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Do your customers have Your Money? Turn your unpaid freight notes into cash today!

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July 10, 2017 by Paul Farrish

How to Run a Trucking Business that Makes a Profit

The Trucking Business is a tough one, but, also can be quite profitable if you know what to do. However, if you’re someone who is just stepping into the business, here are a few basic tips to help you get started on the path to success.

Proper equipment

This is the first step towards making a profit in the trucking sector. Your business will not last long if you’re going to rely on shoddy equipment. So, make sure you invest in what works the best for your particular profile and is reliable so you can offer your customers good service.

Once you do that, the next step is to choose between leasing and purchasing the equipment.

There are pros and cons to both options. For instance, purchasing the equipment makes you the owner. You have full control, but, you will require a serious amount of capital. Leasing is more cost-effective, but, you don’t own the equipment which can bring in some restrictions.

Get long-term customers

Be careful getting customers from a load board because you may be forced to charge extremely low fees. Plus, the clients from a load board are never long-term. Though a load board is an okay way to start, focus on marketing your services directly in order to create a long-term customer list.

Maintain cash-flow

Profits are hard to come by in the first few years, but, as long as you stay in business through providing good reliable service, it will eventually happen. However, to stay in business, you need to have a consistent flow of cash in order to meet basic expenses. Now, the source of your cash flow is primarily the payments you receive from customers which are not always very prompt.

Sadly, customers have their own processes, and payments are rarely made on time. This is where you need to seek out effective solutions such as factoring. Factoring or Invoice Factoring helps you collect cash usually within 24 hrs to keep things running. It is basically a system where an invoice or freight note factoring provider buys your invoice for 80% (or sometimes even more) of its total value and brings in the rest after collecting it from your customer. You just have to pay a small percentage of the invoice value as fees for the service.

So look for good reliable invoice factoring loans or debtor finance providers that understand freight and transport. It might be different between success and failure in your new venture.

Filed Under: Accounts receivable factoring, Business invoice finance, Business working capital, Cash flow factoring, Debtor factoring, Debtor finance, Factoring companies for truckers, Factoring companies freight brokers, Factoring debtors, Factoring of debtors, Factoring of invoices, Invoice factoring loans, Invoice lending Tagged With: Accounts receivable factoring, Business invoice finance, Business working capital, Cash flow factoring, Debtor factoring, Debtor finance, Factoring companies freight brokers, Factoring companies truckers, Factoring debtors, Factoring of invoices, Invoice factoring loans, Invoice lending

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DID YOU KNOW?

If your invoices total $20K, you will receive $16K.
If your invoices total $100K, you will receive $80K.
(Usually 80% of total amount)

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