If you’ve ever thought about starting your own trucking company, you’ve probably done enough homework to understand that it takes a whole lot more to be successful than just knowing how to drive a truck. Dedication, hard work, and commitment are the crux of the business and so is understanding the behind-the-scenes challenges that go along with it.
Here is what some of the experts are saying you need to be aware of if you’re thinking about going into the trucking industry for yourself.
Noel Perry ~ Truck and Transportation Expert of FTR Transportation Intelligence cautions you to:
- Learn how to operate equipment efficiently
- Understand what to load and what to leave
- Have enough confidence in your own abilities in the market to be able to say “no” when necessary
- Know the Fuel Charge Formula
Ellen Voie ~ Founder of the Women in Trucking Association cites some challenges as:
- Adjusting from working for a company to becoming the owner/operator (from truck driver to business owner)
- Remembering to budget for small purchases and planning for future expenses (maintenance fund, emergency fund, etc.)
- Tracking where money is coming from and where it’s going. (Solution: use an expense tracker such as QuickBooks)
- Fuel volatility and fuel surcharges
- Using credit cards to help fund the business
- Eating out while still maintaining a healthy lifestyle
- Advances on pay
Barry Conlan ~ Co-Founder and CEO of Overhaul, has experienced the challenges of:
- Shortages of drivers to meet demand
- Electronic Logging Devices (ELD) appearing to be a burden on drivers
- As the owner/operator, understanding and paying close attention to back office tasks and technology and using it to your advantage
- Understanding the industry in order to make better business decisions
Article Written By Jillian Verdun
Jillian Verdun understands the stress that money and numbers can cause her clients. That’s why she’s so passionate about making her clients feel comfortable and confident in learning and implementing their money management strategies. Her personal touch, charisma, strong work ethic, and attention to detail – coupled with her extensive education and experience in both the tax and financial realms, prove she is the ideal choice for all of your numbers needs.