Negotiation is more than an art it’s truly a skill. The good thing is, if you have the ability to win your way into good deals – the trucking industry should be right up your alley. With all the various online orders, dropshipping entrepreneurs, Amazon and Ebay the multi billion dollar industry of trucking is still far from being extinct.
Without the continuous growth and newly discovered innovations of today’s trucking industry, our instant gratification society would be unable to deliver the assortment of many products being delivered to homes from all over the world.
The voice behind the wheels
Yes, I know..typically when we think of one working the trucking industry we automatically assume one to be a truck driver or dispatch. So not true! As with any business there is more intricate details happening behind the scenes.
A rapidly growing trend, many companies are now hiring a freight broker to take over communications and negotiations with the variety of trucking companies and independent truckers out there. This allows the company to still get the best rate possible while they focus on what they do best, distribution.
The primary role of a freight broker is to maximize the amount of profits made in freight hauling by allowing trucking companies to negotiate cargo hauling with multiple freight companies. Essentially managing shipments on behalf of the client by arranging transportation,negotiating rates, and providing the information to the client for tracking.
Most distributing companies do not have the time to find and monitor truck drivers. Digital servicing has also made it so the trucking industry in this area by the use of various broker software making this process to be pretty easy. Both drivers and distributors benefit from a brokerage in the trucking world.
Why Become a Freight Broker?
The trucking industry puts to work millions of drivers and supportive staff generating hundreds of billions of dollars in gross revenue every year. Known as the lifeline between producers and consumers covering all areas from gasoline to liters of soda and packages of crackers.
Decades have passed but the trucking industry maintains its volume, with an ongoing demand from us consumers.In 2017 alone the trucking industry had over 700 billion dollars in revenue.
That being said, humor me for a moment… let’s pretend you are the truck driving company and the phone rings and it’s a call for a big job that could set you up. But all your trucks are out doing other jobs. This one call could make you more than all those others put together. What now?
After having obtained a license from the FMCSA, you can sub contract that load out to a different trucking company (yes, not your own) and still earn a portion of the profit. This has become once again another game changer for gaining wealth. See, in the past, a trucking company was only allowed to negotiate their own freight amounts.
Even the trucking company has a chance to save the job, earn a profit and provide an alternate delivery option keeping the potential business relationship for future deals. Keep in mind, the average semi reputable broker earns approximately 90K a year.
What do you need to start?
No background check, no age limit and no exam is needed. Simply get insurance of $10,000, by either a surety bond or a trust fund. Then just complete the Federal Motor Carrier Safety Administration’s OP-1 Application for Motor Property Carrier and Broker Authority. Once processed, the FMCSA will authorize you as a motor carrier.
And you are now a trucking broker! Ihire and Indeed are a couple of the numerous recruiting portals that you can now begin to submit to for contracting with various trucking companies. A more profitable method to earn your first few clients may be to directly partner with individual truckers.
The software behind truck brokering is key to being successful and working smarter instead of harder. The most popular being TruckingOffice. These systems have been generated to make the role become more efficient and simplified. TruckingOffice has tools designed to help keep the brokerage and ongoing trucking loads recorded, especially the financial records.
Conclusion
The freedom to live however you wish. You can determine for the most part the hours you work. As long as you’re able to communicate negotiations and answer your clients, the rest of the work is done when you choose. Another added benefit is that there is no commute, just maintain low overhead of your office space. Make more money and spend less time plus save money on gas!
One of the best methods to making money with the least investments freight brokering is the way to go. Plus build a business for your future generations creating opportunities for employment. Long after you are all celebrated and gone, the business can maintain the asset of a successful freight brokering business.
With the supply and demand for freight brokers increasing, brokerage has proven to be a steady and growing opportunity to generate wealth. A solid industry, enlarging daily, all these factors have contributed to the success of the trucking industry. With minimal start up cost and no major requirements for licensing freight brokering is definitely an option to consider when seeking ways to build generational wealth.
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