Incoming cash flow is the first hurdle of owning a trucking company. The second is equipment. Trucks and trailers cost money to operate. However, if they are well taken care of, the cost doesn’t need to sink your business.
Sometimes you need to spend money to save money. Take tires, for example. If you purchase a quality set of tires, take care of them. As long as the casing is sound, you have the option to retread them several times, saving your business money on an expensive necessity.
Also, consider investing in regular preventative maintenance. This can help you spot minor issues before they grow into major problems. Big fixes can cost big money.
We’ve all heard of the ELD mandate. At this point, you’re putting your business at risk if you aren’t complying. Starting April 1, 2018, the consequences for noncompliance includes putting your truck(s) out-of-service. Trucks don’t make money if they cannot move.
Driving without an ELD is not the only way your business can be placed on hold. Equipment violations during DOT inspections can also prevent your wheels from turning. This is why seasoned truck drivers get into the habit of performing pre- and post-trip inspections on their equipment. The more you know about your equipment, the fewer surprises you will have later on.
You put a lot of time and money getting your business on the road. Don’t hinder it by purposefully limiting your options. Your trailer type (or the lack thereof) is already doing that for you. For example, when John Doe started his dry van company, he only wanted to haul pencil cases. However, he quickly discovered it was a very difficult to find enough loads to keep his business going. There simply is not enough supply-and-demand for his very specialized business. Therefore, John decided to optimize his business’s potential by considering all dry van freight options.
Several things go into running a successful trucking business. From cash flow to equipment, a business owner needs to be aware of everything in order to continue moving forward. Having a good business partner can help you navigate the trucking industry. Pick a partner that can help cover all of your business needs.