Common Concerns for Truckers: Getting Started in the Industry
As is commonly known, the trucking industry is a crucial part of a healthy and functional economy. The U.S. market would be at a standstill without trucks hauling goods and products from one point of the country to another. Definitely, having efficient goods transportation system is a vital part to how a community operates. Because of this, coming into the trucking industry might be a very lucrative business decision. As the American Trucking Associations notes, the trucking industry in the U.S. has generated roughly $600 billion in total freight revenues during 2011.
If you are thinking of getting into the trucking industry, expect to face a few hurdles before reaping substantial awards. There are plenty of things you’ll need to research and consider before going in completely. Learning more about particular details regarding trucking operations, and deciding the best type of operation that suits your planned set-up is a great way to ensure that your venture will be a success.
Before anything else, the first decision you will need to make when becoming part of the trucking industry is your mode of operations. According to the U.S. Small Business Association, trucking businesses typically operate in two different ways. One sees the trucking company hiring its own fleet of vehicles and set of drivers. Through this mode of operation, you’ll have control over the entire spectrum of your business. Of course, this will also require a bigger budget. The next option is to sub-contract drivers from a different company. While you’ll have little control over schedules, and contracts, you will have to spend less on workforce and vehicles. Here, the only thing you’ll be in-charged of is the actual operation of your business.
According to the website of TBS Factoring Service, another consideration you’ll have to make when starting a trucking business is preparing for common challenges faced by those already in the industry. One typical problem faced by truckers involves the finance and accounting side of the business. As it happens, plenty of truckers have issues with tracking invoice payments and other similar details. No one goes into business to not get paid, so being sure to do everything you can to haul in the dollars is a good plan.