How To Minimize Your Trucking Business Costs
Starting a trucking business comes with its challenges, and the first year can be most expensive. Insurance costs are high, cash reserves are just beginning to grow, and obtaining the necessary licenses eventually adds up over time. On top of that, unpredictable equipment repairs and fuel costs can put a strain on your cash flow.
Fortunately, there are best practices you can implement into your daily routine to reduce equipment maintenance, repairs, and fuel expenses. From our years of experience within the industry, we've compiled a list of key tips to help minimize the costs associated to running your trucking business.
- Saving Money on Tire Changes: New tires can easily become a large expense, sometimes reaching up to $2,000 without factoring in labor costs that are associated with going to equipment repair shops. To extend the lifespan of your tires, make sure you always have proper inflation, regularly rotate your tires, and choose the right type of tire (recap vs. virgin rubber) for your semi-truck. These practices will help prolong your tires' lives, ultimately reducing the frequency of tire changes.
- Fuel Efficiency: Fuel is essential for running your truck, and inefficient practices will spike your fuel costs. Implementing fuel-saving practices such as reducing your truck's speed for long distances, limiting idle time, and adding aerodynamic features to your vehicle, will help significantly reduce your overall fuel consumption.
- Preventative Maintenance: Regularly inspect your equipment before and after each trip. If you're aware that a tire is nearing the end of its lifespan, address the issue at home rather than waiting until you're on the road. Proactive maintenance will prevent disruptions in your route and save you from unexpected expenses.
These strategies above will not only reduce the overall cost of running your business but will also make unpredictable expenses, like equipment repairs and fuel costs, easier to handle. Ultimately, they will simplify your cash flow.
