The oil and gas industry is booming in Colorado. To get in on the action, Dale Hyder decided that starting a business was a good bet to take considering his expertise in the field.
Hyder, a 1-800Accountant client who was looking for small business accounting support, owns Hyder Well Site Supervision, LLC in Mead, Colorado. The startup company was officially born in November 2013, and Hyder works out of his home but frequently goes on-site to do work.
Through the business, Hyder offers a wide variety of valuable consulting services on oil and gas. His clients are primarily other oil companies throughout Colorado, and he visits their drilling sites in-person. When there, Hyder oversees the operations of everything taking place. He can offer insight on oil rigs, oil trucks, and any other equipment or work activities.
He says it was simply the right time for starting a business for himself that drove him to do so.
“I’ve been in the oil and gas industry for the past 3-4 years,” Hyder says. “It was kind of the next step for me based on my experience and the money-making opportunity out there.”
Small business owners cite a variety of reasons for what the key ingredients are to make a startup company flourish. Hyder points to his relationships developed through networking for this.
“The connections in the oil industry I have are so important,” he says. “It’s all about who you know. I’ve already created a pretty big workload, which is great.”
He thoroughly enjoys the flexibility of self-employment.
“The freedom I get of choosing how much I want to work is wonderful,” he says. “I get my schedule a few weeks in advance, so that helps as well.”
Competition is simply a given in the small business arena. Hyder again believes going to the individuals he knows in the oil industry, which is quite large in his area, is critical. Without having done any traditional advertising yet, this is also a major aspect of getting the word out about the business.
Small Business Challenges
Hyder has been no exception to the unexpected hurdles that often arise when starting a brand new business.
“I have had to buy a lot of things myself to facilitate the overall operations of this company,” he says. “I’ve had to get my own truck, pay for my own fuel, get a company laptop, a data plan, and everything else that people don’t always think of for this.”
Tips For Entrepreneurs
“Always ask questions,” Hyder recommends. “Don’t ever act like you know everything because you won’t early on. This is my second business. The first one I started was a skydiving operation. I learned so much about managing money that I am now applying to my current company.”
He adds that there are both positives and negatives to business ownership.
“In the beginning, the disadvantage is that you have to be 100% available 24/7 if you want your business to succeed. You’ll have some very long hours, but they can be gratifying at the same time. The advantage is that you are your own boss and get lots of freedom.”
Hyder points out the great support he has enjoyed with his small business accounting needs as a client of 1-800Accountant.
“I’m not user-friendly at all when it comes to taxes and setting up payroll. 1-800Accountant has been so helpful. When checks come in, all I have to do is scan and send them to you guys. I would definitely recommend your company to others.”
Image credit: The photograph of the oil field is used with permission via the Creative Commons license through Flickr.