Start a Trucking Company: Tips for Success

The trucking industry is very competitive and requires proper planning. The profits generated in such a business are handsome. However, starting the business and thriving with stiff competition can be quite a struggle. One is required to create a business plan and a license first forward before setting up the company. The availability of equipment ether on the purchase or lease acquisition is an essential requirement for setting up a trucking company. Und5erstandingt the business is possible through the business plan, research, and benchmarking. Also, one will be required to track the income and expenses of a business, which requires managerial skills to monitor growth. Just like any other business, it is also essential to manage employees in the company and motivate them by creating an innovative culture. Therefore, this paper looks into two haves and have not's as presented in the "10 Must-Haves" by Frank Levinson.

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The Two Must-Haves

Common Sense

Certain things are so obvious when starting a business. Therefore, such things do not change just because you are setting up a trucking company. The basics of marketing remain the same irrespective of the type of business you intend to start. Such factors include customers, sales, profits, market information, products, and taxes to be paid to local authorities (Levinson, 2013). However, certain things are not necessary when starting a business. For instance, a trucking company doesn't have to need a CFO during the start. Other unnecessary things include VPs, forecasts, websites, or ad campaigns.

Like Surfing the Real Waves

Since the trucking industry is extremely competitive for newbies, it will be vital to be real with the industry. Carrying out market research before setting up the business is essential since one gets to understand what the market needs or wants. Also, primary market research enables one to detect the possibility of a niche. Therefore, the trucking industry is profitable only for those companies that understand consumer needs and wants. Identifying potential consumers and their tastes and preferences are utterly essential. The real waves of the trucking industry are found in the standards bodies or groups of customers in the market (Levinson, 2013). Thus, if your company does not effectively work with these bodies, it is a clear indication of impending failure.

The Two Have Not's

Comfortable Cheap Furniture

It is not a vital requirement for a trucking company to have comfortable, cheap furniture during the onset period. Comfortable seats mean there will be time for napping and relaxing for clients and employees during the company activities (Levinson, 2013). They may also attract customers who will be willing to pay more for service rendered. However, this is not a necessity during the start. One may consider them in the later stages of the business.

Support from Family or Friends

Having a support system is essential for business growth (Levinson, 2013). However, during the onset period, one may consider sourcing the support of partners, investors, suppliers, employees, and clients rather than family. One will be required to create time for their families rather than receive their support in the business. Therefore, creating a support system at the start of a company does not primarily involve a family.

Conclusively, a person needs to intend to set up a trucking company to develop a business plan. The competitive nature of the industry does not require blind investments. Therefore common sense entails the few basics of starting a business such as customers, products, employees, sales, and taxes to be paid. Also, a trucking business will need a real exploration of the market needs and wants. However, it is not essential to have a supportive family or comfortable, cheap furniture. All the above features are among the 1o must-haves, as in the video by Frank Levinson.

Reference

Levinson, F. (2013). 10 Must-Have For A Start-Up. Youtube https://www.youtube.com/watch?v=l4-HiwCjWVs