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Sep 29, 2021 •
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How to start your own trucking company
The Dangers of Ignoring Tax Filing Obligations for Truckers
<p>For self-employed truckers, many things are top of mind for them, such as being away from home, staying healthy on the road, and keeping up with the demanding aspects of the job. With all this, it’s easy for these truck drivers to overlook the less glamorous aspect of tax filing. </p> <p>However, especially for independent truckers, neglecting your tax obligations can lead to many financial and legal troubles that could derail your successful careers on the road. </p> <p>Let’s look at some of the potential consequences of failing to file tax returns on time or at all for truck drivers, as well as how you can rectify your tax mistakes and become compliant. </p> <p><strong>Consequences of Not Paying Taxes</strong> </p> <p>Failure to file tax returns on time, or worse, not filing at all, can have severe repercussions for truck drivers. The IRS imposes some serious penalties and interest charges for late or non-filing of tax returns. These penalties can quickly accumulate, compounding the financial burden on these truckers who are already grappling with the unique demands of the industry. </p> <p>One of the immediate consequences of non-compliance is the accumulation of penalties and interest. The IRS charges a late filing penalty, which <a href="https://www.irs.gov/payments/failure-to-file-penalty" target="_blank">amounts to 5%</a> of the unpaid taxes of each month that a tax return is late. For truck drivers, who often operate on thin profit margins, these additional financial burdens can be crippling to their or their family’s livelihoods. </p> <p>On another note, failing to file your taxes also means that truckers miss out on potential refunds. Truckers can get tax deductions for their businesses, including truck payments, fuel, accounting fees, maintenance fees, insurance, and other business expenses. By not filing your taxes, you could be losing money! </p> <p>Furthermore, failure to file tax returns for a long time, such as three years, can lead to more serious consequences. This could be wage or bank account levies, federal tax liens, property liens, potential tax evasion charges, passport revocation, or even seizure of tax refunds. </p> <p>Aside from the financial consequences, non-compliance with tax filing obligations can damage a truck driver's reputation and business relationships. Clients, other truckers, and business partners may view non-compliance with tax laws as a sign of irresponsibility or untrustworthiness, potentially leading to loss of contracts or employment opportunities. </p> <p><strong>What To Do To Be Compliant?</strong> </p> <p>So, what should truck drivers do if they find themselves in a situation where they haven't filed taxes in the past or are struggling to meet their tax obligations? </p> <p>The first step is to start proactive measures to address it. It can be difficult for truck drivers to dive headfirst into possible years of tax forms and receipts; this is where seeking the help of a professional can be beneficial. </p> <p>A qualified tax professional or accountant who understands the trucking industry will also understand the unique challenges faced by truck drivers. They can provide guidance on how to gather necessary documentation, handle the various tax laws, and help truckers develop a strategy to become compliant with filing requirements. </p> <p>It is also important for truck drivers to, going forward, be proactive in addressing their tax filing obligations and to prioritize compliance in future tax payments. This can look like having better record-keeping practices to track income and expenses throughout the year, setting aside funds for tax payments, and staying informed about changes to tax laws. </p> <p><strong>Get Help With Your Taxes</strong> </p> <p>At the end of the day, ignoring tax filing obligations can have serious consequences for truck drivers, both financially and legally. However, it’s not too late for truckers to start getting compliance and filing their taxes today. </p> <p>Trucker Path has partnered with ATBS to give Trucker Path users special discounts on tax and accounting services from professionals who specialize in helping truck drivers. </p> <p>Looking to get your taxes done right? Reach out to <a href="https://www.atbs.com/trucker-path" target="_blank">get help from ATBS today!</a> </p>
Mar 13, 2024
Legal Things to Include Within a Truck Driver’s Contract
<p>Truck drivers play an important role in making sure there is a smooth flow of products and goods that move across the country. As such, truck drivers and the companies they work for should both have a clear understanding of what makes a contract enforceable. When drafting a truck driver’s contract, there are legal and other aspects that both parties should be aware of. </p> <p><strong>What to Think About When Making a Truck Driver's Contract</strong> </p> <p>Both parties should thoroughly understand their responsibilities and expectations. What are the delivery schedules and routes, and what additional duties should the driver be aware of? Understanding the compensation package is crucial for the driver and their trucking company. What is the hourly wage or commission structure? Are there mileage rates to apply? Is there a bonus package? A clear understanding can help prevent future problems. </p> <p>There are labor laws that address working hours and break times. To comply with labor laws, a driver’s contract must state the maximum hours for driving without a break. The contract should also include mandatory rest periods. Is there a payment for overtime work, and if so, how much overtime is allowed? A clear understanding is important for a driver’s well-being and safety. They become aware of their work parameters. A well-written contract can also help a trucking company, or truck driver, avoid any legal risks for breaking labor laws. </p> <p><strong>Legal Things to Include Within a Truck Driver's Contract</strong> </p> <p>The driver’s contract should contain a provision explaining insurance coverage, and clearly explain the amounts and types. Coverage can include cargo, liability, and comprehensive insurance. If there is an unfortunate <a href="https://www.manfredlaw.com/personal-injury/truck-accidents">accident</a>, the driver and their company can expect protection. There should also be a clear method for reporting an accident, and every driver should know the reporting steps. </p> <p>These steps can include contacting emergency services, informing the company, and documenting how the accident occurred. Such actions are important for any legal proceedings or insurance claims that might arise. The truck driver’s contract should also explain the process for accountability and responsibility. The outline can define who is legally responsible for injuries or property damage. Clear contract clauses can help simplify things and prevent legal disputes that might arise. </p> <p><strong>What Else to Know About a Truck Driver Contract?