The oil industry generates billions in profit every single year. Starting a drilling company is out of the question for most people because of the level of investment required.
Even so, it’s still possible to make a living from the marketplace without becoming involved in extraction. The concepts on this page are perfect for people who want to start a small business next year.
You don’t have to replicate our ideas, but the other firms completing these processes are making a killing. That means you should research each niche thoroughly before making your final decision.
Do that properly, and you could be onto something big.
Design and sell essential equipment
Oil companies spend millions on the latest equipment every year. They have to make sure that all workers are kept safe, and production continues. Maybe you could design a new type of metering station that solves common issues?
Perhaps you could develop a new drilling tool that increases productivity?
Either way you are sure to attract a lot of attention from the right people. With a bit of luck, that will lead to your company making a healthy profit from day one.
Just make sure you understand the ins and outs of the industry before starting work. There are a lot of regulations in place that govern how tools are constructed. You need to bear them in mind during the design stage.
Start a specialist insurance company
The biggest names in the oil industry pay an astonishing amount for insurance cover. They have to do that because the processes undertaken by their workers are exceptionally dangerous. So, covering financial risks is paramount.
Starting an insurance company that provides custom policies to oil and gas firms is a great idea. Your work will involve taking a look at their operation and then designing the most suitable policy.
There is no limit to the amount you can charge, and most firms are willing to pay through the nose. Just remember you are going to need a lot of cash in the bank to cover any claims.
Build a health and safety brand
Health and safety measures are vital for all successful oil companies. Some choose to appoint in-house officials to perform assessments and help their employees. However, most company bosses know that outsourcing the job will provide better results.
With that in mind, launching a new health and safety brand could be perfect. Your employees will spend their time traveling around the world to meet with drilling companies.
They will then take a look at their operation and design a report that explains all the risks. They will also offer advice one the best ways to limit the chances of employee injuries.
Your work could save lives, and that is often satisfying.
Now you know how to make money from the oil industry, you should be ready to start your small business. Remember that high street banks are more inclined to lend cash these days. So, you just need a decent business plan the bank manager can’t ignore.
Anyone who needs help with that should look for templates online. You could also pay a professional to handle the hard work on your behalf.
When all’s said and done, the oil industry is one of the most profitable in the world. That means there’s plenty of money for people like you. It’s all about selecting the right concept to match your talents.