Stay up-to-date on industry trends.
The best way to make your life easier as an owner-operator is to not only to be an expert in your industry, but to stay up-to-date on all industry changes and trends. That savviness will make your life a lot easier when it comes to negotiating your rates with potential clients.
Follow media outlets related to the transportation industry as well as your niche, if you have one. Also, be sure to keep up with fuel prices reported by a reputable source like the US Department of Energy.
Maximize your fuel efficiency.
Everyone knows that fuel is the most costly expense for owner-operators. When times get tight, you’ll thank your past self if you make an effort to maximize your fuel efficiency today.
There are many ways to do this, but the best is to be sure you understand how fuel costs are reported so that you’re getting the best deal. Too many owner-operators confuse the lowest pump price with the lowest fuel cost. You want to go for the lowest base price, ignoring the state-specific tax that is added on.
Don’t wait until something is broken to fix it.
You can save a lot of money on costly damages by keeping up with regular maintenance of your trucks. Take advantage of your business’s downtimes to do this as urgent repairs almost never come at a convenient time in your schedule.
When possible, work with shippers directly.
Freight brokers certainly make your life easier, but they also come at a price. While you should not forget brokers altogether, having a few direct clients can save you a pretty penny on broker fees in the long-run. It may take some extra marketing and outreach efforts now, but you’ll thank yourself when you see all the money you save!
Take advantage of the benefits of freight invoice factoring.
A great way to make your life easier as an owner-operator is to get started with freight factoring today!
If you’re asking yourself, “what is freight factoring?” don’t worry. Essentially, when trucking companies are waiting on a payment from a client, a freight factoring company (such as Apex Factoring, OTR Capital Factoring, RTS Factoring, or Triumph Business Capital Factoring) sends the trucking company an advance equivalent to approximately 85% of the client’s unpaid invoice. The factor then tries their best to reach out to the customer to get the invoice paid ASAP.
Freight factoring gives trucking companies peace of mind when their invoices are unpaid for extended periods. It allows them to continue running their business smoothly despite customers not being diligent on their end of the bargain.
Let us help you find the best factoring company for your freight business!
If you are interested in pursuing freight invoice factoring but unsure how to find the best trucking factoring company for you, look no further than Top 5 Factoring! Head over to our ratings to see the best freight factoring companies for trucking businesses you should consider signing a contract with. If you have further questions about freight factoring rates or the best freight factoring company for you, contact us today, and we’ll assist you!