</strong> </p> <p>There are additional elements that a truck driver’s contract should state. How long will the employment contract last? Is the employment for an indefinite amount of time, or is there a fixed term? Are there provisions for renewing the contract? What are the conditions for terminating a driver? This degree of clarity can help to avoid misunderstandings. </p> <p>It is also important to outline maintenance responsibilities for the truck and any other equipment in use. What are the maintenance schedules and expectations for keeping the vehicle clean? Is the process for reporting and repairing mechanical problems clear? A non-compete and confidentiality clause in contracts aims to protect a company’s interests. These clauses prevent drivers from working for a competing company for a specified time after the driver’s contract ends. </p> <p>Commercial drivers have rights, and the scope of those rights can protect against anything from coercion and driving an unsafe vehicle, to ignoring operating laws. Of course, there are Federal Motor Carrier Safety Administration (FMCSA) guidelines set forth to protect drivers. These guidelines include rules for reporting coercion and other similar incidents. The guidelines are found in state and federal labor laws. </p> <p><strong>Additional Considerations for Truck Driver Contracts</strong> </p> <p>A driver’s contract can also include processes for resolving disputes that may include litigation, mediation, and arbitration. Does the company offer safety and training programs? What are the consequences for drivers who violate compliance or safety standards? What are the provisions for alcohol and drug testing, and what happens if there is a positive result? There are also clauses that can address unforeseen events that affect a contract’s provisions. Truck drivers and trucking companies have the freedom to consult with legal professionals to ensure that contracts are within legal guidelines. </p> <p><strong>Conclusion</strong> </p> <p>It is crucial to create contracts that are clear and thorough for drivers and companies. Working relationships do matter. By addressing elements like job responsibility, compensation, and the conditions that can surround an accident, everyone involved can help establish a successful working relationship. When terms are clear, it helps to provide clarity for enforcing a contract. </p> <p>The transportation industry, like all things, evolves over time. This is why it is so important for drivers and companies to stay on top of best practices and legal requirements for every aspect of their industry. Transparency protects each party’s rights and helps to prevent future disputes or misunderstandings. A clear contract can establish expectations for performance for truck drivers and companies. </p> <p>Written by Taylor McKnight, Author for <a href="https://www.manfredlaw.com/">Manfred Law.</a> </p>
Feb 28, 2024
The Basics of Commercial Truck Financing and Refinancing
<p>Whether you're an owner-operator looking to upgrade your rig or a budding entrepreneur looking to get into the trucking industry, the first step is always to understand the basics of commercial truck financing and refinancing. </p> <p>This comprehensive guide will walk you through the essential steps of dealing with commercial truck financing and everything in between! </p> <p><strong>1. Finding Your Truck</strong> </p> <p>Before diving into the financing process, it may be helpful to narrow down the specific truck and price of the truck you want to purchase. Having more information about the truck can help round out your loan application and expedite it. </p> <p><strong>Brand New vs. Used:</strong> Brand new trucks offer the latest technology and are covered by longer warranties, but they come with a higher price tag. Used trucks may be more budget-friendly but will have a shorter warranty period and require careful inspection to ensure they meet safety and performance standards. </p> <p><strong>Amenities:</strong> Depending on your business requirements, you may require different amenities of the truck. Some truckers prioritize comfort features for long hauls, such as sleeper cabs, while others focus on fuel efficiency and payload capacity. </p> <p><strong>Budget:</strong> Establish a realistic budget by considering not only the upfront cost of the truck but also ongoing expenses such as maintenance, insurance, and fuel. This will be crucial when determining the financing amount you need and not financing more than you can afford. </p> <p><strong>2. Types of Semi-Truck Financing</strong> </p> <p>There are many different types of financing options available and understanding the different options allows you to choose one that is best aligned with your business goals. </p> <p><strong>Debt Financing:</strong> These are typically business loans and involve taking out a lump sum that you will repay over a set period with interest. Debt financing is suitable for purchasing a truck outright, giving you ownership from the start. </p> <p><strong>Equipment Financing:</strong> Tailored specifically for the purchase of business equipment, this type of financing allows you to spread the cost over time while using the equipment for your business operations. It is also more accessible than your typical bank loans. </p> <p><strong>Small Business Line of Credit:</strong> This is a more flexible financing option that is provided by the <a href="https://www.sba.gov/funding-programs/loans">U.S. Small Business Administration</a> to help small businesses get the funding they need to get started. There are a few different SBA loans available, depending on your business needs. </p> <p><strong>3. Choosing a Lender</strong> </p> <p>Selecting the right lender is a critical decision that can significantly impact the terms of your financing; this can depend on your loan requirements, credit score, and repayment history. </p> <p><strong>Banks and Credit Unions:</strong> Traditional financial institutions often offer competitive interest rates and a range of loan products, such as commercial vehicle lending or small business loans. However, approval criteria may be strict, so you will need a good credit score among other qualifications. </p> <p><strong>Alternative Online Lenders:</strong> <a href="https://www.l.lendio.com/trucker-path"> Online lenders</a> have gained popularity for their quick and streamlined application processes, as well as their more flexible terms. While interest rates may be higher, the accessibility and speed of funding can be advantageous for those with lower credit scores. </p> <p><strong>Business Loan Brokers:</strong> These professionals have a large network of lenders that