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Part One: How to Write a Business Plan for Your Trucking Company - YouTube
Channel: Apex Capital
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so we're here today to walk you through
a two-part series that's going to help
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you go through the basics of writing out
a business plan to start your trucking
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company what is a business plan well the
business plan is exactly what it sounds
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like it's a plan for your business's
future it's a way to think through how
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you want to run your business and coming
up with strategies for how to achieve
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those when you're developing your
business plan it's important to think
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about what types of services you're
going to provide these services can be
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whether you decide to go long-haul so
over the road interstate intrastate so
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are you just going to run within the
state are you gonna run expedited
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Freight so kind of like the hotshot
loads or just a full loads so that means
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like the big semi trucks and you're
gonna hold up to 80 thousand pounds it's
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important to think about who you're
gonna want to hire for your company when
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you think about who you're gonna hire
that really means you know are you gonna
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be your driver are you gonna hire
drivers are you gonna have office staff
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that are gonna help you do your
paperwork are you gonna have are you
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gonna do that all on your own and it's
also important to decide you know tax
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purposes are you gonna have a tax
consultant and who's going to do all of
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your tax filings like your IFTA and then
your regular IRS taxes are you gonna
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need any extra services so for your ELD
your fuel cards anything like that those
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are all considered like staff support so
it's important to decide who you're
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gonna want helping you with your
business you'll need an electronic
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logging devices are what's called an ELD
that tracks your hours of service
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compliance and you'll need an alcohol
and drug program in place for a
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consortium that you'll need your drivers
to be in for random testing every
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quarter and another one would be a fuel
card you'll want to discount fuel card
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because it offers good savings at the
pump which can help you gain additional
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cash flow for your company
and then of course you'll need factoring
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Factory is very important factoring can
give you cash flow immediately so
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usually next day and it also helps
give you some back-office support so
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that you're not having to go out and
collect on your bills you can build
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competitive edge with a good safety
score a reputation with your customers
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and industry experience a really
important thing to think about is where
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you're going to get your customers so if
you're just starting out you're probably
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going to be using the load boards and
where you go to find general spot market
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Freight however if you already have
customers or connections that you can
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take advantage of just use those
relationships to kind of have
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established customers for the long run
lastly there's also dispatch services
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out there that are available and what
those help you do is just coordinate
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your loads for you it's also important
to think about what you already know
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about your competitors and are they more
well known in the industry than you are
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maybe they've been around longer so
their drivers have more experience or
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their staff does and do they have
different types of equipment maybe newer
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equipment or maybe older equipment it's
all things you want to think about in
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terms of the traits of your competitors
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one of the most important things to
think about is setting your goals at the
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outset so do you want to set up a family
business that your family takes into the
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future do you just want to expand and
grow and add more trucks or maybe you're
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trying to set up your own retirement
plan maybe you even just want to see the
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country and so what are your goals
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are there areas where you can cut costs
in the short term do you want to go from
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leasing your equipment to owning your
equipment you'll also probably want to
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identify where the break-even point in
your business is now you'll also want to
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have a long term growth plan in place
and then things you want to think about
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here for instance are adding trucks and
drivers over the long term another thing
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to really think about is reinvesting a
certain percentage of your profits back
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into your business to use over the long
term want to learn more about how to
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plan for your trucking businesses future
watch part 2 of our business plan series
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to learn about expenses revenue and how
to make a profit for your company
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