The number of independent truckers is on the rise in the United States. With the availability of reliable apps for picking up and delivering shipments, combined with an increase in small businesses across the country, independent truckers can set up shop and run a very lucrative operation. We have put together a list of handy tricks to help independent truckers continue their success as protect their interests.
Information Is Your Friend
Independent truckers, especially those who are operating within a certain radius, need to be familiar with the local economy. It is helpful to know what market average prices are for shipments, so you can remain competitive. Being familiar with the local economy also allows you to make inroads with business owners, and build up your customer base.
Your Truck Is A Tool
Independent truckers need to operate a bit differently than drivers working for fleets. A lot of truckers love the open road, and the opportunity to travel. However, when you are running your own operation, the focus is on efficiency. Your truck is a piece of equipment that allows you to get money. The faster the deliveries, the more your customers will appreciate you, and the higher your overall revenue.
Mind Your Overhead Costs
Independent truckers do not have a parent company paying for expenses. A single truck, running regular deliveries, can burn through over $65,000 in fuel, annually. Add onto this the cost of advertising, office space, insurance, and more, and saving money wherever possible can have a big long-term payoff. Minimizing the use of the AC, maintaining proper air pressure, and taking advantage of discounts through fuel cards can go a long way toward minimizing overhead expenses.
Cash Flow Is Essential To Independent Truckers
Running your own operation has a lot of expenses, and it also provides a lot of freedom, because your revenue is all yours. Like all other businesses, you are still going to have to issue invoices with the standard payment period of at least 30 days. Waiting on payment from customers can place a big strain on cash flow. In order to eliminate the waiting periods, and get access to funds immediately, independent truckers use freight bill factoring. Freight bill factoring converts open invoices to cash within 24 hours, which means independent truckers can keep a healthy stash of working capital without relying on customer payments every 30 days, or longer.
At Express Freight Finance, we specialize in freight bill factoring services, as well as comprehensive fuel card plans for independent truckers. Contact us today to ensure your operation grows successfully.