How Can I Sign Massachusetts Banking Business Plan Template

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