If you’re considering to start a trucking business, first of all, you should get to know the advantages and disadvantages of the trucking industry.
The trucking industry generates almost $700 billion in annual revenue. This means you’re going to start a business with positive revenue prospects. The industry is expected to have a 21% increase in jobs by 2020.
It is interesting to note that Uber has recently acquired self-driving truck startup Otto. This way Uber is entering into the long-haul trucking business with the purpose of establishing itself as a freight hauler and a technology partner for the trucking industry.
The Otto vehicles are currently operated by a driver and an engineer. Now, Uber-Otto efforts include other technologies such as tracking, navigation, and mapping, which can be organized together with the operation of self-driving systems.
To start your business, you’ll need enough finances. If you lack working capital, you can apply for a small business loan. Qualifying for a bank loan is not easy. In fact, only about 20% of small business owners can get approved for a loan from a bank. For equipment business loans, consider turning to firstamericanmerchant.com. First American Merchant (FAM) is a reputable payment processor that specializes in the high risk sector.
Hiring and Training Truckers
Employees represent your business. To grow, you need to hire and train the right candidates. Follow the right tips when hiring and training your employees so to grow successfully.
So when interviewing candidates, see what additional qualities they have apart from their experience and a safe driving record. Hire honest and punctual individuals with a high level of responsibility. Don’t forget about good communication skills and physical stamina.
Provide your drivers with regular safety training. Inform them of basic safety tips and warn them about the dangers of unsafe driving. Focus on the importance of being prepared for unexpected weather conditions. Stress on the importance of checking the weather report before their trips.
To reach success in your trucking business, make sure to take into account the details about the industry.