they can connect borrowers with. This saves you time from applying separately to these different lenders, streamlining the application process. </p> <p><strong>4. Check Your Qualifications</strong> </p> <p>Before applying for a commercial truck loan, assess your qualifications to strengthen your loan application and the finance options that you qualify for. </p> <p><strong>Credit Score:</strong> A good credit score is key to securing favorable loan terms, preferably of 640 or higher. Regularly check your credit report for inaccuracies and work on improving your score if needed. </p> <p><strong>Business Revenue:</strong> Lenders will assess your business's financial stability, so if you are looking to expand your business ensure your revenue and financial statements are in order. For those looking to get into the industry, demonstrating a steady income stream increases your chances of approval. </p> <p><strong>Payments:</strong> While some lenders offer no-money-down options, offering a substantial down payment can improve your loan terms. By saving up for a down payment, you can strengthen your position during negotiations. </p> <p><strong>Insurance:</strong> Comprehensive insurance coverage is often a requirement for getting financing for your vehicle. This can include primary liability coverage, cargo coverage, and physical damage coverage, amongst others. Research insurance options in advance to include accurate estimates in your budget. </p> <p><strong>5. Completing and Submitting the Application</strong> </p> <p>Once all of these have been completed, it's time to complete the loan application. </p> <p><strong>Personal and Business Information:</strong> Specific documentation requirements may depend on the lender, but most of them will require tax returns, financial statements, and personal identification. You should also provide accurate information about your business structure, years in operation, and the intended use of the truck. </p> <p><strong>Loan Amount and Terms:</strong> Specify the loan amount you're requesting and the desired repayment terms. Other factors that you should mention include interest rates, monthly payments, and any additional fees associated with the loan. </p> <p><strong>Review and Submit:</strong> Carefully review your application before submitting it and ensure all information is accurate and complete; this will ensure that the loan process can be expedited. </p> <p>Embarking on the journey of commercial truck ownership is exciting and understanding the key aspects of financing is very important for success. Before applying for a loan, it is important to do your research and get all your documents in order to ensure that the loan is approved as quickly as possible. </p>
Feb 22, 2024
7 Tips to Help Truck Stops Win 5-Star Ratings and Positive Reviews
<p>Truck stops that want to earn top ratings and recommendations from drivers can take valuable inspiration from Michael Jordan when he said, “Some people want it to happen. Some wish it would happen. Others make it happen.” </p> <p>Success starts with delivering a great truck driver experience, but that alone is not enough to ensure truckers will spread the word. If you want to earn 5 stars and great reviews from drivers, wishing and wanting won’t help. You have to make it happen. </p> <p>Just because reviews are freely and independently provided by truckers, doesn't mean you should put them on autopilot. </p> <p>The quantity of reviews you receive and their ability to impact your truck stop’s brand reputation and business is largely dependent on you. </p> <p>Here are 7 tips for truck stops who want to rule the review sites that drivers rely on for recommendations. </p> <p><strong>1. Recognize the Value of Customer Reviews</strong> </p> <p>Consumers today rely heavily on reviews from other consumers, and when it comes to food, fuel and other necessities on the road, truckers are simply consumers with 18 wheels. </p> <p>According to online review experts, <a href="https://www.brightlocal.com/research/local-consumer-review-survey/?SSAID=314743&SSCID=b1k7_nec2b">BrightLocal</a>, 76% of people regularly read online reviews today to research businesses and 46% of them trust online reviews as much as a personal recommendation. </p> <p>Like the general population, truckers rely on online reviews to find the best truck stops with good parking, great food options and the best diesel prices. What they read influences their decisions and your revenues. </p> <p>Stars matter. A study by <a href="https://hbswk.hbs.edu/item/the-yelp-factor-are-consumer-reviews-good-for-business">Harvard Business School</a> determined that each ratings star on a review had a 5% to 9% effect on revenues. </p> <p>It’s not just positive reviews that are valuable to truck stops. Even negative reviews have value. When truck stops respond a positive manner, it can be a chance to demonstrate outstanding customer service publicly. </p> <p>Some of the greatest value of customer reviews comes from your responses to them and your active engagement with reviewers. 45% of consumers say they’re more likely to visit a business if it responds to negative reviews, according to <a href="https://www.reviewtrackers.com/reports/online-reviews-survey/">ReviewTrackers</a>. </p> <p><strong>2. Create Stellar Listings on Review Sites</strong> </p> <p>It’s free to set up a listing on the major resource sites trucker’s use. In many cases, a listing already exists and is just waiting for the rightful owner to claim it. </p> <p>Not claiming your truck stop’s listing is a wasted opportunity because your truck stop loses a universe of benefits starting with controlling the accuracy of your company’s vital listing information like hours, directions and contact details. </p> <p>It’s an easy fix, though. You simply go on a site like <a href="https://www.google.com/business/">Google My Business</a> or <a href="https://business.yelp.com/">Yelp</a> and claim it. Once you have control, you can fine tune the details and interact with reviewers. </p> <p>Whether you’re setting up a listing for the first time or claiming a listing that’s already out there, you’ll want to make sure to make these optimizations to start.