You’ve gotten your own authority and you’re up and running. But - somehow, it’s not what you expected. What’s missing? Your three money goals! 

The first of the three money goals you need to consider is your gross revenue goal: this is the total amount of money you receive before any expenses have been deducted. Without it, the truck stops and your financial machine stalls. Always remember you can only go as far as your available hours and road conditions permit, and both weight and cubic feet limit your freight.

Second, consider your profit goal: if you haven’t figured in a profit on each load you haul, you have a recipe for disaster. Whether you’re hauling under your own authority or leased to a carrier, you shouldn’t depend on the shippers, brokers, or carriers to set your rates.

Third, look at your salary goal: this is the bottom line. It’s why you do all this loading, driving, unloading; deal with all the traffic, weather, and construction, and this is where you factor your salary into your break-even costs. If you don’t, you won’t be getting the money to provide you and yours the enjoyable life you all deserve.

A surprising number of Owner/Operators never set an income bull’s-eye at which to take aim.

• So now do some soul-searching. How much money do you want your trucking company to bring in this year? Three years from now? Five years?  Keep those numbers in mind.  
• Does your trucking company need a different focus for you to achieve your money goals, like specialty hauling? Or different actions on your part? For example, what about the smaller manufacturers--could you sign up some of them by making phone calls?  
• Finally, what would be a perfect day in your trucking business?

Once you can answer those questions, your goals will appear. Without them, you’ll find yourself headed in the wrong financial direction. You have to have a clear vision to set your money goals.

For more information on the business of trucking, visit us at The Trucking Business Community at TruckersU.com. Join us for a for a continuing business learning experience. Be a part of the solution.

Whether you have one truck or 100, or you're a freight broker looking to improve your cash flow, Advance Business Capital has a freight factoring program that you can love.

Good loads and safe roads, everyone.

Timothy Brady 
© 2009