More banks or gas stations in your city?

[greedy4chips]

I live in a community where banks far outnumber gas stations and the banks keep coming while the gas stations seem to be holding steady for 3 years now. Gas stations in my state have a 9% minimum markup law which is currently about 25 cents per gallon.

My father in law owns a gas station and it is the busiest one by far in his little town, on a state highway (2 lane). Anyhow he suggests opening one if we can find a good location. He does 1.5 million gallons per year at his station or $375,000 profit in gas alone.

So if you had the means would you open a bank or gas station?

[Ima saver]

Re: More banks or gas stations in your city?

A gas station!! We have more gas stations here than banks. When I moved here, we only had one bank, now we have 4.

[CJsoccerchic]

Re: More banks or gas stations in your city?

gas station!! How would one go about opening one?

[ruthie]

Re: More banks or gas stations in your city?

Tons more Banks here than gas stations, for sure.

I think that if I had to open one or the other, it would certainly be a gas station (biodiesel? : ). A bank seems like it would be much more complicated to operate.

[disneysteve]

Re: More banks or gas stations in your city?

Probably more gas stations. It isn't unusual to find an intersection with a gas station on each of the 4 corners. But there are definitely far more banks than there used to be. Commerce puts up their cookie cutter branches anywhere there is an open piece of land, and several other banks are doing a pretty good job themselves. I don't know how they possibly have enough customers for all of them to justify their existence, but it seems to work.

[PrincessPerky]

Re: More banks or gas stations in your city?

I would open a bank, but thats cause the smell of gas makes me sick..profit wise I think since you know a dude in the buisness with lots of tips and such, I would go for the gas station.

[pearlieq]

Re: More banks or gas stations in your city?

We have a lot of both, but gas stations outnumber banks probably at a rate of 3 or 4 to 1. Nearly every corner has at least 2 gas stations.

[sweeps]

Re: More banks or gas stations in your city?

Answer (c): A church. Speak eloquently and convincingly a couple times a week, and bam, tax-free income.

[rob62521]

Re: More banks or gas stations in your city?

Actually, it's kind of nip and tuck with banks and gas stations and yes, even churches where I live. We had a few gas stations go out of business in the past couple of years. I guess when I say we have about the same number of banks, we have many branches of some of the same banks, just like we have four BP's, and three Huck's. But, overall, I think it equals out so I would same about the same for both.

[fultron]

Re: More banks or gas stations in your city?

There are a lot of banks popping up these days. I drive about 15 miles to work and I pass 6 Commerce banks alone. All are less than 2 or 3 years old.

[gotalkmoney]

Re: More banks or gas stations in your city?

I've noticed the bank thing too. Around my house, there used to be a few banks here and there and now my bank (LaSalle Bank) is on every other city street corner. First it was walgreens, then 7-11, now it's banks.

[rob62521]

Re: More banks or gas stations in your city?

I guess banks are profitable the way they seem to "pop" up.

[LuxLiving]

Re: More banks or gas stations in your city?

Answer (c): A church. Speak eloquently and convincingly a couple times a week, and bam, tax-free income.

Sweepsplayer - You smooth talker you!! Where do I send my tithe!!?

Good answer!! Just make sure you have an unlisted number and live one town over - otherwise your parishioners will be on the horn or on your doorstep too regularly to make it pay. Oh - set it up where there is a bonus paid for each hospital/home visit you make! Get a reimbursed gas account as well.

Too funny!!

Soo funny I forgot to answer the question -- having to edit my reply.

The answer here is more banks than gas stations. We've had more gas stations go out around here than I can count. Right now we have two options. Several Quicktrips around and the rest are owned by a couple of foreign brothers. Luckily I travel to take son to work about 20 minutes away - over there the gas is always about 2-5 cents a gallon cheaper. I rotate taking the family cars (4) over there and fill them up.

Setting up a bank is complicated for a person like me. Too independent. Banking regulators want you to get other investors and they have to be on the board. YUCK! I have seriously investigated this option as I wanted us to start a legal family bank. Lotsa hoops folks! However there are peeps who advertise to help you set one up offshore. This is one option that I'm way too cautious to take. Now, maybe if I one day get to retire in Greece or some other foreign land then I'll probably check it out again w/their laws!

[PRICEPLUS]

Re: More banks or gas stations in your city?

The number of banks and gas stations is about even in my community. Personally I would open a bank. I love the idea of making money using others money! Capitalism rocks. The church idea has been tried by many. Beware the IRS cometh!