Any tips on starting a trucking business?
- Thread starter ajmylk
- Start date
Base your pricing on your cost, not what the other guy charges.
Treat your owner operators like partners.
Pick a lane, any lane, and service the hell out of it.
Train your customers from day one to pay you on time.
Don't plan on getting rich. Your goal for the first years is to simply make a living.
Pay yourself based on profit, not what you think you are worth.
Put together a realistic budget with the help of a professional, and stick to it.
Make a long term plan to own assets. Even if only trailers. The bank will treat you better.
Make a longer term plan to own property. Even if just a parking area or small office. Some day it will be your retirement.
Plan to have some unpleasant surprises that will make you wonder why you are doing this.
If you are married, have plenty of long discussions warning of the potential danger ahead.
If you are not married, don't think about it for a while. You will not have the time to make both work.
Talk to as many successful owners as you can to determine what works.
Talk to as many unsuccessful owners as you can to determine what didn't.
Don't think of yourself as a "big shot" because your business card tells you so.
Listen to your gut.
Craig Nixon
K.C. Nixon & Associates Inc.
www.kcnixon.ca
Treat your owner operators like partners.
Pick a lane, any lane, and service the hell out of it.
Train your customers from day one to pay you on time.
Don't plan on getting rich. Your goal for the first years is to simply make a living.
Pay yourself based on profit, not what you think you are worth.
Put together a realistic budget with the help of a professional, and stick to it.
Make a long term plan to own assets. Even if only trailers. The bank will treat you better.
Make a longer term plan to own property. Even if just a parking area or small office. Some day it will be your retirement.
Plan to have some unpleasant surprises that will make you wonder why you are doing this.
If you are married, have plenty of long discussions warning of the potential danger ahead.
If you are not married, don't think about it for a while. You will not have the time to make both work.
Talk to as many successful owners as you can to determine what works.
Talk to as many unsuccessful owners as you can to determine what didn't.
Don't think of yourself as a "big shot" because your business card tells you so.
Listen to your gut.
Craig Nixon
K.C. Nixon & Associates Inc.
www.kcnixon.ca
Best advice on starting up a trucking company....
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On the insurance front. Make sure your owner operators come with clean abstracts and letters of experience FROM THEIR INSURERS they need to show at least 3 years but the insurer provide credits for up to 5-6yrs, depending on the insurer.
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Somedays will be good, many will not. That is the business. At the end of the day you want to be prepared to question why on earth you decided to get into this business. Then the next day you will wake up ready to take on the world again. Most importantly, stay humble and don't get too comfortable in your shoes. You will make many mistakes once. When you do, apologise to the affected party and work to earn their trust back. Try not to make the same mistake twice...
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Whatever you do, never, ever, ever, ever, ever, ever ... did I say ever ??? ... sign on to be the chairman of the OTA ... it's the mark of death. The end of your business. The end of your career. The end of your reputation.
^^^ I am serious ... now on to your question.
- Take, and pass, a college business course.
- Learn, know, and understand the difference between good business, and bad business.
ii) Walk away from bad business.
- Good load brokers are your partners. Bad ones are your enemies. Know the difference.
- Hire a good lawyer. A very good lawyer that knows trucking. Your real estate guy won't cut it.
- Hire a good accountant. A very good accountant that knows trucking. H&R Block is not your solution.
- Hire a good insurance broker. A very good insurance broker that knows trucking. The buddy that insures your house, car, and snowmobile is not the person you need right now.
- Acquire a war chest as quickly as you can. Preferably before you start.
- The grass is very rarely greener on the other side of the fence.
- Find a mantra that speaks to you, that states what you are all about, and live by it.
Nothing is more important than black ink on the bottom line.
All the good deeds and best wishes in the world will mean squat when the bailiff is at the door.
Just my humble 2 cents worth.
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