Apr 26, 2023

How to Grow a Trucking Business as an Owner-Operator

Did you know that more than 70% of all goods in the United States are transported by truck? That’s a lot of products that need to get from Point A to Point B, and it makes commercial trucking one of the most important industries in the country. That CDL (commercial driver’s license) has a lot of value these days. If you’re a driver looking to start your own trucking business or an owner-operator with a truck already on the road, there are a few things you should know as a business owner. In this post, we’ll walk you through some tips for growing your trucking business. Let’s get started!

Changing Industry Regulations

As the trucking industry continues to evolve, it’s important for trucking businesses to anticipate changes in regulations and have a business plan that is friendly to adapt to those changes. One way to do this is to monitor developments at the state and federal level. State legislatures and Congress are constantly debating issues that could impact the trucking industry, such as hours of service, weight limits, and environmental restrictions. By tracking these debates, trucking businesses can be among the first to adapt to new regulations. Another way to anticipate regulatory change is to stay up-to-date on the latest industry news. Industry publications and websites are a great source of information on upcoming changes in the trucking industry. By monitoring these sources, small businesses can stay ahead of the curve and make the necessary changes to stay compliant with evolving regulations.

New Transportation Technology

New transportation technology is constantly emerging, and it can be hard to keep up with the latest trends. However, those who don’t stay up-to-date with the latest technology will quickly fall behind their competitors. There are many new transportation technologies that can help trucking businesses grow. One example is GPS tracking. GPS tracking can help businesses to keep track of your trucks, know where they are at all times, and ensure that they are on schedule. In line with this would be Trucking Management Systems (TMS). These systems will prove to be game changers for your business at any level. This information can be invaluable for reducing delays and boosting efficiency. Another example is electronic logging devices. These devices went from optional to mandatory and became a major hurdle for some. By staying on top of the new tech and how they operate will keep you in good shape for industry growth. By investing in and staying up to date with new transportation technology, trucking business owners like you can stay ahead of the curve and continue to grow.

Manage Your Business Finances Well

One of the biggest keys to running a successful trucking company is to manage your finances well. Many trucking businesses fail within the first year due to poor financial management. In order to grow your trucking business, it is essential that you keep a close eye on your finances and make wise decisions about where to allocate your resources. A good way to manage this is to get a good reputable line of credit for your startup to manage your operating costs and raise your business credit score. This will make you look better to lenders.

One of the most important aspects of financial management is creating and sticking to a budget. Without a budget, it is easy to overspend on unnecessary expenses and quickly become buried in debt or short on fuel costs. Make sure to map out all of your income and expenses so that you can track your progress and make adjustments as needed.

Another crucial element of financial management is making sure that your trucking company has a strong and regular cash flow to keep operations running smoothly. An invoice factoring company, also known as freight factoring, can be a major tool in this area to help get you paid on freight bills now instead of waiting out the payment terms. Many, such as TAFS, also offer a fuel card option to save you additional money on fuel prices at the pump.

Provide Excellent Service

While there are many important factors to consider as an independent contractor, one of the most important is providing excellent service. After all, without happy customers, it would be difficult to stay in business for very long. There are a few key things that you can do to make sure that your customers are always satisfied. First, ensure that your truck drivers are polite and professional at all times. Secondly, make sure that your trucks are always clean and well-maintained. Finally, go the extra mile to accommodate special requests whenever possible. By providing exceptional service, you will encourage customers to keep coming back, which is essential for long-term success.

Develop and Foster Strong Customer Relationships

Trust can be difficult and time-consuming to develop. It is vital in this industry to recognize this and strive to not only develop meaningful business relationships with your customers but to foster those relationships so that they are beneficial to all

TWIC Cards

You may be limiting yourself from loads if you do not obtain a Transportation Worker Identification Credential (TWIC). This card is issued by the Transportation Security Administration (TSA) and allows truckers to enter secure areas, such as ports and maritime facilities. In order to obtain a TWIC card, truckers must first pass a background check and fingerprinting. Once these requirements have been met, truckers can submit an application online or in person at a TWIC enrollment center. The process usually takes about two weeks, and the TWIC card is valid for five years. Having a TWIC card is a big boost for any trucker who wants to grow their business because it expands your freight possibilities, so be sure to apply for one as soon as possible.

