Even during tough economic times, many individuals have decided to work for themselves. The transportation industry, which is expected to grow in the coming years, has provided entrepreneurs with several opportunities. Low start-up costs and large profits make starting and expediting business extremely attractive. You may find taking courses, like those offered from Expeditertraining.com, will provide you with additional knowledge related to running an expediting business.
Obtain the license, permits, and insurance required to operate an expediting business. At the minimum, you’ll need a business license. Many counties and states also require specialized permits to deliver goods for profit. If you’re new to the industry, online resources such as Expeditors.com can provide a wealth of knowledge. The requirements to operate in your specific region can be found at your local tax office or city hall. Insurance for a transport vehicle is usually more extensive that what is required for personal use. Contact your insurance company to determine the coverage you’ll need for business use.
Acquire the necessary capital to fund your new business. If you already have a vehicle, startup costs can be as little as $3,000. If you need to purchase a vehicle and haven’t saved enough money, you will need to raise capital from outside sources. This can be done by encouraging friends, family and coworkers to invest in your company. You may also want to consider applying for a small business loan. Before you seek financial assistance, you should thoroughly assess your current financial situation, according to SBA.gov.
Purchase equipment and supplies. If you don’t already have a dependable vehicle, you’ll need to buy or lease one. Depending on the type and size of goods being transported, a van, pickup truck or large sedan may be all you’ll need. Office supplies will also be required to run your business efficiently. These can include desks, computers, chairs, paper and pens. The way to save money is to get as many used items as possible. These can usually be found by searching through online listings and local classifieds.
Determine if you need to hire any staff. You may be able to perform all the required work yourself during the first three months your business is in operation. However, you may need to hire additional staff as your business grows and gains more customers. Make sure you hire someone who already has experience in this industry and can benefit your company. The productivity of your staff can have a measurable impact on your overall business.
Market your business. This means introducing yourself and your company to the neighborhood. Expediting companies obtain work from a wide variety of sources. Consider placing an ad in your local newspaper or phone book. Always ask for referrals from current clients and make sure you have an online presence.
Gary Smith began writing in 2006 and in 2009 published his book, “Fortune in Foreclosures.” As a California-licensed real estate broker with a mortgage industry background, Gary has served on political and legislative government affairs committees and worked as a financial adviser for ICM. Gary earned a Bachelor of Science degree in business administration.