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5 Tips for Starting a Profitable Trucking Company

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5 Tips for Starting a Profitable Trucking Company
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The trucking industry is one of the biggest industries in the United States. If you’re looking to start a trucking business, do know that competition is tough and you’ll have to work your way to the top. While succeeding in this cutthroat industry isn’t easy, it’s definitely not impossible. Many successful trucking business owners started small and worked their way up. It’s important to have access to resources that can help you succeed like trucking business loans, the right equipment, and mentors to guide you.

Once you have everything in place, it’s time to start your own trucking company! Here are some tips for a more profitable business venture:

Contents

    • 0.1 Track Your Expenses
    • 0.2 Have Access to Working Capital
    • 0.3 Proper Cash Flow Management
    • 0.4 Invest in Fleet Management Software
    • 0.5 Make Use of Flyers to Advertise Your Business
    • 0.6 Create a Customer List
  • 1 Apply for Trucking Business Loans Today!

Track Your Expenses

It’s important to track business expenses before you even open your doors to the public. You can use bookkeeping software to make expense tracking more efficient. Almost every accounting software allows you to track insurance payments, employee compensation, truck maintenance and repairs, finance payments, and other business expenses. Some applications may even allow you to track tax deductions so you can save more money.

Accessing your expenses in one place lets you know the exact cost of running your business. By knowing the amount it takes to run your business, you’ll be able to keep your company profitable. For example, tracking your expenses enables you to determine the minimum cost per mile so you’ll never undercharge or come up short.

Have Access to Working Capital

Before anything else, you need to know how you can access funds for your business. Even if you’re only opening a small scale trucking company, you still need to shell out a significant amount of money. Not all trucking business owners can purchase vehicles out of pocket. If you don’t want to bootstrap, you can apply for trucking business loans or procure funds elsewhere.

You can try applying for loans from both traditional and alternative lenders. Make sure to prepare all the necessary requirements and paperwork needed to qualify for a loan. If you don’t qualify for a bank loan, there are alternative lending options for you. To help you get started, list the possible uses for the funds and figure out how much you need to borrow. Better yet, you can consult a financial expert to know which type of funding is best for your business.

Proper Cash Flow Management

Proper cash flow management is crucial in any industry, especially for trucking businesses. Trucking business owners often need to wait for 30, 60, or 90 days before they get paid for services rendered. You’ll need to properly manage your cash flow in order to keep your business afloat as you wait for payment.

If you need working capital to bridge cash flow gaps, you may want to apply for trucking business loans. But keep in mind that traditional lenders (banks) are not too keen to lend money to startup companies. For better chances of approval, you can check out alternative financing in the form of invoice factoring.

Invoice factoring allows you to sell your freight invoices in exchange for cash. With freight invoice factoring, you can easily manage cash flow because you don’t have to wait for your customers to pay. Factoring companies will instead advance a percentage of your invoices so you can pay for truck repairs, fuel, insurance, and more.

Invest in Fleet Management Software

Fleet management software comes with many benefits. One of them is improved efficiency and dispatching. When you have precise information on where your vehicles are located, how long it will take them to complete their jobs, the idle time goes down and profits go up. Another benefit is customer trust. With automated reporting your customers can always know what is the status of their shipment. And last but not the least you can improve the safety of your fleet by analyzing behavioral patterns of your drivers.”

Make Use of Flyers to Advertise Your Business

Startup companies often operate on a tight advertising and marketing budget. Fortunately, there are tons of cost-effective ways to advertise your business like distributing flyers. In case you’re not aware, flyers are sheets of paper containing details about your company – products and services, location, contact information, etc. You can stand outside a mall or on a busy street and hand out flyers to people passing by.

When creating your flyers, don’t be afraid to use color! Put in photos of your trucking company, along with the necessary details. In this way, your target market can easily see your company name, logo, and services at a glance.

Create a Customer List

Your customers are the lifeblood of your business; they are the ones that can keep your trucking business profitable. Trucking companies often use a load board where they acquire customers by bidding lower prices for trucking services. Bidding is one of the best ways to build your customer list, which is why it’s best to do it as you get started. However, keep in mind that it can be really competitive.

In order to win, you need to bid lower prices than your competitors, leaving you little room for profit. Bidding is a perfect balance between bidding low enough to win while making sure you can still earn something out of it. Building a list of customers on the get-go, you’re definitely on the right track to a successful and profitable business.

Apply for Trucking Business Loans Today!

The first step in starting a profitable trucking company is making sure that you have the right tools to make your business profitable. By applying for trucking business loans, you’ll have the funds you need to improve your business. SMB Compass offers alternative funding for trucking companies. If you want to know more, feel free to call us at (888) 853-8922 or email us at [email protected].

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Even before they step out of their farms to purchase equipment such as tractors, farmers already know what they are looking for. Most of them not only have an idea of the specifications they want but also of the make and model. This is why a farmer will have to be focused and deliberate questions when they arrive at an auction. You need to understand the general condition of the piece of equipment before you – here are some tips on what to look at; Outward appearance of the used tractor Some tractors look new even though they have been in use for a long time. This is a clear indication that the previous owners took good care of them. The conditions under which a tractor was used plus how it was stored are key factors of how fast it will wear down. Do you notice peeled paint, dents or odd-looking tires on a tractor? If you are still interested in buying it in such a state, find out how much it would cost to restore it to good shape to establish if you are getting into a good bargain. The condition of the articulation point As a general rule, the articulation point should stay greased. Failure to keep it that way results into wear and will affect the performance of the tractor. To check that this part of the equipment is in good condition, conduct a visual check. All is well if the part is greased and free from metal shards. Next, you need to carry out an operational inspection; by moving the tractor back and forth. Did you feel a knock during movement? You could be dealing with a transmission slip issue. The next test you need to perform is moving the tractor to the right and then left. As you handle the steering wheel, look out for signs of looseness or involuntary wandering. Any of these occurrences could be an indication of a bent or damaged pin. You should be concerned if the steering wheel feels too tight because this might mean that the pins are too dry or the hydraulic cylinders have been damaged. Engine Compartment The most important aspect of any type of machinery is that it roars to life when fired. This is the first indication that the engine is in good working condition. After turning on the tractor ignition, allow it to run for a few minutes then check if there is any form of leakage. Are leakages likely to happen after a few uses? You will know this from the condition of the hydraulic, coolant and fuel lines. Pay attention to any cracks and signs of wear. Even though the engine still runs, match the emitted horsepower with what has been stipulated on the engine plate. Further engine performance is determined by listening to any sounds that come from the cylinders; a mechanic's stethoscope is the ideal tool for this exercise but some people use screwdrivers. The final check of the engine should be on the air filter which should be done after the tractor has been switched off. Every manufacturer offers recommendation of how frequently air filters should be replaced. 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