This course is designed to teach you the basics of running a profitable oilfield service business. It’s meant for any business owner ready to transition from an independent contractor to a small business owner. This course takes you step-by-step through setting up a business and operating it profitably.
What do you want to be when you grow up? Most people choose to become doctors, lawyers, or bankers. But what if you could build a successful oil field service company instead? The oil industry is a tough market to enter. It’s very expensive to set up shop.
There’s a lot of competition, and it takes a lot of money to get started. But that doesn’t mean you can’t begin a successful oil field service company! You can get started on your oil field services business by using a few strategic marketing moves.
We will share what we have learned as we grow our oil field service company. We want to share with you some of the things that made us successful and some that didn’t work for us. Some of these lessons may surprise you, and others may give you some ideas on how to grow your business as well.
What is an oil field service company?
Cleaning tanks, wellheads, and other equipment
Filling and refilling oil wells
Repairing oil field equipment
Providing technical support
Fixing any problems a client may have
The oil field service industry is worth billions of dollars annually, growing tremendously. You can see that an oil field service company is a one-stop shop. They can handle a wide variety of tasks, so there’s plenty of room for growth.
How to choose a name for your company
Countless companies have failed to grow because they chose the wrong name for their company. If you’re starting a new business, you should spend the time to find a name that’s memorable, unique, and not trademarked by someone else.
While you may be tempted to pick a name similar to an existing brand, don’t choose something too close. If your company name is identical to an existing brand, you’ll have to pay royalties and legal fees to use that name.
How to build a successful service business?
Oil field service companies are growing by leaps and bounds. It’s a great idea to start your own company, but it’s not as simple as opening a storefront and hiring employees.
Thousands of factors go into building a successful oil field service company.
To name a few:
• Marketing: You must develop a marketing strategy that attracts potential clients.
• Sales: You must find a way to sell to those clients.
• Employees: You need to hire the right people and train them.
You need to know how to work in a team. You need to develop a strong business plan and a budget. You need to have a way to measure your success. It would help if you also had the knowledge, skills, and tools necessary to perform the job well. That’s why building a strong foundation is important before starting your oil field services business.
Start an oil field services company?
Oil field services companies provide equipment, services, and labor to drillers, producers, and refiners. Several types of oil field services companies range from specialty companies like oilfield suppliers and pipefitters to traditional ones like transportation companies and contractors.
Starting an oil field services company is a great way to create a business with an extremely low cost of entry. And since there are so many different types of oil field services, it can also be an excellent way to diversify your income.
How to market your oil field services company
You’ll need to think like a startup to get your oil field services business off the ground. That means looking for new opportunities, testing new ideas, and finding ways to test your assumptions. I launched this oil field services company a few years ago, and it’s still strong. Why? Because I’ve always been willing to try new things.
If something doesn’t work, I won’t be afraid to change it. The same thing is true of your oil field services company. You’ll want to find innovative ways to advertise, expand your customer base, and improve your SEO.
Frequently Asked Questions Oil Field Service
Q: What is the biggest misconception about oil field services?
A: Many companies focus on the service piece, not the equipment. Equipment can be very expensive, but without it, the oilfield services company won’t make any money.
Q: How can you turn an oilfield services company into a successful business?
A: You need to make sure that you focus on service first. Make sure you have a good product, but that the customer is always right, and you’re not going to put up with anything less than top-notch service.
Q: What’s the best thing about being an oilfield services company?
A: When I go into the field, and the equipment is working properly, and everyone’s happy, that’s the best feeling in the world.
Top 3 Myths About Oil Field Service
1. You can’t start an oil field service business unless you have a degree.
2. You need to invest heavily in education.
3. It takes years to build an oil field service company.
I built an oil field service company with little to no initial startup cost. I didn’t even have to start a business. I used an existing business and turned it into a successful enterprise. When I began my oil field services business in 2008, I had no experience. But by applying my skills and knowledge, I learned how to manage a company that was growing exponentially. After two years of working hard and focusing on improving my business, I had grown it into one of the largest oilfield services companies in the country.