</p> <p>1. Make sure your name, location and basics are accurate </p> <p>2. Include important attributes like parking and all the amenities you offer </p> <p>3. Write a description that differentiates your truck stop brand </p> <p>4. Use search terms truckers use for important features like showers, 24/7 access, onsite repairs or on-premises security </p> <p>5. Add photos highlighting attractive facility features inside and out </p> <p><strong>3. Know the Top Review Sites to Park Your Listings</strong> </p> <p>There are many apps today that a trucker could use to get truck stop reviews. But maintaining a presence on every one of would be impractical. </p> <p>Consistently engaging with reviewers and responding successfully to their comments requires careful attention. Focusing on the leading review sites for truckers enables you to ensure quality interactions. </p> <p>Truckers rely on broad market review sites as well as trucker-specific ones. Most operate the same way by allowing reviewers to award stars and leave comments. Truck stops can create a listing or claim one that’s already existing for their business. </p> <p>You can reach most truckers through four review sites. Truckers often use them simultaneously to leverage the unique strengths of each platform. </p> <p><strong>Google:</strong> <a href="https://www.brightlocal.com/research/local-consumer-review-survey/?SSAID=314743&SSCID=b1k7_nec2b"> BrightLocal</a> reports that in 2022, 87% of people used Google to research businesses and that 73% of all business reviews reside on Google. Truckers, like everyone else read Google reviews. Google searches have the added benefit of being integrated with Google Maps. Truck stops can create or claim their free Google Business Profile <a href="https://www.google.com/business/?ppsrc=GPDA2">here</a>. </p> <p><strong>Yelp:</strong> A mainstay of consumers in search of food and many other essentials, Yelp is a road standard of the motoring public, truckers and people everywhere. BrightLocal says 48% of people use Yelp’s reviews to evaluate businesses. According to <a href="https://www.yelp-press.com/company/fast-facts/default.aspx">Yelp</a>, their cumulative business reviews are now up to 265 million. <a href="https://business.yelp.com/">Unlock your Truck Stop’s free yelp page</a>. </p> <p><strong>Facebook:</strong> 46% of consumers use Facebook for business reviews, and it’s the most popular social media app used by truckers. In fact, <a href="https://www.truckersnews.com/home/article/15060866/data-shows-truck-drivers-favor-facebook-in-social-media">Trucker News</a> says it’s used by 63% of truckers today. Truck stops can <a href="https://www.facebook.com/business/tools/facebook-pages?content_id=dxR17TaPLmD3Sdl&ref=sem_smb&utm_source=GOOGLE&utm_medium=fbsmbsem&utm_campaign=PFX_SEM_G_BusinessAds_US_EN_DSA_Other_Desktop&utm_content=BusinessAds_US_EN_DSA_Desktop-&utm_term&utm_ct=EVG&refsem_smb&utm_termdsa-1456248249043&gclidCjwKCAiAgeeqBhBAEiwAoDDhn2PNKJ-3HSwAkV2MVqp2Bl9K6SfmscecjpJ-Xnx5A7IQe_-DwqbS9BoC0tMQAvD_BwE&gclid=CjwKCAiAgeeqBhBAEiwAoDDhn2PNKJ-3HSwAkV2MVqp2Bl9K6SfmscecjpJ-Xnx5A7IQe_-DwqbS9BoC0tMQAvD_BwE">build an online business profile</a> and create their Facebook Page free. </p> <p><strong>Trucker Path:</strong> The number one review site exclusively for truckers counts nearly one million commercial drivers as users of the app. A <a href="https://business.truckerpath.com/auth/signup?utm_medium=email&_hsmi=2&_hsenc=p2ANqtz-9lJq0omcb1IilWCFpHoUWps9m-vtTikwvstMg13PuTINLP9PoiZbaCiPqjfWCoYC8YJDsC7PqsRPKEaYBntVwEWZVD-4tsD_TViZzRpZ0MyyZa4Vg&utm_content=2&utm_source=hs_email">free listing</a> is well-tuned for truck stops. Display your parking availability and fuel prices in real time. Your truck stop’s location simultaneously appears on Trucker Path’s popular navigation app. Reviews and amenities make for an all-in-one resource for truckers. </p> <p><strong>4. Ask and You Shall Receive</strong> </p> <p>Customer reviews are valuable to truck stop operators, but they are not always easy to get. Asking consumers for a review one way or another increases the chances of a yes. In fact <a href="https://www.brightlocal.com/research/local-consumer-review-survey/?SSAID=314743&SSCID=b1k7_nec2b">BrightLocal’s 2022 survey</a> found that 65% of consumers left reviews in response to requests from a business. </p> <p>Here is the success rate of various forms of requesting reviews: </p> <p>• Asking patrons during the sale - 33% </p> <p>• Putting a printed message on receipts – 32% </p> <p>• Displaying your request on signage in-store – 9% </p> <p>Given this information, printing a message on every receipt that asks truckers to post a review would be a good tactic. Reinforcing that message with a verbal reminder during checkout to please leave your review would be one step better. </p> <p>Increase your chances of customers leaving a review by making it easy for them. Provide a QR code that links directly to your review page. A website URL works, but a QR code saves customers from having to peck out your web address. </p> <p>Offering incentives is another way to juice your response rate. Offering discounts, coupons or a chance to win a drawing can be an effective way to encourage truckers to leave reviews. Just be sure your incentive program doesn’t violate the terms of service of the review site you are sending them to. </p> <p><strong>5. Address Negative Reviews Positively</strong> </p> <p>Negative reviews can also be of tremendous value to your truck stop. When truckers point out problems, they’re identifying areas for improvement. They’re giving you a chance to fix a problem before the next customer. </p> <p>Bad reviews also provide you with the opportunity to gain truckers’ trust by demonstrating how you respond to unhappy customers. According to a <a href="https://media.sproutsocial.com/uploads/Guide-Google-Sprout-Building-a-Better-Reputation-with-Reviews.pdf?utm_medium=Email&utm_content=GuideTrigger">Google study</a>, consumers said that businesses that respond to reviews are 1.7X more trustworthy than businesses who don’t. </p> <p>So address negative comments head-on, right there in the review section. Be understanding and apologize when a mistake was made. Seek to understand the mistake and look for a resolution if there is one. That may sometimes—but not always—mean offering a discount or voucher to help placate a dissatisfied customer. </p> <p>When looking for the right words, always opt for a positive response. Responding in a harsh or negative manner will only compound the problem and damage your truck stop’s online reputation. Responding according to a set template can be helpful in guiding your response to a neutral tone. Templates have the added benefit of enabling a fast response. (Be wary of sounding too generic, though.) </p> <p>A quick response to negative reviews is also important. <a href="https://www.reviewtrackers.com/reports/online-reviews-survey/">Recent data from ReviewTrackers</a> indicates that 53% of customers expect businesses to respond to negative reviews within a week. 33% expect a shorter time frame of 3 days or less. </p> <p>A quick response and resolution aren’t always possible. For negative reviews that can’t be resolved satisfactorily through your response, change to another channel of communication that will enable your customer service team to respond by phone, email or chat. </p> <p><strong>6. Respond to Positive Reviews, Too </p></strong> <p>Even when you receive 5-star ratings and rave reviews, it’s important to comment. 