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Apr 26, 2023

How to Grow a Trucking Business as an Owner-Operator

How to Grow a Trucking Business as an Owner-Operator

Did you know that more than 70% of all goods in the United States are transported by truck? That’s a lot of products that need to get from Point A to Point B, and it makes commercial trucking one of the most important industries in the country. That CDL (commercial driver’s license) has a lot of value these days. If you’re a driver looking to start your own trucking business or an owner-operator with a truck already on the road, there are a few things you should know as a business owner. In this post, we’ll walk you through some tips for growing your trucking business. Let’s get started!

Changing Industry Regulations

As the trucking industry continues to evolve, it’s important for trucking businesses to anticipate changes in regulations and have a business plan that is friendly to adapt to those changes. One way to do this is to monitor developments at the state and federal level. State legislatures and Congress are constantly debating issues that could impact the trucking industry, such as hours of service, weight limits, and environmental restrictions. By tracking these debates, trucking businesses can be among the first to adapt to new regulations. Another way to anticipate regulatory change is to stay up-to-date on the latest industry news. Industry publications and websites are a great source of information on upcoming changes in the trucking industry. By monitoring these sources, small businesses can stay ahead of the curve and make the necessary changes to stay compliant with evolving regulations.

New Transportation Technology

New transportation technology is constantly emerging, and it can be hard to keep up with the latest trends. However, those who don’t stay up-to-date with the latest technology will quickly fall behind their competitors. There are many new transportation technologies that can help trucking businesses grow. One example is GPS tracking. GPS tracking can help businesses to keep track of your trucks, know where they are at all times, and ensure that they are on schedule. In line with this would be Trucking Management Systems (TMS). These systems will prove to be game changers for your business at any level. This information can be invaluable for reducing delays and boosting efficiency. Another example is electronic logging devices. These devices went from optional to mandatory and became a major hurdle for some. By staying on top of the new tech and how they operate will keep you in good shape for industry growth. By investing in and staying up to date with new transportation technology, trucking business owners like you can stay ahead of the curve and continue to grow.

Manage Your Business Finances Well

One of the biggest keys to running a successful trucking company is to manage your finances well. Many trucking businesses fail within the first year due to poor financial management. In order to grow your trucking business, it is essential that you keep a close eye on your finances and make wise decisions about where to allocate your resources. A good way to manage this is to get a good reputable line of credit for your startup to manage your operating costs and raise your business credit score. This will make you look better to lenders.

One of the most important aspects of financial management is creating and sticking to a budget. Without a budget, it is easy to overspend on unnecessary expenses and quickly become buried in debt or short on fuel costs. Make sure to map out all of your income and expenses so that you can track your progress and make adjustments as needed.

Another crucial element of financial management is making sure that your trucking company has a strong and regular cash flow to keep operations running smoothly. An invoice factoring company, also known as freight factoring, can be a major tool in this area to help get you paid on freight bills now instead of waiting out the payment terms. Many, such as TAFS, also offer a fuel card option to save you additional money on fuel prices at the pump.

Provide Excellent Service

While there are many important factors to consider as an independent contractor, one of the most important is providing excellent service. After all, without happy customers, it would be difficult to stay in business for very long. There are a few key things that you can do to make sure that your customers are always satisfied. First, ensure that your truck drivers are polite and professional at all times. Secondly, make sure that your trucks are always clean and well-maintained. Finally, go the extra mile to accommodate special requests whenever possible. By providing exceptional service, you will encourage customers to keep coming back, which is essential for long-term success.

Develop and Foster Strong Customer Relationships

Trust can be difficult and time-consuming to develop. It is vital in this industry to recognize this and strive to not only develop meaningful business relationships with your customers but to foster those relationships so that they are beneficial to all

TWIC Cards

You may be limiting yourself from loads if you do not obtain a Transportation Worker Identification Credential (TWIC). This card is issued by the Transportation Security Administration (TSA) and allows truckers to enter secure areas, such as ports and maritime facilities. In order to obtain a TWIC card, truckers must first pass a background check and fingerprinting. Once these requirements have been met, truckers can submit an application online or in person at a TWIC enrollment center. The process usually takes about two weeks, and the TWIC card is valid for five years. Having a TWIC card is a big boost for any trucker who wants to grow their business because it expands your freight possibilities, so be sure to apply for one as soon as possible.

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