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What must I look out for when starting a trucking company?

I have been involved in and around trucking for years. There are many pitfalls and one needs to look at the basics.

You need to find a bread and butter client that looks after your every day running costs. This is the key to the whole business. I gather that you must have some ideas or been offered an opportunity to get something going.

Companies that are looking for a new transport company are often red flags. It could be good or bad news. If they have been let down then that is good news and a perfect opportunity but if they haven't then they are most likely poor at paying their bills.

Other hidden costs to look at are GIT, which is goods in transit insurance and you have to have this. Servicing of the vehicles which is not only costly but also takes your vehicles off the road. When purchasing vehicles I suggest extending the service and warranty period as this will save you a fortune.

A software program that helps with fuel consumption and planning routes. This will pay it'sown back in no time and is an essential tool to have. I know how much it has saved us in the past and I can't stress how important this is.

Storage facilities that are secure for overnight loads. Due to travelling and delays one can't guarantee of always arriving during business hours and  a secure yard is important.

Look for other business that could help make trips more profitable by having return loads lined up. I know that containers go back to the ports and they pay a deposit on delivery. This may cover all your expenses if you have no goods on the way back from a trip.

Use your contacts and befriend others in the trucking business. Working in partnerships can assist you when you have excess loads to deliver. Never turn business away and rather give to a competitor to build  a relationship. They may return the favor at some point.

This is a challenging business but done correctly can be very rewarding. Good luck and stick to the basics and you will succeed.