Truck drivers are a big part of the world. They’re the reason that businesses can count on timely deliveries all in one piece. Many truck drivers start out driving for a company and then after amassing years of experience, they consider working for themselves. That means you’re not going to be on anyone else’s watch except your own, and that’s an arrangement that may work for some drivers but not others. Before investing the time, energy, and money into starting your own truck company, you might want to take a look at the competition, count your resources, and a few other important things that help to predict your success. If you’re passionate about driving a truck and want to make a living being your own boss, consider these 5 things before diving in head first in the competitive Australian truck industry.
What to Consider
1. What’s your inspiration?
It might seem like an odd question to ask at first, but it’s actually the best question of all. After all, if you’re starting a business JUST to make money in Australia, there’s a good chance that your motivation will quickly fall away. The truck industry is a busy place, with over 250,000 employees in Australia alone. It’s a tough job and you need a very good reason for boarding this ship. And the best inspiration is never just to make money. However, if your inspiration is a general love of truck driving, years of experience in the industry, and to deliver a great product to your clients, then you might just have what it takes to jump on board.
2. Realistically look at your money situation
Businesses are not cheap. They’re especially not cheap in Australia where it can take a lot of money just to get your business off the ground. In order to be approved for the type of large loans you’ll need for a business, you need to take a realistic look at your finances. What’s your credit history? What is your current income? Sitting down with a financial expert might help. No matter how great your idea for a business is, you can’t make it happen without money. Take the time to realistically assess your credit history. While credit alone isn’t your only option, it’s one way to assess your overall finances.
3. Deal with debts immediately
Most folks have debt, even folks who make a great income. If your income is solid but you have a few leftover debts that might serve as a hurdle to your business, it’s time to knock those debts out! This means possibly consolidating loans or speaking with financial experts to see your other options. It might mean living more cautiously for a while to make sure that you’re in a position to start your business. If the inspiration of your business is worth it to you, it should be no problem to make the sacrifice.
4. Assess the pros and cons
Being your own boss is often busier than just working for someone else. The good old-fashioned entrepreneur’s “be your own boss” daydream is just what it says it is: a daydream. In reality, starting your own business can be a time-consuming process that criss-crosses over into all areas of legal and business matters. It means speaking with a lawyer, signing papers, obtaining funding for the business, and hiring employees. If you’re ready to put in all the hard work, then it’s time.
5. Look to the experts for guidance
Even the most veteran truck driver probably knows very little about the administrative and legal details of owning and operating a trucking company. This means that you’re going to need to turn to the experts for guidance. Lawyers can help with forms and the legal end of running a business, truck finance experts can help you obtain the financing you need, and other truck owner operators can give you their story of how they got their own companies off the ground. If you don’t know what you’re doing, you might want to look to some experts and trust them. It can be the difference between success and failure.