Starting a new trucking company during these troubling times is a courageous move, but it’s one that could pay off when done correctly. Of all the things working against your favor in today’s economy, there’s also a lot working in your favor — you just have to take advantage of them.
Whether you’re brand new or have been struggling to get your business off the ground, we have a variety of tips that will help you get your feet wet and ultimately maintain that early success. We all want to see you do well, especially in today’s climate.
Here are our top four tips for any new trucking company looking to make it in this industry:
Invest in Your New Company
When most people hear the term “invest,” they immediately think of money. While it’s always best to invest in your trucking company when you have the funds to do so, investing in your company doesn’t always refer to investing money.
Our general rule of thumb is to invest money when you can, but never stop investing time and knowledge into your business because those two things are what help your business get off the ground — especially when you don’t have a large amount of startup funds or early investors.
Invest in driver training, invest in your trucks, invest in your safety knowledge, invest in learning new streams of income — invest in your company and you’ll see it start to grow.
Choosing the Right Loads
The first rule when finding the right loads for your trucking company is to not overload yourself or your other drivers. Only take what you can handle because you need to make sure each one is completed to perfection — especially for a new trucking company.
In addition to avoiding too many loads at once, you should also ensure each load you take is profitable. If it’s not worth the time, choose another one. Sometimes patience is key, when you can afford it.
You should also keep your options open as far as where you go to find loads. There are a wide range of load boards available online, but you’ll also want to gain some long-term clients that are loyal and reliable.
Maintain Your Paperwork
Maintaining your paperwork is essential for any new trucking company and only becomes more important as the business ages. In today’s digital world, you won’t have to deal with paperwork as much, but you will have to organize everything electronically if you want to stay efficient.
Lost ‘paperwork’ is useless paperwork. This is where automation can make things extremely easy for you and your team and is just another thing you’ll want to invest in when starting your new company.
Budget Wisely
Finally, you’ll want to learn to budget wisely. Many of your clients won’t be paying for 30-90 days, which can make cash flow scarce extremely quickly. This is where freight factoring can become your best friend. Not only will the factor give you an advance on open invoices, but they also take over the responsibility of your accounts receivables department.
Freight factoring is something every trucking company should sign up for immediately. It will provide many benefits to your business as you grow when first starting out and will help you maintain your success over a long period of time.
References
Corp, Apex Capital. “How to Start a Successful Trucking Company: 7 Steps to Get Started.” Apex Capital | Freight Factoring for Trucking Companies, 26 June 2020, www.apexcapitalcorp.com/startup/7-steps-to-starting-a-successful-trucking-company/.
“Survival Tips for a Slow Trucking Market.” RTS, www.rtsinc.com/articles/survival-tips-slow-trucking-market.