How long will the hot freight market last? At least through the first half of next year, predicted Todd Amen, president and CEO of owner-operator financial services provider ATBS.
Amen and Richard DeForest, vice president of fleet sales at ATBS, spoke to truckers at Overdrive’s Partners in Business seminar last month at the at the Great American Trucking Show in Dallas. Regardless of how long the strong economy, tight trucking capacity and soaring freight rates last, they agreed the high tide will eventually ebb.
DeForest listed ways owner-operators can refine their businesses and prepare for those inevitable tough times.
“Have clear long-term objectives,” he said. “It doesn’t cost anything and it doesn’t take a lot of time. But studies show people who do this are much more successful in certain areas of life.”
He encouraged operators to create — and stick to — a budget. They should buy everything with cash and to get their credit scores in order by paying off credit balances as quickly as possible.
See the video below for DeForest’s elaboration of those points and other principles for running a strong independent contractor business that thrives in good times and weathers bad times.
Partners in Business, sponsored by TBS Factoring Service, is produced by Overdrive and ATBS.