Why Private Parking Lots are Attractive Options for Truck Drivers Truck drivers spend a significant amount of time on the road, driving long distances to deliver goods across the country. One of the major challenges that truck drivers face is finding safe and convenient parking spots to rest and sleep during their journeys. While public rest areas and truck stops are a great and cost-friendly option for many truck drivers, they are also often crowded, making it difficult for truckers to be able to secure a parking space, especially during busier hours. Truckers who are unable to get parking at public parking lots often park on the side of highways or onramps, which is illegal and unsafe. This lack of viable parking may prevent them from getting the rest they need to stay alert and focused on the road. This is where private truck parking locations come in as an excellent alternative solution for truck drivers. Many truckers may view private parking lots as a more expensive option as there is an additional cost to park in these locations. However, Ariel Golan, managing partner at <a href="https://discounttruckparking.com/">Discount Truck Parking</a>, suggests there are many advantages to parking in private lots which may make them worth the cost for truckers, including the following: Enhanced security Security is a top priority for truck drivers, and private truck parking offers enhanced protection against theft, vandalism, and other security concerns that drivers might face when parking at public rest areas or on roadways and ramps. Private parking lots are usually monitored by surveillance cameras, and some even have security guards patrolling the premises. Some private lots, such as those offered by <a href="https://discounttruckparking.com/">Discount Truck Parking</a>, have a 24/7 trained lot attendant which helps with security concerns. Drivers can rest assured that their trucks and valuable cargo are safe and secure while they catch up on some much-needed rest. Better rest Rest is essential for truck drivers to remain alert and focused while on the road. Private truck parking provides a quiet and secure environment where drivers can have a peaceful and comfortable rest without any disturbance. If drivers are concerned about security precautions when parking in public lots or on the street, they would not be able to get the peaceful rest they need. Private parking lots generally offer a serene and peaceful environment that allows drivers to rest properly, reducing the risk of accidents on the road. Availability of amenities Private truck parking lots may also provide amenities, such as showering facilities, on-site mechanic shops, truck washes, Wi-Fi, and vending machines that can make life on the road more comfortable for truckers who often spend many days away from home. These amenities can help drivers feel refreshed and rejuvenated after a long day on the road. When parked at these lots, truck drivers can take a shower, grab a meal to eat, and take well-deserved breaks, making it much easier for them to manage their daily routines while on the road. More flexible scheduling In some instances, with public parking lots, drivers may be limited by the hours of operation of public rest areas or other locations. Conversely, private parking lots are mostly available 24/7, providing drivers with the flexibility to park their trucks and rest whenever they need to. This flexibility allows drivers to plan their routes more efficiently, avoiding delays caused by a lack of parking spots or closed rest areas. Reduced travel time Public rest areas and truck stops can be very crowded, with long lines for restrooms, showers, and other facilities especially during peak hours. This can cause delays and eat into the precious time that drivers need to reach their destinations. By avoiding this congestion, drivers can save time on their routes and reach their destinations more efficiently. Private truck parking lots offer a more efficient way for drivers to rest and recharge, as they spend less time being stuck in long lines. Avoiding long lines and subsequent delays increases the time they can spend driving and makes it easier for drivers to reach their destinations on time. In conclusion, private truck parking lots offer numerous benefits for truck drivers. With the ever-increasing demand for goods transportation and as the trucking industry continues to grow, private truck parking lots will undoubtedly become essential in providing drivers with the support they need to keep America moving. Private truck parking facilities can be found on the <a href="https://truckerpath.com/trucker-path-app/truck-gps/">Truck Path app</a> which also provides real-time and predictive available parking information for thousands of rest areas, truck stops and other truck-friendly parking locations throughout North America. While drivers can avoid driving to congested parking locations by merely viewing the available parking statuses on Trucker Path for locations along their route, it’s a very good bet that they’ll find parking availability at a private lot. Truckers can download the Trucker Path app via <a href="https://play.google.com/store/search?q=trucker%20path&c=apps">Google Play</a> or the <a href="https://apps.apple.com/us/app/trucker-path-truck-gps-maps/id782746890">Apple App Store</a> for free. For more information on private truck parking, visit Discount Truck Parking’s <a href="https://discounttruckparking.com/">website</a>.

