INVOICE FACTORING TIPS
If you’re in the process of starting your own trucking company, you’ve probably heard the phrase “starving startup”. Why? Most people assume that the odds are against them when it comes to surviving their first year in business. In reality, however, approximately 75% of small business startups make it past their first year with a little planning and the right steps. That’s why Integrity Factoring would like to provide you with the following tips for starting your own trucking business.
CREATE A FOOLPROOF BUSINESS PLAN
A small business startup has to have a foolproof business plan before it can make any real progress. Many new business owners don’t take the time to research and gather important information, leading to trouble in the future. If you’re starting your own trucking company, your business plan should include at least 3-5 years of detailed and accurate planning. When putting this plan together, take the time to consider the following:
- An executive summary.
- Company description.
- Market and industry analyses.
- Organization and management structure.
- Product and service descriptions
- Marketing plans.
- Sales strategy.
- Financial projections
For an even better chance at surviving your first year, it’s important to stand out from the competition in order to make a lasting first impression with potential customers and investors.
MAKE CUSTOMER SERVICE A #1 PRIORITY
A small business startup won’t survive its first year without superb customer service in today’s world. Customers are the lifeblood of any business and securing a loyal customer base isn’t easy. Prioritizing customer service above making a name for yourself is the only way you will maintain an edge over your competition. Take the time to offer excellent customer service with better loyalty programs, rewards, and incentives than the competition does.
Be there for your customers as much as possible by hiring friendly, helpful staff. You’ll also want to come up with helpful solutions for common complaints and bad reviews. Your customers will return the favor by recommending your company. Word of mouth and online reviews are effective ways to spread brand awareness and cultivate potential customers. Customer service is a long-term investment that will provide you with a high ROI when it comes to the life of your company.
MEASURE YOUR PROGRESS
Operating a business without a plan or any understanding of where you stand and how you’re doing is a recipe for disaster. You have to keep track of your company’s metrics regularly and compare them to the goals you’re looking to achieve to see how you are performing. Measuring your failures and successes is the only way to make sound adjustments to help you stay on track. You’ll also need to adapt to any changes to ensure you spend your time and money wisely. While your first year in business can be tough, it can be the most rewarding year of your career with a little preparation and planning.
Click here to get additional tips for starting a small business from the U.S Small Business Administration.
Things change quickly when you’re starting your own trucking company. That’s why it’s important to be prepared for any fluctuations and take advantage of new opportunities to grow your business. To learn more about invoice factoring and how we can help you, contact Integrity Factoring today by filling out our online form or call us at 1.866.834.7338.