A Collection of Resources Related To Starting An Expediting Business
This post is a collection of hand-picked resources related to starting your own expediting business, but before you get to the resources here’s a brief introduction
Running an expediting business depends on getting a product from one destination to the next as quickly as possible and without damage. These types of deliveries are usually important items that are referred to in the industry as “HOT,” they can be anything from medical aid, to manufacturing parts, to legal documents.
You don’t need any type of formal training to run this type of business, but you do need to have excellent scheduling, follow-up, and problem-solving skills.
To succeed in this type of business you need to build your reputation on reliability and professionalism. You’ll also want to focus on building a customer base and getting contracts for daily or weekly scheduled deliveries. This helps the revenue flow during slow times.
You’ll want to make sure your business is legal and you have sufficient insurance to cover all bases when it comes to accidents and liabilities. You need to make sure you have enough cargo insurance as well. It’s important to have coverage for your customer’s property while it’s in your possession.
Depending on the type of cargo you have, you may be able to start off small and work with the vehicles you already own, and when your business starts to gain momentum and you have a steady stream of revenue you’ll need to get the right type of vehicle for your deliveries.
You don’t want vehicles that are too big because then you’ll waste fuel and it will be harder to get around city streets. You don’t want to go too small because then you’ll be limited by the amount of cargo you can transport.
For this type of service, you can start as a one-person show and grow as needed, or you can plan on a nationwide fleet. Whatever direction you are considering check the market for supply and demand to gain a better understanding of which may be the better route for you.
When it comes to the competition here are a couple of things to keep in mind.
If there is a lot of competition it may be difficult to get any customers, without bringing something to the marketplace your competitors haven’t thought of or make an improvement in a service where the competition is performing poorly. If there is no competition then it could mean there is no demand for expediting in the area and starting this business in the area would be senseless.
There are a lot of tips and insights related to starting and running an expediting business in the resources to follow. Have a look and spend the time needed for each section to gain a broad overview of this industry.
How To Start An Expediting Business
Business Trends and Statistics
Trends and statistics give you data you can use to make decisions about your startup.
Looking at statistics will allow you to determine if there is a decline, spike, or no change in the market.
Trends allow you to prepare for short and long-term changes in the market.
With trends and statistics, you may be able to identify any opportunities that may be missing in the marketplace that you can fill through your business.
Have a look at the resources offered below that offer trends and statistics related to this startup.
Profitability and Revenue
To keep your business and your lifestyle alive and well, you need to make sure you are generating enough revenue and making a healthy profit.
Both work hand in hand. Revenue without profit won’t get you anywhere, and profit without revenue doesn’t work.
So how much revenue and profit can you expect from this startup? No one will be able to tell you for sure, because there are too many variables involved.
For example, the following affect profitability:
- Customer service
- Profit margins
You may get an estimate of what to expect, but no one can give accurate numbers without knowing the above.
Startup and Operating Costs
Cost is an important part of the startup phase. You need to find the right balance between what you need without going overboard on costs.
If you don’t get the resources you need when you open your doors, you will run into problems and reduce efficiency. On the other hand, if you purchase everything you want, then your high startup cost can affect your success.
I would recommend you start with what is absolutely needed to get up and running and when you start to generate revenue you can upgrade. Plus, with some experience, you’ll have a better idea as to what is needed.
Once you’re open and operational, you still need to focus on cost. Reducing and keeping the cost down and under control is an important management skill.
Cost control is just as important as generating revenue. If you’re generating a revenue of $25,000 per month but operation costs $40,000 per month, you’ll be out of business soon.
Have a look at the resources I have included that deal with startup and operating costs.
Licenses Needed To Start A Business
This section focuses on the licenses required for a business. When starting, you want to make sure you’re doing everything correctly and legally – especially when it comes to permits and licenses.
Have a look at the resources included in this post for an overview of what you need when it comes to permits and licenses.
Having the right insurance for your startup is very important. There are many types of insurance and you need adequate coverage for every aspect of your business. You need to make sure you’re covered for loss, damage liability, lawsuits, and other issues that can harm your business.
An experienced broker can help you get the right coverage and offer insurance for areas you haven’t considered.
Have a look at the resources I have selected for this section that will help you get the right insurance for your startup.
Have you considered if you need employees for your startup? Maybe, in the beginning, you’ll be able to do most or all of the work yourself. But when your startup takes off you may not be able to keep up with running the business and doing all the work.
This section focuses on the type of employees you may need now or in the future to run a business.
How To Finance Your Business
Have you given any thought as to how you’re going to finance your startup? Financing a business is difficult due to the fact that most businesses fail in the first few years. Therefore, banks see a startup as a high-risk.
In order to get the right financing, you need to present your business plan and provide adequate collateral. Have a look below for the resources needed that will help you finance your startup.
