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[Music] hello thanks for tuning in in today's video I'll talk about how to start a towing company the right way now if you're already in the toy business you'll still want to stick around because I also include details on growing your business okay so so here it goes one of the reasons I wrote the book how to start a towing company was because I made a lot of mistakes when I first started out I made tons of mistakes I going into in the detail in this video but you know just there's a lot of work involved and I wanted I wanted to help others avoid these same type of mistakes you know I want I want you to do it the right way in the beginning I was more of a what you call a technician like from the book The e- Myth if you haven't read it you should read it um I was not like an entrepreneur at that time I was just a guy who did the did the business but over time I learned from my mistakes and and then I made I made a decent amount of money doing it okay anyway I mentioned my book because I get a lot of emails from people in the industry or even outside the industry who have questions and the answers to those questions are in the book but here's a question I got the other day um I was just on your website what are the general requirements when starting a towing company we want to get started right away well that's big I mean you can't really just give that into an email but I I did make an attempt to do it so my reply was depending on the type of Towing towing business you start in the location the requirements will vary but what I have here for you should be a good place to start so the first thing you want to get to understand is licensing and regulations what are the necessary licenses and regulations that you need to comply with when starting your towing business now these are going to be dependent on the type of business you want to start and and where it's located obviously consensual Towing versus non-consensual towing or a combination of both so if it's do you're doing parking enforce ment you know impound towing or working with law enforcement he and Heavy Duty Towing all those things are going to require different you things than just if you're doing light duty Towing these are questions that must be answered before you can know what type of licenses you'll need to acquire as well as what regulations you'll need to abide by the next thing is equipment and the investment required to get into this business now you don't know until you know what kind of business you get into right you're going to get into is it going to be non-consensual or consent once you have the licensing and regulations determined you can get it a better understanding of what type of tow trucks and Equipment you'll need and what the estimated initial investment will be for example if you're running a uh con a consentual towing business out of your home your investment may be as small as say $40,000 for a used flly bed tow truck good luck maybe not now but you should be able to get something along those lines however if you're operating a non-consensual towing business you'll need to secure a lot and possibly a 2 4 Hour facility depending on the regulations in your in your area so you'll need to lease or buy property and have additional staff and of course you're going to need insurance okay so the next thing after you understood those requirements then what are the insurance requirements for the people that you work with right the city the the insurance companies or whatever you work for the types of Ins Insurance you need will be dependent on the type of business you start while you'll need comprehensive Collision liability on hook and cargo insurance for both consensual and non-consensual to You'll also need garagee Keepers insurance for vehicles that are kept on your property okay and you also want to get Workers Compensation Insurance for your employees of course there are other types of insurance that can be helpful such as loss of income insurance but it's it's not required but it may be helpful down the road if you if you get injured or somebody else gets injured then you want to do a comprehensive analysis of the market that you're going to be entering okay what's what's called a market analysis now you can do this in a couple of different ways but the first thing you want to understand is you you want to ensure that the location where you start your business has sufficient demand I always suggest that you seek out an area with at least 40,000 population with a within a 10 mile area okay like a big a circle or whatever the city is that at least that big if you're in a rural area even if you're close to an interstate you better understand that the number of people who need Towing in roadside is assistance is going to be substantially less than if you're in a major city also if you live in a depressed area there may not be sufficient demand for your services so before you pull the trigger and start start your business ensure that the folks in your area you choose have the means to afford your services the last thing I'll say on market analysis for now is don't be discouraged if you see other towing companies operating in the area this is a good thing right while you may might assume that the area has too many competitors for you to start seeing other towing companies is a good sign that there's sufficient demand for your services besides your goal is to differentiate your business from all the others that's what you're going to do right you have something better to offer or why would you be starting once you figured out where you want to set up shop the next highly important piece of the puzzle is to determine how you're going to get customers this is called client acquisition and marketing right how will you acquire customers okay the the bet the worst problem is many startups believe that they can rely solely on work from motor clubs or auction houses but they quickly learn that these companies pay much less than cash paying customers this is where we help our clients with online marketing including SEO and Google ads there's much more to unpack but I hope that helps thanks so that was the letter that I wrote him back I wanted to to give him a bit of an understanding and I also wanted to just use that information to give you a little bit of a understanding of what you're going to be required of your starting business now if you're in the toying business most likely you're way past those first four steps right it's usually the last one the customer acquisition problem that consumes you right to have a viable and profitable business well into to the Future you need a constant flow of new customers right hopefully you understand that these are the main customer acquisition drivers in in new business search engine optimization Google ads performance community outreach point of sale dispatching fulfillment tow truck operators at least they should be these should be the areas that you should concentrate on attention to each of these is important to your overall marketing strategy but we're just going to discuss a couple of them today so let's assume you're running a Google ad campaign and I don't suggest you run smart campaigns I've said this in other videos but a regular search campaign mobile only click to call campaign and it's bringing in 45 calls per week but for some reason the calls aren't converting Into Cash paying customer now the problem might be that the ad campaign isn't set up properly it might be a smart campaign but it also might be that your point of sale Channel isn't as effective as it could be now point of sale dispatchers call takers the reasons for this canver but one might be that your dispatchers are geared up to only receive motor club calls right they're not used to getting cash calls maybe they're used to getting call details provided to them in a highly ordered fashion maybe even by text or you know over the computer somehow but they have little patience with cash calls due to the fact that many times motorists don't know where they are what they need what's wrong with their car or even what kind of car they're driving your ad campaign might be homeing a long grade it might be getting a ton of good quality um leads but if your dispatchers are rushing the callers trying to get just the facts and don't practice a Kindler gentler approach they're not going to close as many of those calls it's just a no-brainer fulfillment is another area that might need work it might not be the the call taker's problem it might be your tow truck operators tow truck operators play a very important role in customer acquisition and retention now they didn't acquire the customer but they can help with the retention right as I preached before rather than thinking transactionally where every tow or service call is a one-off deal I suggest that you think differently look at every interaction with a customer as an opportunity to generate referrals repeat customers and reviews online reviews festar reviews but if your tow truck operators are just going through the motions when on on a call and they're not connecting with their customers it's not a good thing when there's ample opportunity to to connect with people even with motor clubs you should take advantage they should have them take advantage of that and do it at that time when people have a car problem they're having a bad day and some are highly emotional you guys know this they're they're having a bad day and what they need is a little bit of reassurance well it's at these times that they're also highly impressionable right which means they may interpret indifference or going through the motions as rudeness right conversely expressions of kindness and helpfulness are for the most part appreciated and remember they're going to remember that you were helpful in their time of need now let's address the elephant in the room okay big big elephant in the room some may argue that people are busy and they won't remember when you when you helped them when they were down they'll just forget that you even existed well having dealt with thousands of business owners vendors customers and employees I disagree personally I would much rather rely on a known quantity than an unknown quantity and and your customers will as well and I think you would too trustworthy people know their stuff and are not easily forgotten besides even if the person you help doesn't remember you what's the harm and training your people to treat them right that's how both businesses and people grow and even if only one in 10 people call you back or you know refer you to a friend over the course of a few years your repeat customer numbers will compound substantially so rather than looking at each call as a single one-off transaction look at it as an opportunity to create repeat uh repeat customers referrals and five star reviews okay that's it for today I hope you got something out of it if you did please hit the thumbs up button and if you're not already subscribed Please Subscribe and and please share this video I really do appreciate you watching the videos and I'm going to have more to come in the future thank you [Music]