How to Expand Your Trucking Business + Top Paying Loads in Trucking
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- Опубліковано 28 сер 2024
- If you ever wondered about how to expand your trucking business, this video is for you! Growing a trucking business is no easy task because a trucking business comes with razor thin profit margins, making it very difficult to expand your trucking company.
This is why when people ask me how to expand your trucking business, I always tell them to focus on their cash flow, capital preservation, and look to optimize their trucking company for efficiency.
A few months ago we made a very popular video • Why Owner Operators Fa... which I highly recommend you watch because it goes over Why Owner Operators Fail. This video complements the materials we cover here and would likely benefit those trying to figure out how to expand your trucking business.
Now, there are several things you could do to grow your trucking company, including buying more trucks, more trailers, and expanding your fleet by acquiring more equipment. You could also hire more company drivers and lease on owner operators.
Something else that works without fail when trying to grow your trucking business is to operate at a higher rate per mile or RPM. You can accomplish this by learning about freight market dynamics, lanes, commodities, markets, and becoming better at communicating and negotiating rates with brokers. You can also leave this to an experienced truck dispatcher who does this day in and day out and likely has considerably more knowledge and experience than you.
You can also save on fuel to help open up your cash flow and increase your net income. Fuel is the biggest expensive in the trucking business and you can save a lot of money by using a good fuel card. You'll also want to learn and teach your drivers how to use the fuel card software so they know how to find the best fuel prices on their route.
Truck insurance is another area you can save a lot of money in when trying to figure out how to expand your trucking company. This is especially the case if you've been in business longer than a year. I would recommend getting multiple quotes and comparing them apples to apples since you can get policies with the same coverage but with vastly different premiums.
If you factor your loads, definitely shop around because not all factors are created equal. Some factors have a recourse while others don't. Some charge considerably more than others. Some have very high ACH fees which can add up quickly since you'll be submitting a lot of invoices every week and some factors don't charge anything for ACH. You should also consider renegotiating your rates with your factor when you expand your trucking business by buying more trucks, hiring more company drivers, or leasing on owner operators because your gross monthly income will increase and this may qualify you for better terms and lower rates. You can also look for factors who match broker Quick Pay programs which may be lower than your factor's rate. This will save you money and make invoicing a breeze.
When trying to figure out how to grow your trucking business, you'll definitely want to look at your equipment financing options. There are several different types of financing available and you'll want to learn about each one as well as about their tax ramifications. This can make a huge difference in your bottom line and will affect your tax deductions.
Since we're on the subject of taxes, I would say definitely try to learn all about your qualifying tax deductions and look at the tax code when learning about how to expand your trucking business and grow your fleet. I would highly recommend hiring a tax professional, a CPA, or a bookkeeper at the very least. This will help you save money on taxes and will optimize your trucking business to a higher level of efficiency. The main thing to remember is to work on opening up your cash flow.
Most importantly, be sure to never put anything off. If something needs doing, get it done. This will transform your business more than anything else I could ever tell you. Most people procrastinate and all too often this leads to them having to close down and go out of business. The trick is not leave things to another day and get them done right away. Generally speaking everything is considerably easier than we first imagine it to be and when we leave things for another day, it only eats away at us in the form of completely unnecessary stress.
I hope this video and the ideas discussed in it show you how to grow your trucking company. Be sure to watch the "Why Owner Operators Fail" video and subscribe to our channel. We produce useful videos for you to learn from every Friday as well as cover the loads we've booked for our customers consisting of leased on owner operators and carriers operating under their own MC Authorities.
#HowToExpandYourTruckingBusiness #Trucking #TruckingBusiness
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This is a really under rated channel. The information you are releasing is worth its rate in gold.
Thank you so much, really appreciate that. We try to provide useful info for truckers every week. It's fascinating to see so many useless channels on UA-cam amass hundreds of thousands of subscribers. Thanks again.
@@AFTDispatch iv noticed that the channels that promote unhelpful feel good material tend to do alot better. Few people want truth. Truth requires work. Work presents the opportunity of failure. We can't have that. Gotta be sunshines and rainbows.
I think you're onto something there. Many of the videos I've seen are opinion-based feel-good releases. In time we'll build a bigger subscriber base, I'm not worried. I know our current base is very loyal, look forward to our videos, and come back weekly. That's important in my book.
Sir could you explain how do you decide the load rate per mile
Great video again it’s all about taking action
Thanks Matt, I appreciate that. You know all about taking positive action. Good on you. Don't forget to like the video and thanks for stopping by!
A person is there own worst enemy. Me included
Guilty as charged 😂
Where are these loads at?
I’m getting my feet wet.. just getting things started .
More power to you! Gotta start somewhere.
@@AFTDispatch thank you.
Maybe in the near future we could link up.
I would love that. For now focus on getting local contracts with warehouses, manufacturers, 3PLs, crossdockers, etc. Charge hourly and make your money. Then get a semi and run that OTR.
What are your rates now ?
Do you work with new authorities?
Yes we do, depending on how new. As long as you have a minimum of 30 days, you're good to go.
Let's talk on Monday and get you squared away. My direct line is (801) 447-6929
$3 change is not amazing..
I don't think it's bad considering we've averaged it on lots of weekly miles. Previous weeks were over $4 and nearly $5 per mile on lots of miles. The market does vary after all. Thank you for stopping by.
@@AFTDispatch No doubt $3 is not bad but it's not stellar. I'm glad you're doing mediocre. I've been pulling 375 to 450 on a regular basis with $5 being fairly regular
Happy to hear it Mothertrucker! May the trucking Gods continue to bless you.
@@AFTDispatch how much you charging for dispatch services?
7%
Sir could you explain how do you decide the load rate per mile