88% of consumers are likely to use a business if they can see the business owner responds to all reviews, whether positive or negative. </p> <p>This stat indicates that people reading reviews want to see the interaction between customers and the company. For truck stop operators, it’s another opportunity to demonstrate you are listening and care about truckers who visit your truck stop. </p> <p>It is good policy to thank everyone who leaves a positive review. Expressing gratitude rewards the person who left the positive review by recognizing them publicly and valuing their words. This also encourages readers to leave their own positive reviews later on, because they’ve seen how much your truck stop values customers’ feedback. </p> <p><strong>7. Have a Strategy for Managing Reviews</strong> </p> <p>Social media can create an illusion of being casual media. It is anything but. If your truck stop relies on truck driver reviews, you need a review management strategy and a process. </p> <p>By continuously monitoring reviews and establishing the appropriate response, a truck stop can leverage every positive or negative review that comes in to build a stellar reputation and attract referral business from truckers. </p> <p>Determine the strategy that’s best for your truck stop. What review sites will you engage with? How frequently can you monitor each of them? Every day would be ideal, but once or twice a week may be all that’s achievable for your staff. </p> <p>Who from your team will be responsible for monitoring and responding? You’ll need to develop policies for what reviews you will respond to and which ones you won’t respond to. You’ll also need to develop some standard wording for responses, or templates, that aligns with your brand. Lastly, your team needs to be trained to apply them. </p> <p>With an established routine, a commitment to customer satisfaction and dedication to continuous improvement, truck stops can manage trucker reviews and increase the value they create. </p> <p><strong>Chart Your Course to the Stars</strong> </p> <p>Earning outstanding customer reviews starts with understanding truckers’ priorities and then performing. </p> <p>That’s not always the easiest task. Truckers’ expectations and concerns are always evolving. </p> <p>Trucker Path presents its annual list of <a href="https://truckerpath.com/blog/trucker-path-community-names-top-truck-stops/">Top 100 Truck Stops</a> to highlight how the top truck stops across the country are addressing truckers’ current priorities. </p>
Feb 07, 2024
Lendio Brings Small Business Financing to Trucker Path App Users
<p><em>Fast access to loans through the Trucker Path Marketplace brings much needed capital to trucking and transportation businesses</em> </p> <p><strong>PHOENIX – January 30, 2024</strong> – Trucker Path, a subsidiary of leading global SaaS provider Moatable. Inc. (NYSE: MTBL) and the most comprehensive and relied upon mobile app for North American truckers, today announced its partnership with Lendio as an embedded lending solution in the Trucker Path Marketplace. As the nation’s leading small business financial solutions provider, Lendio has already funded over $330 million for trucking businesses, and will now offer a range of its financing services to the Trucker Path community of users. </p> <p>“Lendio brings much needed capital to trucking businesses, who have traditionally been underserved by banks,” said Chris Oliver, CMO at Trucker Path. “Their loan products, which are tailored for transportation businesses, can be used to buy, upgrade or repair equipment, invest in technology to gain a competitive advantage, and expand operations or add staff. We are excited to announce that Lendio is bringing these opportunities to the Trucker Path Marketplace to help our community of nearly 1 million users address their financial needs.” </p> <p>Trucking and transportation offerings from Lendio include asset or revenue-based financing, debt financing, lines of credit, and equipment financing. Lendio’s online application, which is available right in Trucker Path’s mobile app and does not impact the applicant’s credit, can be completed in as little as 15 minutes and funding can be available as quickly as within 24 hours. Throughout the process, applicants receive personalized support from a dedicated expert who will ask about their needs, walk them through different financing options, and help them choose the best financing solution. </p> <p>“With Lendio’s Embedded Lending, Trucker Path users will now have faster access to financing from a variety of lenders that best meet their business’ needs,” said Brock Blake, CEO and Co-Founder at Lendio. “We know access to capital can be a big roadblock for many small businesses, and our marketplace has helped hundreds of thousands of businesses with this – including many in trucking and transportation – over the past decade. This partnership aligns perfectly with our mission to create a world where small businesses survive and thrive, and we’re so excited to work with Trucker Path.” </p> <p>Truck drivers interested in learning more can visit <a href="http://www.partners.lendio.com/trucker-path">www.partners.lendio.com/trucker-path</a>. </p> <p><strong>About Lendio</strong> </p> <p>Lendio is the nation’s leading small business financial solutions provider, with a mission to help small businesses survive and thrive. With its diverse network of lenders, Lendio enables small business owners to apply for multiple business financing options with a single application. In addition to creating access to small business capital, Lendio offers time-saving financial SaaS products that are designed to streamline business operations. </p> <p>Lendio is a mission-driven organization striving to provide equal access to capital to underserved communities and America’s smallest businesses. For every new marketplace loan Lendio facilitates, <a href="https://www.lendio.com/lendio-gives/">Lendio Gives</a>—an employee-contribution and employer-matching fund, in partnership with KIVA–provides a microloan to low-income entrepreneurs around the world, continuously re-investing the fund. For more information visit <a href="http://www.lendio.com">www.lendio.com</a>. </p> <p><strong>About Trucker Path</strong> </p> <p>Phoenix-based Trucker Path, the provider of a wide range of truck driver-centric mobility products, is a subsidiary of leading global SaaS provider, Moatable, Inc. (NYSE:<a href="https://www.prnewswire.com/news-releases/moatable-announces-name-change-from-renren-inc-to-moatable-inc-301856263.html">MTBL</a>). The Trucker Path app is currently in use by nearly 1 million professional truck drivers. Offering best-in-class navigation with truck-optimized routing, the Trucker Path app provides access to vital up-to-date information about truck stops, real-time parking availability, fuel prices, weigh station statuses, and truck scales and wash locations. The company also offers TruckLoads, a digital freight exchange that connects drivers, carriers and brokers; and COMMAND™, the industry’s first and only Operations & Driver Relationship (ODR) platform that provides small to mid-size fleets with the necessary driver and TMS technologies to successfully run a fleet. For more information, visit <a href="http://www.truckerpath.com">www.truckerpath.com</a>. </p> <p><strong>Media Contact:</strong> </p> <p>Susan Fall </p> <p>LaunchIt Public Relations </p> <p>858-490-1050 </p> <p>susan@launchitpr.com </p>
