The trucking industry in America plays a massive role in driving the country’s economy. Over 70% of all kinds of freight movement across the United States take place through trucking and account for over $700 billion in revenue. The other notable thing is that over 91% of all the trucking operations are handled by small businesses with an average fleet strength of 6 trucks. Like all other small businesses, the truck operators also face impossible barriers in getting access to trucking funding from traditional lenders like banks and other financial institutions. That makes it quite challenging for the trucking businesses to meet high operational costs. If you have a small trucking business, don’t worry; there are alternative funding options for you.
Trucking is a capital-intensive business
Operating costs are very high in the trucking business and unless you keep a close eye on it, you could lose control of your expenses. When that happens, it is generally the beginning of the end of the business unless you find a quick remedy. One way is to find a reliable source of working capital funding.
The vast majority of truck operators run fleets of 6 or less trucks that approximately haul a total of 200 tons of cargo if they average 30-35 tons. If there is a breakdown or two somewhere, that will jeopardize 60-70 tons of cargo haulage. If you don’t sort out such issues fast, it will impact your revenues. Alternative business funding solutions can help you handle such issues easily.
Payment timelines in trucking are 30-45 days
The main problem that truckers face is the payment timeline of 30-45 days, which can stretch operational costs to a maximum. You may be able to handle that kind of stress once in a while but enduring it day in and out can seriously harm your business. You will need unique funding solutions to tide over such situations.
Your clients could be a wide range of businesses from food grains to milk and beverages and from garments, linen and drapery to home furnishings and an endless range of goods. They also have timelines to meet and if they miss it due to shipping issues, they will seek compensation that could result in delayed and reduced payments. You will therefore need easy funding from alternative sources to tide over such issues in the next shipment.
Invoice factoring credit can meet trucking operational costs
Considering the delayed timeline of payments, one of the best ways to meet shortfalls in operational cost is quick funding by way of invoice factoring. In this kind of funding, the borrower leverages his/her pending invoices to access a line of credit at an agreed cost.
As already explained, operating costs are very high with maintenance, tires, fuel and insurance among others. At the end of a shipment, you are left with no resources to fund your next shipment. That’s when you can utilize invoice factoring to access funds for your working capital. This mode of financing is very popular with small trucking businesses and others with delayed payment timelines.
Umar Nisar was born and raised in the busy city of Abbottabad. As a journalist, Umar Nisar has contributed to many online publications including PAK Today and the Huffing Post. In regards to academics, Umar Nisar earned a degree in business from the Abbottabad UST, Havelian. Umar Nisar follows the money and covers all aspects of emerging tech here at The Hear Up.
How to Prepare for a Long-Distance Move
More than 27,059,000 people move each year, whether traveling across the state or the country. Regardless of when you’re preparing for a long-distance move, there are several things you’ve got to be aware of ahead of time.
We’ve created a checklist that you can use full of packing tips and other things you need to know, like the importance of hiring movers to aid in the big move. The more prepared you are, the easier and more stress-free the move will be.
Get ready to settle into your new home after you check out these need-to-know packing tips below.
When moving to NY from California, you need to plan ahead. You need to do this to get everything in order, such as shutting off the utilities and turning it on at the new location before you’re scheduled to arrive.
The last thing you want to do is risk arriving at your new place and not having running water or working electricity when you get there. Another reason you want to plan ahead is that if you’ve decided to hire movers, you’ll need to coordinate the day they plan to pick up your items and deliver them to the new house.
Again you don’t want to arrive at your home and the movers not arrive with your items on the day you expect them to. Not only does this leave you without your necessities, but it could also mean you pay additional delivery fees that you’d not planned for.
If it helps, you could make a list of everything you need to do before you are set to move. We recommend making this list ahead of time so that you don’t feel rushed at the last minute to get everything completed.
Moving lots of items a long distance can be tricky, especially if you’re not used to driving a moving truck. Before you’re set to move, make a list of the best movers in your area.
You can do this by creating a list of mover names and estimates from your area. Ensure you have them clarify what you’re paying for because most rental companies provide a specific number of miles locally and out of state that could increase your overall rental price.
You’ll also want to inquire about the insurance needed to schedule movers to come and help transport your items. Ensure you get the estimates for each type of vehicle they offer.
When the move is complete, the larger the vehicle and the more movers you need, the higher the rental price. Once you’ve decided which moving company you’re going to work with, take the next steps to set your reservation.
If you’re making the appointment over the phone, ask the company to send you a confirmation email once the phone call has concluded. This will ensure you have tangible evidence of your appointment reservation just in case something comes up the day of the move where you need to contact the moving company.
When you move a long distance, it’s in your best interest to only pack the items you need and discard items you no longer use. The best way to do this is to take some time to declutter your home before you begin packing.
Make a pile of the items you need to get rid of, whether that means donating or discarding them accordingly. While it might prove to be a time-consuming process, in the long run, it will pay off when you don’t have to do these things while unpacking in your new home.
This is especially true if you’re downsizing and don’t have enough room to store all the items that you have currently in your home or apartment. Another reason to declutter your home is so that you can effectively determine how much packing material you need to pack, such as boxes and packing tape.
Check your local area for packing items because there are several places online where people want to get rid of their extra boxes for free. This can help you to save on packing expenses.
When you move into your new place, the last thing you want to happen is for essential items to be mailed to your previous email. This means you need to take the steps necessary to forward your mail to your new address, which can be done online via the united states postal service website.
When forwarding your mail, ensure you list the names of everyone moving and the address of the new home. Then you will need to specify a date when you want the mail to begin being sent to the new location.
Along with forwarding your mail, you need to remember to change the address on other government documentation, such as:
- Car registration
- Drivers license
- Voter registration
When you don’t place your new address on these documentation forms, completing other things you need to complete after you’ve moved can become challenging.
When you’re moving a long distance, the last thing you want to do is travel back to your previous residence to take care of things that should’ve been completed before the move.
When preparing for a long-distance move, you need to know several things, such as ensuring you forward your mail ahead of time. You should also remember to schedule movers and request estimates to help move your belongings from one place to another.
If you want to know more about this topic, continue to scroll through the posts in this section.
Khalil ur Rehman is a proud born and raised in Abbottabad. Khalil has worked as a journalist for nearly a decade having contributed to several large publications including the Yahoo News and The Verge. As a journalist for The Hear Up, Khalil covers climate and science news. [email protected]