Getting the right equipment
The first and most important step if you are starting your own trucking company is making sure that you get the right equipment. The trucking industry can be very profitable, but it is also highly competitive. Getting equipment is going to be the first, and perhaps the most expensive decision you make. Trucking equipment is expensive, but luckily, there are great leasing and loan options available — even if your credit is not impeccable — that can help you get started.
Secure your customers
Most business owners, regardless of the industry, will tell you that it is much easier to start a business, both in terms of logistics and financing, if you already have people who are willing to do business with you. Most new owner-operators get their initial customers from a load board, but, while this might make sense while you are just starting out, it should not comprise your entire long-term strategy. You should start to make sales calls, and reach out to people in order to build relationships so that you have a steady supply of business moving forward.
Know your expenses, know how to bid
You must learn to know how much a delivery is going to cost you, all-in-all, so that you make a bid that is low enough to be competitive, yet high enough that you are going to turn a profit and stay in business. Maintenance, repairs, financing payments on heavy equipment loans, fuel and the cost of your labour should all factor into what you charge your customers. You also want to factor in your opportunity cost, that is, the cost of not taking on other jobs, or the cost of not spending your time doing something else that could be making you money, or adding value to your life (family time, etc.).
Your back office needs to be run efficiently as well
The actual trucking is your bread and butter, and you should be an expert at it, but running a tight ship on the back end is a must as well. Your administrative side is what keeps you organized and operating at full steam. Now that you own a business, just because it’s trucking, doesn’t mean that you should constantly be thinking like a shrewd business owner. Your accounting, HR, and other administrative work should be streamlined and keeping you on schedule.
Once you have secured your heavy equipment loans, the rest is really up to you. You will need to begin building your customer base, getting your back office working efficiently, and generally perfecting your craft if you hope to stay in business. Keep the above tips in mind and make sure that your trucking business gets up and running without any major speed bumps.
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