Jan 30, 2024
Do's and Dont's of a Trucking Lease Purchase
<p>Starting your own trucking business as an owner-operator can be a big dream. One of the main hurdles you'll face is getting a reliable truck. Trucks are expensive, and only some in the trucking business have enough money to buy one upfront. </p> <p>Lease-purchase trucking is an option if you want to work towards owning a truck while gaining valuable driving experience. However, these programs have rules, and they might not suit everyone. </p> <p>Given the new <a href="https://www.trucking.org/news-insights/trucking-reacts-biden-administrations-independent-contractor-rule-and-renomination">Biden regulation</a> on independent contractor classification, much has been talked about lease purchase decisions. </p> <p>The American Trucking Association (ATA) strongly opposes the recent Biden Administration rule on independent contractor classification, criticizing the decision to replace a clear standard with a more complex one. </p> <p>ATA President Chris Spear expresses concern about the potential negative impact on the trucking industry and workforce choice, especially for the 350,000 truckers working as independent contractors. </p> <p>Despite the administration's arguments, the ATA asserts the vital role of independent contractors in the economy, pledging to work with stakeholders to oppose the rule. </p> <p>In the end, it should be well thought out by the person getting into a lease purchase program. That’s why we have a detailed guide on what you should and shouldn't do when considering a lease-purchase trucking arrangement. </p> <p><strong>What is a lease purchase program?</strong> </p> <p>Lease purchase programs are like rent-to-own plans designed for truck drivers. The trucking companies that lease and sell trucks also manage these programs. </p> <p>In a lease purchase program, you make an initial payment for a truck and keep making payments for a certain time. While making these payments, you can also work for the company leasing the truck. Once you fully pay for the truck, it becomes yours, and you can use it for your trucking business. </p> <p><strong>Two kinds of lease drivers</strong> </p> <p>Before we dive into the main part of this article, it's important to know that there are two types of lease drivers. </p> <p>1. A lease driver who goes for a <a href="https://roadlegends.com/blog/post/lease-purchase-trucking-companies">lease purchase trucking company</a> and uses their freight. </p> <p>2. A lease driver who leases from a commercial equipment financing company and arranges their own freight. </p> <p>You can choose either option, but many drivers find it simpler to lease with a trucking company, especially if they're new to leasing. </p> <p><strong>Do’s of a lease purchase program</strong> </p> <p>Stepping into the lease purchase program as a truck driver is a significant move that demands careful consideration. In this section, we'll walk you through the essential "do's" to set you on the right path for a successful and fulfilling journey toward truck ownership. </p> <p>1. Do your homework </p> <p>Before you sign a lease agreement, it's essential to do some research and find a company that matches what you're looking for. Check their policies on time off, the availability of freight, and the expected pay. </p> <p>Leasing from a carrier means you have the support of that company. They provide tools to help you, and you'll have access to the freight they offer. Their program will be designed based on the type of freight the carrier transports, giving you a good idea of potential earnings. </p> <p>Leasing independently from a commercial equipment financing company and working for various freight clients can be challenging, especially if you're new to leasing. While you can earn significantly more than with a carrier, there's also the risk of earning much less. </p> <p>Also, find out what kinds of trucks they offer. They might have limited options, and you'll need to look elsewhere if you want a different make or model. </p> <p>2. Go through the contract thoroughly </p> <p>Review the agreement thoroughly before signing, as many drivers face financial difficulties due to overlooking terms they didn't understand. If the contract is complex, seeking guidance from a contract lawyer is wise. </p> <p>Investing in a lawyer's expertise now, even with a small fee, can prevent potential hardships down the road. Understanding the terms and conditions ensures you know your commitments and rights throughout the lease agreement. </p> <p>3. Choose a good company to work with </p> <p>Leasing provides freedom, but it also brings significant responsibilities. While picking your own freight is nice, making wise choices is crucial to avoid problems. You'll need to make decisions that benefit your business, even if it means spending more time on the road. </p> <p>Before committing to a lease, thoroughly examine the leasing company and ask to review a sample lease. Ensure there are no unexpected terms or costs, and feel confident about working with the company and transporting their freight. </p> <p>4. Have a bookkeeper </p> <p>When you start your lease-to-own trucking adventure, having a <a href="https://www.atbs.com/trucker-path">bookkeeper and accountant</a> is crucial. Before you begin, discuss your budget with them to get their advice on managing taxes and other business costs. </p> <p>They can guide you on which expenses to track using receipts. Once you've set up this connection, use their expertise; after all, they are professionals for a reason. </p> <p><strong>Don’ts of a lease purchase program</strong> </p> <p>Starting your journey toward truck ownership through a lease purchase program can be tricky. To make sure things go smoothly and you don't end up facing unexpected problems, let's explore the things you shouldn't do. These pitfalls might hurt your wallet and your dreams of <a href="https://cdlworker.com/blog/owner-operator-jobs">becoming an owner-operato</a>r. </p> <p>1. Take your time, don't hurry </p> <p>Starting your journey toward truck ownership through a lease purchase program requires careful consideration. Don't rush into deciding about the lease. Take your time to understand the terms and conditions thoroughly. </p> <p>It's a significant commitment, and being in a hurry might lead to unforeseen issues that can cause financial troubles or other complications down the road. Spend time checking every aspect to ensure the deal aligns with