Chris Williams is the CEO of CW Petroleum Corp (OTCQB: CWPE), a leading supplier and distributor of biodiesel, biodiesel blends, ultra-low sulfur diesel fuel, gasoline, and a proprietary EPA-approved reformulated no ethanol gasoline to distributors and end-users. Chris has been part of the energy industry for over ten years and started with $53 in his bank account while working at a restaurant. For nearly two years, he worked at his job while simultaneously getting the business off the ground. His keen attention to detail and customer-first mentality allowed him to successfully grow the business and eventually take it public. Looking into the future, the company continues to expand and further tap into the $4 billion isobutanol-based gasoline market while carving out a niche for itself.
Please tell us a little bit about your company.
CW Petroleum Corp supplies and distributes biodiesel, biodiesel blends, ultra-low sulfur diesel fuel, gasoline, and a proprietary EPA approved reformulated no ethanol gasoline to distributors, as well as convenience stores, marinas, and end users.
Tell us a little bit about your background and how you started your company?
I used to work for a company called S&P Global Platts. They are a publisher of crude oil, refined products, and real-time commodity news. I actually use them today in my business, but I used to sell all their publications to fuel traders and crude oil traders. I worked for them for a year and they were going to move my job from my hometown of Houston to a town in New Jersey. I couldn’t foresee myself moving to New Jersey at that time. Instead, I took my severance and I started CW petroleum in 2005. Then, in 2011, things really started taking off.
What would you say are the top 3 skills needed to be a successful entrepreneur, and why?
You need guts. What that means is the ability to not be afraid when it comes to any aspect of being an entrepreneur. You will need to be prepared to make sacrifices and lay it all out on the line. You will need to be able to make strategic bets on your business, as well as be very customer service centric. Also, it is important to pay close attention to detail.
What are your plans for the future, how do you plan to grow this company?
Acquiring equity through our public company, CW Petroleum Corp, listed on the OTCQB, Stock Symbol: CWPE; and moving into other strategic markets for all of our products and services. We focus heavily on our client relations and every team member is properly trained on customer service protocol. We plan to continue putting our customer base at the forefront of all of our decision making processes, as that is what has propelled our growth thus far.
How do you separate yourself from your competitors?
- Our origins in the biodiesel market led us to become a specialty blender of biodiesel/diesel fuels.
- We are now one of the few companies to have an EPA License to blend, create and market our own proprietary gasoline.
- We are currently licensed by the EPA as a “Refiner” and “Oxygenate Blender” , which allows us to add ethanol and isobutanol into gasoline for Reformulated Gasoline Markets (RFG).
- There is a $4 Billion market for our isobutanol based gasoline in marine and other applications.
What were the top three mistakes you made starting your business, and what did you learn from them?
My biggest mistake starting out was allowing just anyone to have my trust. Putting trust in the correct people is crucial when you are dealing with finances. Since we’re in the fuel business and lending credit for services vary, I’ve been burned a few times. If you extend credit to people for services, you will want to make sure that it is well warranted on the back end.
I haven’t had any bad mistakes happen because I try to mitigate my risk to prevent mistakes. So as of right now, I don’t know how to answer that question.
Tell us a little bit about your marketing process, what has been the most successful form of marketing for you?
In our world, it’s all about direct marketing with word of mouth. At CW Petroleum, we do not engage in any form of indirect marketing, such as paper marketing. Our marketing is us picking up the phone and contacting the customers that we know would benefit from our services and products. We focus on calling them directly, as well as getting referrals from those customers to new customers.
What is the one thing you wish you knew before starting your business?
I wish I understood when I first started, just how much capital is needed to garner success and scale a company. Many entrepreneurs are very eager to start and end up making the crucial mistake of underestimating many key aspects of business. Creating a business from the ground up requires an initial investment back into that business idea. This is sometimes the largest hurdle to overcome for new entrepreneurs, but having enough capital to start out is essential to your success.
No, I apologize. I don’t really listen to too many podcasts or read too many books.
If you only had $1000 dollars to start a new business, knowing everything you know now, how would you spend it?
I don’t think I’d start it to begin with. I’d put it in my pocket and use it for something else. The $1,000 won’t start hardly anything at the moment. I can say with my company, it did start with $53 in my bank account. I had some people help me and customers that would prepay. I started building their trust, but at that point you’re basically floating their money to start your company. Generally speaking, it’s not a financial savvy move to start a new business with only $1,000.
What is your favorite quote?
“The devil is in the details”.
I use it all the time. It’s my favorite quote and I use it to this day. Basically, it means something could be misleading at first glance. You really need to look into the finer details in order to properly understand something. Skimming important things, especially when it comes to business practices, will never fare well.
What’s your best piece of advice for aspiring and new entrepreneurs?
Slow and steady wins the race. Even small steps towards your goal is still a step in the right direction. Small progress is still progress. Making snap judgements or quick moves in your business could spell disaster. Don’t be afraid to take the time needed to research out solutions, as this will help you out better in the long term. The relationships you form with your customers mean everything to your business. Never take your customers for granted.
How can we get in touch with you?
The best way to get in touch with us is via email. And you can connect with us to learn more about our company on our website cwpetroleumcorp.com and social channels via Facebook and Twitter.
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