Apr 18, 2023

Trucker Path and 3PL Systems Offer Single Click Access to Loads and Capacity Integration between Trucker Path’s TruckLoads digital freight exchange and 3PL Systems’ BrokerWare TMS greatly expands visibility into available loads and capacity PHOENIX – March 16, 2023 – Trucker Path, the most comprehensive and most used mobile app for North American truckers, today announced that users of BrokerWare Transportation Management Software from 3PL Systems Inc. can post loads directly on the Trucker Path TruckLoads digital freight exchange. The integration with TruckLoads instantly connects 3PL Systems broker customers with the nearly one million drivers and carriers in the Trucker Path community. “This integration between BrokerWare TMS and TruckLoads will provide Trucker Path users instant access to more available loads and increase exposure to capacity for 3PL System users,” said Chris Oliver, CMO at Trucker Path. “The ability to quickly interact on the TruckLoads digital freight exchange will streamline freight matching and help generate additional revenue for both drivers and brokers.” The Trucker Path integration with 3PL Systems allows companies using BrokerWare TMS to post available loads on TruckLoads with a single click. Drivers using the Trucker Path load board can quickly and easily view and book loads digitally or communicate with the broker to negotiate rates or ask questions. “BrokerWare TMS was designed to provide access to leading load boards like TruckLoads,” said Jeremy Thone, director of marketing at 3PL Systems. “The ability to post loads and find capacity quickly and efficiently is essential for the success of both brokers and drivers. By working with Trucker Path to enable that capability on TruckLoads, our customers will benefit from a seamless integration that allows them to save time, more effectively meet the capacity needs of shippers, and expand their businesses.” 3PL Systems joins the growing list of Trucker Path integration partners including McLeod® Software, Transport Pro and many others. TMS providers and brokers interested in integrating with TruckLoads can email Trucker Path at <a href="partners@truckerpath.com"> partners@truckerpath.com.</a> About 3PL Systems Inc Unleash the power of BrokerWare TMS, the platform meticulously designed to transform the freight brokerage industry. Created in partnership with supply chain experts, our user-friendly interface merges your business operations into a seamless portal—experience hassle-free connections with over 80 LTL carriers via state-of-the-art API and Electronic Dispatch technologies. Our journey is a fusion of expertise and innovation. 3PL Systems sparked its creation of freight software in 2005 with one of the first LTL rating engines. Fast forward to 2015, and our CEO, Cameron Robertson, boldly directed our engineering team to rewrite the entire codebase. Embracing the digitization wave, our company shifted to enhance truckload, rail, drayage, flatbed, and reefer tracking capabilities. </a> About Trucker Path Phoenix-based Trucker Path is the provider of a wide range of truck driver-centric mobility products. Its Trucker Path app is currently in use by over 1 million professional truck drivers. Offering best-in-class navigation with truck optimized routing, the Trucker Path app also provides access to vital up-to-date information about truck stops, real-time available parking, fuel prices, weigh station status, and truck scales and wash locations. The company also offers TruckLoads, a digital freight exchange that connects drivers, carriers and brokers; COMMAND™, the industry’s first and only Operations & Driver Relationship (ODR) platform that provides small to mid-size fleets with the necessary driver and TMS technologies to successfully run a fleet; and DISPATCH, a full-service dispatch service designed specifically to serve the back-office needs of small carriers and owner-operators. For more information, visit <a href="https://www.truckerpath.com/">www.truckerpath.com.</a> Media Contact: Susan Fall LaunchIt Public Relations <a href="tel:8584901050">858-490-1050</a> <a href="mailto:susan@launchitpr.com">susan@launchitpr.com</a>

Mar 16, 2023

Trucker Tax Tips, Part 2: Use Your Powers of Deduction to Slash Your Taxes Welcome to part 2 of our 4-Part Tax Primer for Truckers created by Trucker Path and the tax experts of <a href="https://www.atbs.com/trucker-path">ATBS</a>. In this post we’ll talk about a topic truckers love: deductions. Knowing the deductions available to owner-operators can help put you on the road to minimizing the amount of taxes you’ll owe the IRS. Tax deductions are business expenses you can use to lower your amount of taxable income which in turn lowers your taxes due. Eligible deductions are expenditures that are “ordinary and necessary” for your business and you have a record confirming. Here are a few of the potential deductions that are particular to truck drivers. Meals Deduction Self-employed drivers who are away from their “tax home” overnight, or who are required to rest by hours-of-service rules, are entitled to a per diem deduction for meals. The deductible per diem rate as of <a href="https://www.irs.gov/pub/irs-drop/n-22-44.pdf">October 1, 2021</a> is $69 for a full day of work and $51.75 for a partial day of work. Partial days are the days that you depart and the days that you arrive home. For 2022 taxes, drivers can deduct 100% of the per diem rate, but starting in 2023, only 80% of the per diem rate will be deductible. Truck Depreciation Deduction Another key deduction available to drivers who purchase a major asset like a truck or trailer is depreciation. Depreciation is an accounting method for spreading the cost of an asset out over its useful life. It can help reduce a tax bill considerably. Other Potential Deductions ● Lease payments on a truck or trucks ● Diesel ● Tools and equipment ● Hotel expenses when work requires sleep to complete the duties of a job ● Fees paid for services like accounting ● Office or computer supplies ● Truck maintenance fees ● Uniforms ● Licensing and permitting ● Internet and cell phone fees directly related to business ● Commercial auto insurance premiums ● Truck washes or cleaning products Don’t Let Deductions Go to Waste Be mindful of the expenses you incur that are directly related to your trucking business and save those receipts. If you have any questions, consult a professional. Right now Trucker Path is offering a special discount for Trucker Path users on tax and accounting services from ATBS. Learn more <a href="https://www.atbs.com/trucker-path">here</a>. Next Up in Our 4-Part Tax Primer for Truck Drivers Series: Good Tax Habits Managing deductible expenses is an important part of adopting good tax habits. Learn best practices for staying organized and on top of your taxes in our next post.

Feb 08, 2023