your goals and financial capabilities. </p> <p>2. Don't disregard insurance coverage </p> <p>It is essential not to overlook the critical aspect of insurance coverage when engaging in a lease purchase program. Ensuring that the leased truck has comprehensive and adequate insurance coverage is important. </p> <p>Neglecting this consideration can expose you to significant financial risks, especially in the unfortunate occurrence of accidents or unforeseen incidents during your trucking operations. </p> <p>Having good insurance coverage acts as a protective shield, providing financial security and mitigating potential liabilities that may arise on the road. Therefore, thoroughly assessing the insurance coverage for the leased truck is a proactive step toward safeguarding your lease. </p> <p>3. Don't ignore industry trends </p> <p>Staying well-informed about the latest industry trends is of utmost importance. Ignoring these industry dynamics can profoundly impact your decision-making process, influencing not only the terms of your lease but also shaping your overall business strategy. </p> <p>Recognizing and adapting to emerging trends is instrumental in positioning your trucking business for success, ensuring that you are well-prepared to navigate the ever-evolving landscape of the trucking industry. </p> <p>4. Don't skip customer reviews </p> <p>Conducting thorough research into customer reviews about the leasing company is crucial in the decision-making process. Disregarding valuable feedback from fellow lessees may lead to overlooking potential challenges or advantages associated with the services provided by the company. </p> <p>Customer reviews offer insights into the firsthand experiences of individuals who have engaged with the leasing company, providing valuable information that can influence your choice and contribute to a more informed decision. By actively considering and analyzing customer reviews, you can gain a comprehensive understanding of the leasing company's reputation, customer satisfaction levels, and potential areas of improvement, ensuring a well-rounded assessment before entering into a lease agreement. </p> <p><strong>May you make the best choice!</strong> </p> <p>Now that you've gone through the do’s and don’ts of the lease-purchase in trucking, we hope it helps you make the right decision. Becoming an owner-operator through a lease purchase program needs careful thinking and smart moves. By doing what you should and avoiding what you shouldn't, you set the stage for a successful journey. Think of it as a roadmap to owning your truck and making it big in the trucking business. </p>
Jan 17, 2024
Trucker Path Community Names Top Truck Stops
<p><em>Davenport, Iowa Kwik Star #1071 takes the top spot for second consecutive year</em> </p> <p><strong>PHOENIX – January 10, 2024</strong> – Trucker Path, a subsidiary of leading global SaaS provider, Moatable, Inc. (NYSE: MTBL) and the most comprehensive and relied upon mobile app for North American truckers, today announced the results of its annual ranking of truck stops. Recognized by nearly 1 million drivers using the Trucker Path app, these truck stop chains and independent facilities are considered the top places for drivers to stop based on their offerings and customer service. </p> <p>“Being named to the list of Top Truck Stops means they are the best of the best,” said Chris Oliver, CMO at Trucker Path. “In addition to the 2024 winners, there were 11 locations that pulled off a hat trick and have ranked in the Top 100 for three consecutive years. With over 12,000 trucks stops and roughly 11,000 additional fueling locations on our app for drivers to rate, this is a huge accomplishment and those facilities should be exceptionally proud. Providing this recognition and highlighting these top truck stops is part of our mission to help make truckers’ lives on the road easier and more comfortable.” </p> <p>For its annual Top Truck Stops ranking, Trucker Path gathered over 34 million in-app ratings and reviews over the past 12 months to determine the Top 100. The Top 5 lists of truck stops include the chain and independent locations with the highest ratings in their respective categories. </p> <p>Drivers across the nation can look for Trucker Path Top 100 Truck Stops, which display a window decal honoring the locations for their place in the annual ranking. </p> <p><strong>The Trucker Path Top 5 Top Trucks Stops</strong> </p> <p><strong>Overall Top Truck Stops</strong> </p> <p>1st Place – Kwik Star #1071, Davenport, Iowa </p> <p>2nd Place – Discount Truck Parking, Pompano Beach, Florida </p> <p>3rd Place – Workman's Travel Center, Ozark, Arkansas </p> <p>4th Place – Compass Travel Center, Demotte, Indiana </p> <p>5th Place – Bert's Travel Plaza, Wellsville, Kansas </p> <p>“We are humbled and grateful to be voted the number one truck stop in the nation for the second year in a row,” said Kathleen Ball, Store Leader for Kwik Star store #1071 in Davenport, Iowa. “Our team is committed to providing the best possible experience for all our guests. We will continue to work hard to give our drivers the best guest service that they rely on. Thank you for letting us serve you. See you next time!” </p> <p><strong>Independent Truck Stops</strong> </p> <p>1st Place – Discount Truck Parking, Pompano Beach, Florida </p> <p>2nd Place – Workman's Travel Center, Ozark, Arkansas </p> <p>3rd Place – Compass Travel Center, Demotte, Indiana </p> <p>4th Place – Bert's Travel Plaza, Wellsville, Kansas </p> <p>5th Place – Stones Truck Stop, Watertown, South Dakota </p> <p>“We are truly grateful for this acknowledgment by Trucker Path, as it is a direct testament to the satisfaction of our valued driver guests in our Pompano Beach, Florida location,” said Ariel Golan, managing partner at Discount Truck Parking. “Across our growing network of locations, we provide parking, fuel, showers, repairs and other services making Discount Truck Parking a fantastic place for drivers to stop. Your recognition means the world to us and we extend our heartfelt gratitude to Trucker Path for offering us a platform that connects our locations with millions of drivers.” </p> <p><strong>Chain Truck Stops</strong> </p> <p>1st Place – Kwik Star #1071, Davenport, Iowa </p> <p>2nd Place – Kwik Trip #202, Plover, Wisconsin </p> <p>3rd Place – Kwik Trip #1048, West Salem, Wisconsin </p> <p>4th Place – TA Ozarks #924, Mt. Vernon, Missouri </p> <p>5th Place – Love’s Travel Stop #665, Angleton, Texas </p> <p>For a complete list of the 2024 Trucker Path Top 100 Truck Stops and the three year consecutive Top 100 companies, see below: </p> <a href="https://truckerpath.com/uploads/2024/01/V3-Listing.png"><img src="https://truckerpath.com/uploads/2024/01/V3-Listing.png" alt="" width="820" height="2640" class="alignleft size-full wp-image-7384" /></a> <p><strong>About Trucker Path</strong> </p> <p>Phoenix-based Trucker Path, the