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How To Make Sure Your Trucking Business Is A Success

So, you’re thinking about starting a trucking business, but perhaps you aren’t sure how to truly succeed at it. A career as a trucker is both potentially lucrative and rewarding. But at the same time it is incredibly competitive. To be frank, many truckers try to break into the business every year and do not succeed, for whatever reason.

But don’t let that dissuade you. The key differentiating factor is that many can be a good trucker, but not everyone can be a good business owner. The fact of the matter is this: Knowing how to operate a successful trucking business is about more than being able to drive a truck or map out a route.

Today we will cover five essential steps to ensuring your trucking business is successful. First, you have to make sure you acquire the right equipment for the job.

The Right Equipment

Procuring the right equipment will be the most expensive decision you will have to make as you get your business going. What kind of trucking do you plan on doing? Do you want to go regional or national? Furthermore, what part of the country are you operating in? Will you be going over mountain passes and through hilly regions?

Once you have figured out the application, the next decision is whether to buy or lease the equipment. Buying is straightforward. Like any normal vehicle purchase you put a down payment and finance the rest. These are expensive machines, so rarely will one have the cash on hand.

Leasing the equipment is a bit more complicated, though in some cases you may end up with a lower payment. With a lease you pay a monthly fee for the use of the equipment. Other options are structured in such a way where you own the equipment once the last payment has been made. With leases, there are a dizzying array of options.

In the end, there is no final answer. It really depends on the specific situation you and your business is in. Just make sure you don’t wind up making the wrong choice.

Acquiring Customers

Most new truck operators get their shipping customers from a load board. And while load boards should definitely be part of your long term strategy, they certainly shouldn’t be the only component. Even so, they have many benefits.

Once you have settled on a good, quality load board to rely on, you can begin making sales calls and also building a customer list of your own. While building a customer list is hard work, there are advantages to it. Working with a set group of customers provides you with a level of consistency that’s hard to get when you are always working with new customers.

Bid Smart

While your bid must be low enough to be competitive, you’ve still got a profit to make. The only way you can be sure your bid will meet your needs is to know your expenses. Whether it be truck maintenance, repairs, payments fuel or overhead, you need to know the intimate details of your cost structure.

Once you have that information pinned down, you will know exactly what you need when the time comes to put in a bid. Always remember to bid low, but bid smart.

Run an Efficient Back Office

The size of your back office needs depends on the type of business you are running. Obviously, a small fleet will need a more expanded back office than a single owner-operator.

Think about your back office operations from a process and procedure standpoint. From utilizing technology to enhance your business operations to streamlining payments and contracts, how well your back office runs could make or break your business.

Keep the Cash Flowing

Cash flow problems are some of the toughest a trucker can deal with. Many shippers pay on a net-40 or net-60 payment cycle. When you have to wait two months to get paid, you can run into some serious cash flow problems.

There are a few ways to combat this, whether it be through freight factoring or using third-party finance companies, the fact is you need to get your bills paid when they are due.

Looking to start a trucking company? Whether you want to run a small fleet or hit the road as an owner-operator, keep these principles in mind!

How the internet load board is revolutionizing trucking?

There really is no limit to the number of industries that have been disrupted by the onslaught of a closely connected world. Those industries which have adapted to these changes are thriving while those which tried to resist the change have fallen by the wayside.

The trucking industry has found out that the internet can be a useful tool in making their business infinitely more efficient.

So, what exactly is a trucking load board?

Till not to long back, truckers used to post hand written notes on bulletins at truck stops that would help them find back hauls. These back hauls are essential for the trucker as it reduces empty miles.  On the other hand shippers used to lose out on valuable capacity because they simply did not know where the available trucks were to carry their freight.

This is where the trucking load board has come in. Large shipping companies have their private load boards while the smaller ones rely on public boards; however they function in a similar manner.

These boards are accessible to the shipping company as well as the trucking company who posts online where the available space and preferred kind of freight, is as well as the destination of that truck. The shipping company then matches that with their own requirements and gets their shipments on the way as fast as possible.

The bigger shipping companies usually have a fixed set of trucking companies that they work with and use this board to ensure efficiency and equal distribution of loads among the different companies.

The public boards however are of more use to smaller companies or companies that need extra trucks to find the best rates.

These boards are now expanding in their capabilities by including a social layer to their user interfaces. The various truckers or shippers can form their own trusted network of people/companies who they are comfortable working with so that they can contact them easily if the logistics work out for both of them.
The brokers who used to scour the rest stop bulletins can access information from a single point and can help get the truckers freight to carry.

This system has made it easier for everyone involved as well as cut down on wasted resources to all the parties involved. This is only the beginning for such systems which will soon involve automatic updates via GPS about the various locations of the truck and its intended destination, as well as have automated driver check-ins so the freight can be tracked with ease.

The best thing about these services is that they can add on as a layer on top of existing systems that are being used by transportation companies.

The next step with these systems will also involve a focus on mobile access to all of these services while looking to add still further functionality. Soon all major players in the supply chain sector will have their own apps which will allow access to their networks from any place on the road.

This is a prime example of real world applications of technology that is changing the transportation and logistics industry.

About QuickTSI

QuickTSI is your one-stop-shop for everything you need to run your transportation and freight logistics business. Our website allows you to post load or find trucks, post trucks or find loads, look up carrier profiles, view trucking companies, find truck driving jobs, and DOT medical examniers.

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Dublin, CA 94568

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PO Box 3686
Hayward, CA 94544-3686

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