Success In Trucking Podcast Powered By ES

In this edition of the podcast, we will be revisiting the July 15th webinar event that ES hosted. The session was entitled Strategies & Support You Need To Achieve Long-Term Success In Trucking. David Withers, the Senior Director of Operations & Recruiting at ES, provided a number of insights on what’s happening in today’s market that can help owner-operators, independent contractors and fleet owners during the webinar. Leah Shaver, the President and CEO of the National Transportation Institute, served as the moderator of the webinar. As you’ll hear, the conversation that Leah had with David covered several key topics of interest for trucking entrepreneurs, including how building a strong support network, staying prepared, and trusting the process play key roles in placing independent contract drivers and owner-operators in a position to thrive.

Thinking about taking the leap to become an owner-operator? Or maybe you’re already rolling but looking to improve profitability? Recently, we had Colton Lawrence, The Trucker CFO, on the Success In Trucking Podcast, and he shared tips on navigating the financial side of trucking entrepreneurship. Here are some of his insights. Trucking Success Starts With Mindset First and foremost, it’s crucial to understand that you’re no longer just driving a truck; you’re running a business. This means your business continues to operate even when you’re not physically behind the wheel. Planning for downtime, vacations, and unexpected events like breakdowns is essential. You’re now responsible for every aspect of your operation, from securing loads to managing finances. This shift in mindset is the foundation for successful owner-operation. 5 Tips To Reduce Operating Costs Failing to grasp the financial demands of your business before starting can lead to costly mistakes. Many new owner-operators underestimate the expenses involved in running a trucking business. Without a clear roadmap, you may struggle to track progress and achieve your goals. Here are five tips to help you on your journey. Build Your 5-Year Business Plan You can’t improve what you can’t measure. Develop a five-year business plan to outline your goals, track your progress, and make informed decisions. This plan should include your financial projections and operational plans. Maybe you want to add a second truck? Perhaps a third? By having a long-term vision, you can make informed decisions and stay on track. Don't be afraid to revisit and revise your plan as circumstances change. Remember: Cash Is King Maintain 30-90 days of operating cash on hand to cover expenses. This buffer will help you weather unexpected storms, such as dips in the freight market, delayed payments, or equipment breakdowns. Working with a carrier that handles invoicing, like those found in the Expediter Services (ES) program, can provide a more efficient cash flow. Understand Fixed vs. Variable Costs Understanding your costs is fundamental to effective financial management. Fixed costs remain consistent regardless of mileage. Examples include truck payments/leases, insurance, permits, and technology. These are costs you’ll incur regardless of how much you drive. Variable costs fluctuate based on mileage and operational factors. Examples include fuel, maintenance, tires, and repairs. These costs increase as you drive more miles. Knowing the difference between these costs is crucial for accurate budgeting and financial planning. Calculate Your Break-Even Point Break-even is simply the number of miles you need to drive to cover your fixed costs. Calculate this based on your rate per mile. Once you know your break-even point, you can set profit targets and work towards achieving them. This calculation helps you understand how much revenue you need to generate to cover your expenses and start making a profit. By setting realistic profit goals, you can track your progress and make adjustments as needed. Tax Liability As an owner-operator, you’re paid last. Business expenses and tax obligations take priority. Unlike W-2 employees, you’re responsible for managing your own taxes. Develop a comprehensive tax plan to minimize your liability as part of your five-year plan. This should include the following: Estimating your quarterly tax payments and setting aside funds to cover them. Establish a business entity, such as a Limited Liability Company (LLC). Consult with a tax professional to determine the best structure for your business. Keep accurate records of all expenses to maximize your deductions and minimize your tax liability. Reduce Operational Costs With ES Owning your own trucking business is a rewarding endeavor, but it requires careful planning and financial discipline. By understanding your costs, managing your cash flow, and proactively addressing your tax obligations, you can position yourself for long-term success. The Expediter Services team is here to support you on your journey, offering programs and resources to help you thrive. We understand the challenges you face and are committed to providing the tools and support you need to succeed. FAQs About Reducing Owner-Operator Costs Q: What are common operating expenses for owner-operators?A: Typical expenses include fuel, maintenance, insurance, truck payments, and taxes. Q: How can I lower my trucking fuel costs?A: Use fuel-efficient driving practices, monitor tire pressure, and use fuel discount programs. Want more insights like these? Listen to the full Success in Trucking Podcast Episode with Colton LawrenceCall us at 877-349-9303 to get started with ES today!