provider of a wide range of truck driver-centric mobility products, is a subsidiary of leading global SaaS provider, Moatable, Inc. (NYSE:<a href="https://www.prnewswire.com/news-releases/moatable-announces-name-change-from-renren-inc-to-moatable-inc-301856263.html">MTBL</a>). The Trucker Path app is currently in use by nearly 1 million professional truck drivers. Offering best-in-class navigation with truck-optimized routing, the Trucker Path app also provides access to vital up-to-date information about truck stops, real-time parking availability, fuel prices, weigh station statuses, and truck scales and wash locations. The company also offers TruckLoads, a digital freight exchange that connects drivers, carriers and brokers; and COMMAND™, the industry’s first and only Operations & Driver Relationship (ODR) platform that provides small to mid-size fleets with the necessary driver and TMS technologies to successfully run a fleet. For more information, visit www.truckerpath.com. </p> <p><strong>Media Contact:</strong> </p> <p>Susan Fall </p> <p>LaunchIt Public Relations </p> <p>858-490-1050 </p> <p>susan@launchitpr.com </p>
Jan 10, 2024
Create a Business Plan for Trucking as an Owner Operator
<p>Starting a successful trucking business in 2024 as an owner-operator can be a profitable venture, but it requires careful planning and a solid business plan. Such a plan is essential for any business startup, including being a truck driver, as it outlines the company's goals, operations, and financial projections. A well-crafted business plan can help secure funding, attract investors, and set your own trucking business on the path to success. You may be able to find a great business plan template by other entrepreneurs out there to act as a roadmap but we will break down some of the key points here. In this article, we will guide you through the steps to create a small business plan for your trucking business as an owner-operator. </p> <p><strong>Determine Your Business Structure</strong> </p> <p>Before you start writing your business plan, you need to determine your business structure. There are several types of business owners, including sole proprietorship, partnership, limited liability company (LLC),and corporation. Each has its advantages and disadvantages, so it is essential to research and determine the best fit for your successful trucking company. </p> <p><strong>Develop Your Executive Summary</strong> </p> <p>The executive summary is the first section of your trucking company business plan and should provide an overview of your company and its goals. It should be concise and attention-grabbing, highlighting the most critical aspects of your business plan. This section should include your company's mission statement, business structure, services offered, target market, and financial projections. </p> <p><strong>Describe Your Company</strong> </p> <p>In the company description section, you will provide a more detailed overview of your trucking business beyond just your business name. You will describe your business's history, management team, ownership structure, and legal status. You should also highlight your unique selling proposition, the factors that set your business apart from competitors, and how you plan to provide quality services to your potential customers. </p> <p><strong>Outline Your Services</strong> </p> <p>In the services section, you will describe the types of trucking services you will offer that will give you a competitive advantage, such as long-haul trucking or local deliveries. You should also detail the types of freight you plan to haul and your operating area. It is crucial to be specific about your services, as this will help you target your social media marketing efforts and attract the right clients. </p> <p><strong>Conduct a Market Analysis</strong> </p> <p>A market analysis is a critical component of your business plan, as it helps you understand your industry, target market, and competitors. In this section, you will research and analyze truckers in your industry, identifying trends, growth opportunities, and potential challenges. You will also identify your target market, including the types of clients you plan to serve and their specific needs. Finally, you will conduct a competitive analysis, identifying your competitors and analyzing their strengths and weaknesses. </p> <p><strong>Develop a Sales and Marketing Plan</strong> </p> <p>In the sales and marketing strategy section, you will outline your strategy for acquiring and retaining clients. This means how you will find loads on load boards or through a dispatcher to grow your client base. This section should include your pricing strategy, expected profit margin and predicted loss statement, advertising and promotional efforts, and sales goals. It is also essential to outline your bookkeeping, sales process, and include how you will generate leads, qualify prospects, and close sales. Working with a <a href="https://www.tafs.com/">factoring company</a> can also be a beneficial sales tool, as it provides you with access to cash flow and credit check services that can help you grow your business. </p> <p><strong>Outline Your Financial Plan</strong> </p> <p>The financial plan is a crucial section of your business plan, as it outlines your company's financial projections and funding requirements. In this section, you will detail your startup costs, operating expenses, and revenue projections. You should also include a cash flow statement, balance sheet, and income statement. It is essential to be realistic and conservative when developing your financial projections, as this will help you attract investors and secure funding. </p> <p><strong>Conclusion</strong> </p> <p>As a truck owner operator in the trucking industry, creating a solid business plan is crucial for long-term success. Your business plan should include an executive summary, company description, market analysis, operations plan, marketing plan, and financial projections. It should also take into account the unique challenges of the trucking industry, such as fluctuating fuel costs, competition, and changing regulations. </p> <p>While creating a business plan can seem like a daunting task, there are resources available to help you. A factoring company, for example, can provide valuable assistance in managing cash flow and getting paid on time. Additionally, seeking guidance from industry experts and other successful owner operators can provide insight and inspiration. </p> <p>By taking the time to create a comprehensive business plan, you can set your trucking business up for success and avoid <a href="https://www.tafs.com/why-many-trucking-companies-fail/">common pitfalls</a> that lead to failure. With dedication, hard work, and a solid plan in place, you can achieve your goals as an owner operator in the trucking industry. </p>
Dec 13, 2023
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