It takes a lot of hard work, dedication, and passion for the industry to be able to successfully grow a trucking business. It’s also important to make sure that you’re making thoughtful decisions that will help your company thrive. Here are a few tips on making sure that you maximize your company’s growth:
Building Your Fleet
Securing the right equipment is the first step you should take. What good is a trucking company without a truck? Once you figure out the type or even make and model of the truck you want to have, it’s time to decide how you will financially obtain it. Purchasing a truck can require a lot of upfront capital, but don’t worry! If your business isn’t starting out with a big enough budget for purchasing, you always have the option of leasing. Check out our post about purchasing vs leasing trucking equipment if you’re looking for more info on the pros and cons of both options.
Now that you have your truck (or have successfully added another to your fleet) and are ready to start picking up loads, you’re going to have to find some! There are a few options for owner-operators looking for loads, the two most popular being dispatch companies and load boards. Do some research and see which options fits your business needs the best!
Handling Day-to-Day Business
Having a good plan in place to handle daily business operations is crucial when it comes to growing your company. Managing one truck is completely different than managing a small fleet. The best advice will come from another trucker who has done what you want to to, so go ahead and make a few calls to some industry friends!
Managing cash flow is a big part of operations that needs to be done well. Your cash flow is your business’s life line – with poor cash flow you won’t make a good profit. If you need to improve your cash flow, or just want to maximize what you already have, factoring your invoices is a choice many fleet owners make. Factoring is especially beneficial if you find yourself waiting around for invoice terms to be up to receive payment that you need to make business moves. You’ll get your cash in your hand when your job is done, taking any guess-work of out of the equation. Freight factoring also comes along with added benefits like fuel advance programs, help with collections, and free credit checks.
If you’ like to know more about how CoreFund Capital can get your business moving, contact us today!