Jason Tiedtke, our Director of Specialty Finance, was a recent guest on Bulkloads Podcast, a podcast dedicated to everything in bulk freight trucking. While the podcast is geared toward the trucking industry, much of what Jason discussed can be applied to any person thinking about starting a business. Jason’s recommendations:
1. Surround yourself with a team of experts, also known as your personal board of directors (BoD)
Your personal BoD should consist of people you trust and who have expertise in areas you do not. This includes insurance, regulatory agency knowledge, banking, accounting and bookkeeping. Your team can be a sounding board to help you think through decisions that allow you to focus on what you know without getting caught up in the details.
- Projected revenue (using contracts, historical revenue, etc.)
- Estimated expenses (insurance, repair and maintenance, fuel, equipment payments, etc.)
- Show your projected monthly take-home pay
- Include both your business expenses and personal living expenses
- State any other assets (home, land, etc.) that could be pledged toward getting started
2. Do your research
The best way to secure start-up financing is to take the time to think through all your numbers. This is not only for your banker, but also to make sure it works for you. Develop a business plan that includes:
3. Work locally, at first
It may seem counterintuitive for a banker to suggest you work with another bank, but Jason stressed this is advantageous for those who are just starting out. Having a relationship with a local banker opens the door to other local connections who understand the local climate and may prove to be excellent members of your personal BoD.
4. A key to success
One of the keys to the success of establishing, and then building, a successful company is to treat people well. How you treat people goes a long way in developing trust, employee satisfaction and longevity—it’s easier to keep good employees than find new ones.
Listen to the full Bulkloads Podcast
Listen to the full podcast now and hear more insight on equipment financing terms, cash flow, and useful information to consider when starting your own business.
ANB provides services to the trucking industry including equipment financing, lines of credit, leasing options and cash flow solutions. Our bankers also act in a consultative role to help owner-operators understand transportation industry banking and provide insight that can help trucking companies grow. Contact Jason and the ANB Specialty Finance team to learn more.
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