2,000

Website Costs

$13

$215

Food Business Expenses

$25

$500

Retail Business Expenses

$0

$950

Advertising & Marketing Costs

$75

$2,486

eia

eia.gov

17,617

TOTAL

total.com

37,091

Oil Price Forecast

oil-price.net

169,521

Marathon Oil

marathonoil.com

887,203

Devon Energy

devonenergy.com

912,623

PBF Energy

pbfenergy.com

1,535,535

Murphy Oil Corporation Global Exploration Offshore Onshore

murphyoilcorp.com

1,655,445

Oil-Dri Corporation of America

oildri.com

2,198,267

Atlas Energy

atlasenergy.com

2,206,570

Western States Petroleum Association

wspa.org

2,230,174

Human Being Productions

humanbeingproductions.com

3,215,337

Rewarding work

Starting a oil production business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

Meaningful business connections

You never know who you will meet as a oil production business. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Pick & choose the clients you work with

Oil Production Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!

Unlimited income potential

With starting an oil production business there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you'll make.

Crowded Space

Competition is high when it comes to your oil production business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Longer Sales Process

A oil production business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Low margins

The gross margins for your oil production business are typically around 30%, which can make it more challenging to incur new expenses and maintain profitability.

High employee turnover

In the oil production business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Work can be inconsistent

As a oil production business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.