Is there a formula for success for truckers?
Is there a formula for success for truckers? Someone said it’s not about working hard, it’s about working smart. That is, knowing the secrets of business success. The case of road carriers is no different. There are some habits that can mean the difference between being a successful trucker or not.
It is key to create a spending plan. There are studies that support that many truckers do not know how to manage the economy of their business.
It is recommended that 60% of the trucker’s net income be dedicated to personal matters: Mortgage or rental of the house, food, insurance, personal debts and entertainment. Remember that the net income is those from which you have deducted the expenses of the truck -gasoline, maintenance-.
The other 40% must be divided into three parts to a bank account. 25% for the payment of taxes, 10% for retirement and 5% for emergency expenses.
Another fundamental step between success and loss is to master the consumption of the truck. The difference in income from a truck that gets 6 miles per gallon and another that gets 8 miles, at current fuel prices, can be $5,000 a month. It is only necessary to multiply the expense of each one in the same number of miles traveled. For this reason, it is essential to organize trips, to know in advance where to refuel and at what price. You can be guided by the free GasBuddy app that updates the cheapest gas stations in the area.
Another factor that influences this business is time. Remember that saying that says: “Stopped ship pays freight”. The truck owner must master his schedule. Create a plan that shows the number of days you plan to work per year, where you take into account the miles you must travel. For example, 250 days of work per year, in which he will travel 400 or 600 miles a day. Such a plan allows you to optimize time and prevent the truck from being stopped, losing money. In this planning it is essential to take into account the load cycles. Depending on the merchandise that you usually transport and the industry in which you specialize. Observe which are the days of the week that you work the most, so as not to plan them as rest days, the months of the year in which there is more movement. For example, if January is weak, the trucker must plan his vacations and the maintenance of his vehicle in that month. You should not do it in December which is usually the busiest month of the year. Another important success factor is the experience of other truckers. It is essential to associate with successful truckers who can pass on their experience.
These tips will help you keep your truck running, save fuel, and save money. Is there a formula for success for truckers?