Starting a trucking enterprise can have a number of benefits but only if owners are familiar with the work that goes into it. Nearly 71% of all American freight tonnage is moved by trucks according to the American Trucking Association, which is no small number. That’s why on top of being strong managers, trucking company owners must have an abundance of industry knowledge and the right team of drivers to get these loads where they need to go. Read on below to learn more about what goes into getting a successful trucking company off the ground.
Hiring On Personnel To Keep You Secure
When you start your own business, suddenly your liability skyrockets. It’s critical to partner with an accessible accountant familiar with transportation. It’s very easy to fall behind on bookkeeping when you have an entire fleet to oversee, and customers to satisfy. Having a professional taking care of the numbers will save you grief in the long term. It helps to also have legal counsel advising you on safety and compliance to ensure you’re following regulations; this person will also be a good asset to have on hand should you receive any safety or compliance complaints.
Finding Customers That Pay
Speaking of satisfied customers, ensure the customers you work with regularly are also able to satisfy you. Bear in mind however that corporations, while they pay well, can take a long time to make returns on their invoices; plan for this by contacting a reputable truck factoring company that’ll provide you with cash advances on these invoices, so you can keep a steady reserve of funds on hand to pursue other business initiatives. This will be simpler than trying to apply for loans or other financing options when your business is waiting on big payments to come in.
Maintaining A Steady Reserve Of Cash
Whether you need cash on hand to cover utilities, to ensure employees are getting paid when they’re supposed to, or to invest in bright new business initiatives, factoring keeps you in the black. Working with a factoring company like Accutrac Capital will provide you with a 97% cash advance on an invoice immediately (minus a small factoring fee). The remaining 3% is paid to you when your customer pays the invoice in full. You can get financing for ten days to three months, or financing on an entire fleet for a daily rate. This awards you the peace of mind you need to run an ambitious enterprise with the potential for growth.
2018 promises to be a strong year for trucking, so now’s the time to get your new trucking company running. If you want to have the best chances at success, remember the value of strong management and look out for the biggest issues that can arise in the trucking sector, like cash flow, so you’re prepared to deal with them in the moment. Running a strong trucking start up is not only about knowing the road but organizing accounts in a way that makes each delivery smooth, and each payment reliable. This way you can feel your business is in your hands, and not like you’re at the mercy of others.