partners in business

Partners in Business tip: Develop a business plan

A business plan outlines the details of your operation, including the types of freight you’ll haul, the traffic lanes you’ll run and the rate you’ll be paid. Here's why you need one.

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PIB tip: Work to improve your credit

Credit scores can be improved slowly over time. Here's how.

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Partners in Business tip: Buy oil in bulk

The do-it-yourself oil change is a standard for many owner-operators, especially those with their own authority. A one-truck operator can save almost $200 a year by moving from gallon jugs to 55-gallon drums for oil purchases, assuming 125,000 miles per year with an oil change every 25,000 miles.

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Partners in Business tip: Shorter loan, less costly truck

The ideal loan term for a three-year depreciable asset like a heavy-duty truck is three or four years. Here's why.

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Partners in Business: Buying a truck vs. leasing

Determine your best method for acquiring a truck.

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Partners in Business tip: When to upgrade your truck

Rules of thumb on when it's time to trade your old rig for a newer one.

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Partners in Business tip: Remember the warranty during truck loan negotiations

When you are negotiating for a truck loan, make sure your dealership is able to service your truck and that warranty work and downtime will have the least possible effect on your driving time and miles. Get warranty agreements in writing and make sure you understand them.

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Partners in Business tip: Factors that influence interest rates

Want to know what factors most influence your credit rating and, thus, your interest rates for truck loans? Here's what you need to know.

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Partners in Business tip: Obtain a monthly earnings statement

All of your records should be converted into a profit and loss statement at the end of every month to show miles, revenue, costs and how much money you made or lost.

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Partners in Business tip: Carry a notebook with your receipt envelope

This notebook will be used to record those expenses for which you cannot obtain a receipt, such as when you wash your truck at a coin-operated facility or personal use of your auto, so you can deduct the expenses at tax time.

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