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Part One: How to Write a Business Plan for Your Trucking Company

Part One: How to Write a Business Plan for Your Trucking Company


so we’re here today to walk you through
a two-part series that’s going to help you go through the basics of writing out
a business plan to start your trucking company what is a business plan well the
business plan is exactly what it sounds like it’s a plan for your business’s
future it’s a way to think through how you want to run your business and coming
up with strategies for how to achieve those when you’re developing your
business plan it’s important to think about what types of services you’re
going to provide these services can be whether you decide to go long-haul so
over the road interstate intrastate so are you just going to run within the
state are you gonna run expedited Freight so kind of like the hotshot
loads or just a full loads so that means like the big semi trucks and you’re
gonna hold up to 80 thousand pounds it’s important to think about who you’re
gonna want to hire for your company when you think about who you’re gonna hire
that really means you know are you gonna be your driver are you gonna hire
drivers are you gonna have office staff that are gonna help you do your
paperwork are you gonna have are you gonna do that all on your own and it’s
also important to decide you know tax purposes are you gonna have a tax
consultant and who’s going to do all of your tax filings like your IFTA and then
your regular IRS taxes are you gonna need any extra services so for your ELD
your fuel cards anything like that those are all considered like staff support so
it’s important to decide who you’re gonna want helping you with your
business you’ll need an electronic logging devices are what’s called an ELD
that tracks your hours of service compliance and you’ll need an alcohol
and drug program in place for a consortium that you’ll need your drivers
to be in for random testing every quarter and another one would be a fuel
card you’ll want to discount fuel card because it offers good savings at the
pump which can help you gain additional cash flow for your company
and then of course you’ll need factoring Factory is very important factoring can
give you cash flow immediately so usually next day and it also helps
give you some back-office support so that you’re not having to go out and
collect on your bills you can build competitive edge with a good safety
score a reputation with your customers and industry experience a really
important thing to think about is where you’re going to get your customers so if
you’re just starting out you’re probably going to be using the load boards and
where you go to find general spot market Freight however if you already have
customers or connections that you can take advantage of just use those
relationships to kind of have established customers for the long run
lastly there’s also dispatch services out there that are available and what
those help you do is just coordinate your loads for you it’s also important
to think about what you already know about your competitors and are they more
well known in the industry than you are maybe they’ve been around longer so
their drivers have more experience or their staff does and do they have
different types of equipment maybe newer equipment or maybe older equipment it’s
all things you want to think about in terms of the traits of your competitors one of the most important things to
think about is setting your goals at the outset so do you want to set up a family
business that your family takes into the future do you just want to expand and
grow and add more trucks or maybe you’re trying to set up your own retirement
plan maybe you even just want to see the country and so what are your goals are there areas where you can cut costs
in the short term do you want to go from leasing your equipment to owning your
equipment you’ll also probably want to identify where the break-even point in
your business is now you’ll also want to have a long term growth plan in place
and then things you want to think about here for instance are adding trucks and
drivers over the long term another thing to really think about is reinvesting a
certain percentage of your profits back into your business to use over the long
term want to learn more about how to plan for your trucking businesses future
watch part 2 of our business plan series to learn about expenses revenue and how
to make a profit for your company

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