This section focuses on writing a business plan for your startup. A business plan will keep you focused. When you write a business plan, you have to think about each part in each section and it opens your eyes to many of the questions you need to fill in.
So, in other words, it makes you think about every part of your business.
A business plan is your roadmap for success. It also helps keep you on track and it’s essential when you have to apply for financing.
See the resources below that can assist you with your business plan.
A marketing plan is something that will help you during the startup phase of your business, as well as when your business is up and running.
Writing a marking plan makes you think about how you’re going to get customers and how you will present your products and services.
Developing your plan makes you dig deep into the way you’re going to approach marketing your startup.
Keep in mind that a marketing plan can be adjusted as needed.
Once your plan is in place follow it, see what’s working, and do more of that. Find what’s not working and eliminate those tactics.
With marketing, it’s important to try new things and test. Never allocate a large amount of money for an untested marketing campaign — that’s a recipe for disaster.
Have a look at the following that can help you create a marketing plan for your startup.
Your business cards should look professional and offer the main benefit of doing business with you and using your products and services.
Have a look at the samples I have selected below for ideas on designing your business cards to see what design appeals to you.
Your logo is important: it lasts for years and it’s what people will use to identify your business once your business becomes well-known.
There are many considerations when it comes to designing your logo. Have a look at the list of resources I have selected for this section that will help you create a logo that works well for your business.
Software makes complex processes easy and effective. There is a lot of general software used in businesses like Microsoft Office and various accounting packages.
Have a look at the resources below for the software that is essential or that can make your life easier when it comes to operating this startup.
Office Equipment Considerations
What kind of business equipment do you need in your office? There are essentials and there are the things that people want for their office that come with all the bells and whistles.
When starting out, it’s a good idea to get only what you need to get started. Once your business is established and earning revenue, then you can upgrade your equipment.
You want to find a balance. You don’t want to pay for equipment that won’t do the job — that would be a waste. You pay for the cheap equipment and then pay for the good equipment. So, the cheap equipment ends up costing more than the better equipment.
Have a look at the resources I have selected for the office equipment you need for this startup.
Businesses For Sale
This section offers listings for established businesses that are for sale.
There are pros and cons to buying an established business versus starting your own.
A few of the pros included:
- Revenue comes in from the day you take over
- The business comes with customers
- The business has a proven track record and you know it works, etc
A few cons:
- The good and the bad comes with the business
- It’s harder to change the direction of an established business vs a new business
- The cost of buying an established business is usually higher than starting your own, because of goodwill
There are pros and cons to owning a franchise over your own business.
Some of the pros include:
- A proven business model
- An established business reputation
- Established marketing
Some of the cons include:
- You’re restricted in how you can run the business
- Franchising costs
Have a look at the resources I have selected that offer the franchise related to this startup.
Is Running A Business The Right Move For You?
This section will give you insights that help determine if running a business is right for you.
Running a business is not for everyone. It’s a dream for many people. It offers the chance of working your own hours, being your own boss, achieving financial freedom, and more.
It’s great to focus on all the benefits, but at the same time, you need to be aware of the difficulties involved in running a business.
Some people turn their passion into a business only to find they love what they are doing, but they don’t like the process of running a business.
Others enjoy running a business no matter what it’s about. Their passion is the process of running their own business.
See the following resources that will give you insights as to what’s best for you.
Business Startup Checklist
This section offers checklists that you need when you’re starting a business. There are a few major issues that need attention and hundreds of small details.
Your major focus is to be up and running and generating revenue. It’s hard keeping track of the little things. That’s where startup checklists can help you manage everything and avoid missing anything important.
See the link below for the list of resources I have selected for some useful startup checklists!
A Day In The Life of A Owner
This section offers tips and insights from entrepreneurs who are willing to share their experiences with you.
Keep in mind that you’re looking at the experiences of other people, and your experience will be different.
Spending some time on this section will give you tips and insights into what it’s like to run a business as well as what it’s like working in the industry, and show you what your life could be like if you were to start your own business.
See the list of resources below for more.
Skill Sets Needed To Run A Business
This section deals with the skills you need to run a business. If you don’t have the skills, it’s not a problem, most of the time they can be learned.
If you have the budget, you can always hire someone with the skills to do the work and provide the services needed.
These articles caught my eye as I was doing my research and I wanted to include them in this post.
Have a look at the list below for the tips and insights they provide.
This section allows you to become familiar with all the industry terminology that you need to know as the owner of this startup.
Terminology will come naturally with time and experience. During the startup phase, it’s important that you are aware of the terminology.
The Latest About Expediting Businesses
This section provides resources that will help you stay on top of the latest news, web content, books, videos, and tweets related to this industry.
When you keep track of changes, you’ll always be informed about industry updates and gain ideas for ways to improve or protect your business with any changes that occur.
Have a look at each section below for more.