Are you dreaming of owning a trucking business, acquiring many trucks, and being successful in the trucking industry in the next five or ten years? That is truly one huge dream. But how will you put this dream into actions? Simple. Write your plans on paper.
Nowadays, profit and non-profit organizations strategically write their plans on paper. But why is putting plans on paper important? Simply because written strategic plans help the companies to monitor their growth and success, as well as to determine potential threats and weaknesses so that they can create a way out of it. When you put your dream on paper, it somehow serves as a reminder of your goal. And that will motivate you to do your best everyday to achieve your goal.
Whether you are just thinking of putting up a trucking business in the near future or you are already managing one and have not yet taken time to sit down and write your plans on paper, this web page aims to answer your queries on how to write a Trucking Business Plan.
Paul Borosky, MBA, a prolific person in the field of business writing and entrepreneurship, shares his 20-miunte video about five easy steps on “How to write a Trucking business plan.” Here’s a summary of his tips.
In this video, Borosky gives five tips on how to write a Trucking Business Plan.
First: Create a Company Description
This section contains the most important details of your Trucking Business Plan. Company Description page must provide the background and history of your trucking business. Describe in this part the mission and vision of your business. Include details about you as the business owner, (or owners if you have business partners), year the business started as legal corporation, and mention the states where your business is registered.
Your business location plays a vital role in this section of the business plan. Aside from laying out the product description, explain also how your location can be beneficial to your target customers. Describe the trucking services you offer and promote your business’ competitive advantages against your competitors.
Second: Provide an Industry Research
In this section, you will show that you did your homework on your business and competitors. Provide key information in Trucking Business Statistics like how much money this type of business makes in a year or what the percentage of goods is transported by truck annually. Educate your target customers about their problems and needs and explain how your business can resolve them.
If you need reliable sources, American Trucker Magazine and International Trucking Association are some of the good resources for trucking industry research.
Third: Think of Advertising Strategies
This part of the Trucking Business Plan answers the question: how will you promote your trucking services and what are the platforms will you use to do it?
Here are the most common and appropriate platforms you may use:
- Social media
What matters most is that these promotions will create a word of mouth so that the awareness about your trucking business will effortlessly fly.
Fourth: Write down your Funding Request
This part is basically about the specific total money you will need to operate the trucking business. This also includes the equipment and other expenses that the business will require such as paying for an office space rental, advertising costs, etc. Make sure to set a budget for each category and have a specific dollar amount.
Another thing is that this section of the business plan should provide the ways on how you will repay the money in case the working capital is borrowed funds.
Fifth: Make Financial Projections
This is the last on Borosky’s list on how to write a Trucking Business Plan. This part of the business plan is about projections. Think of where the business will be in three years, five years, or ten years from now. Imagine how may trucks and drivers you already have by then. But these thoughts should not only make you go ahead and daydream, but you should also set a plan for it come to reality.
Be specific, calculate the costs of the gas and maintenance, and how much you will charge per mile. Monitor the daily, weekly, monthly, and annual sales. And from that you will have your accurate cash flow. Who knows, you might be able to add more employees to work for you or purchase more trucks. Exciting, isn’t it?
To further explain the Trucking Business Plan and help the trucking business owners, Borosky created a template that one can easily complete. Below is a step-by-step video guide on how to fill out Borosky’s template.
In this video, Borosky discusses his template for Trucking Business Plan step by step.
This tutorial video shows you how to edit and customize the trucking business information in less than 30 minutes. The business plan sections are composed of:
- Executive Summary
- Company Description
- Industry Analysis (already complete on a national level)
- SWOT Analysis
- Organizational Structure
- Organizational Chart
- Funding Request
- Financial Projections
- 12-month profit and loss
- 5 Year Pro Forma Income Statement Projections
However, this template is not for free. But if you think that this can be helpful to your trucking business, you may purchase it from their website Quality Business Plan.
The most effective way to determine the stability and describe the goals of your business is by putting it on paper. There is nothing that shares a strong statement about your trucking business than a well-crafted and detailed business plan.
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