For the final installment for our five-part series celebrating the milestone that ES reached in helping to create 300 women-owned businesses in the trucking industry, we will feature our interview with Zakiya Simmons. She is one business of the owners who has utilized the programs and support offered through Expediter Services. Zakiya owns and operates Battlestar Transportation with her husband, Norris. As you’ll hear, Zakiya found her way behind the wheel as a professional driver with the encouragement of Norris’ mother, who herself has logged over 20 years as a professional truck driver.

For this episode in our series celebrating 300 Women-Owned Businesses in the ES Community, you are going to hear the inspiring of Staci Cooley. Before entering the trucking industry, Staci worked in a customer service job as a single mom with four young children. She had always been interested in trucking and, with the support of her Mom and Dad who offered to help take care of the kids, Staci got her CDL and hit the road as a professional driver. Looking for the opportunity to own her own business, Staci discovered the programs offered through ES and she has found a home in the Panther Premium Logistics fleet alongside her fiancée, Sidney. Today, Staci and Sidney own and operate SLC Transportation, running for Panther. As you will hear, Staci is finding a way to balance running her small company and being a team driver in that operation while also continuing her role as a loving Mom.

Starting out as an owner-operator, especially for the first time, can feel like navigating a winding road filled with unexpected detours. Traditional financing has more barriers to entry than ever before, making it difficult for many trucking entrepreneurs to get their dreams off the ground. In the latest episode of the Success In Trucking Podcast, we sat down with Danny Vernon and Tom Parker from the Expediter Services (ES) team to discuss the challenges that aspiring owner-operators face and the value that relationship lending brings to the table. Why Relationship Lending is a Game-Changer for Owner-Operators Whether you are just starting to explore your options, or have been down this road a time or two, you likely know the same old song and dance when it comes to traditional truck financing. Traditional lenders often slam the brakes on dreams with rigid requirements such as high credit scores, hefty down payments, and monthly truck payments that can soar between $4,000 and $6,000. As Danny Vernon noted, “The fact is, fewer lenders will even look at a first-time buyer.” Because of these barriers to entry, it can be difficult to get past the initial step even if the dream is very much alive. And it is for this reason that ES has chosen a different approach. At ES, the belief is simple yet transformative: If you can professionally drive the truck, you can own the truck. As Vernon puts it, “Our unique approach to lending focuses on relationship lending rather than traditional credit checks. Eligibility is determined by attitude, aptitude, work history, and work ethic—not just a credit score.” For qualified applicants, ES offers several financing options including those with $0 down, no balloon payments, and no repricing of equipment—just simple financing where, once the amortization schedule is complete, the truck is yours. “The most satisfying part of our job is when you’re working with someone who may not have had an opportunity through traditional lending,” Tom shared. Driving Success After Financing: The Owner-Operator Support System from ES While the conversation primarily focuses on the lending aspect, both Danny and Tom highlight that ES isn’t just focused on getting qualified buyers into a truck; it’s about keeping you on the road to success. Unlike dealerships focused solely on sales, ES offers a suite of comprehensive support services tailored to the unique needs of owner-operators. Pieces like business formation services, health coverage, vetted motor carrier and service partners, and more that are “not something that you will find with a dealership,” according to Vernon. Your Business, Your Future, Our Support For those feeling the weight of industry barriers, ES offers not just a pathway to ownership but a partnership for the journey. After all, it's not just about owning a truck—it's about building a business, creating equity, and driving your future forward with the right trucking support services. Ready to start your own success story? Tune into the latest Success In Trucking Podcast episode and discover how ES can help you turn the key to your future with comprehensive owner-operator support.