Starting your own truck driving business is undoubtedly one of the most unique and interesting job ventures you can choose to pursue. For those with a wandering heart and love for the road and travel, truck driving can help satisfy any case of wanderlust. There isn’t much that compares to making money for efficient cross country road trips. But before you get ahead of yourself, there are a few tips any successful trucking business owner should follow and how Logistiq can help your business thrive.
Tip 1: Get Your Equipment
Buying equipment will easily be the first and formidable step you will face in starting your business. Obviously, it essential that you have the trucks and other equipment needed to carry cargo and merchandise. However, getting your equipment will also place hefty costs on you initially. You can choose to lease or buy the equipment; both have their own benefits and drawbacks in which you will need to evaluate which route makes the most sense given your financial state.
Tip 2: Get Some Really Great Customers
Most new truck driving businesses get their first customers off of a load board. However, these customers tend not to pay as well and leave very little profit to be made since these load boards are typically very competitive. Another major factor is that gigs found on load boards tend to be one time customers rather than recurring deals, which a more reliable and constant source of income.
Use a free loadboard as your springboard at the beginning of your business, but also start making sales calls and crafting your own customer list. While the work will be tedious and hard to build the list, once it is created, often times the customers on the list will use you consistently. Also, these customers will be where you make the bulk of your profit.
Tip 3: Know Your Expenses & Bid Smart
Bid smart. You want to be able to make a profit, which means knowing all of the costs you have and what viable sources of freight financing you have (learn more about alternative forms of financing such as factoring for truckers). This will include maintenance, truck repairs, truck/trailer payments, fuel, and cost of labor. Also, make sure to find a load in the area to deliver once you have dropped off so you aren’t wasting fuel and miles without cargo that comes with cargo.
Also, it is definitely possible you will encounter unexpected costs. This is when it will be helpful to have comprehensive insurance coverage that will give both you and your customers peace of mind. Logistiq offers comprehensive and cost effective insurance coverage that protects carriers should cargo be lost or damaged in their care, custody, or control. Another great service Logistiq offers is their highway use bonds, which is a license and permit surety bond guaranteeing the payment of any taxes, penalties, fees, and interest collected by state or federal governments for operating your truck on public highways. Logistiq’s bond will take care of these taxes, which provide crucial revenues for highway construction and other projects.