Haulin Assets

#19. Priorities of Work

This is a fun episode for me because I get to use my military experience in the business world. It never ceases to amaze me how often my military experience helps me in the business world and how my business experience helps me in my military life. The military does a lot of good things that the private sector can learn from and vice versa.

(Don't forget you can visit the Haulin Assets website to hear previous episodes and view full show notes.)

In this episode I talk about a very common topic in the Army, priorities of work. I use the example of setting up a patrol base. When you are out in enemy territory on a foot patrol and are going to stop for a significant period of time, you set up what is called a patrol base. The Army preaches the importance of prioritizing your tasks so you do the most important things first that are going to have the biggest impact on your ability to survive and complete the mission. Here is a simplified version of what the priorities of work are.

1. Establish security. You create a 360 degree perimeter and place your weapon systems in the best place and make sure everyone has an area they are responsible for.
2. Continually improve your fighting position.
3. Weapons maintenance.
4. Personal hygiene.
5. Eat.
6. Drink water.
7. Rest/sleep. (Not everyone at once)

When you set up a patrol base after a long hard march, typically the last thing you want to do is clean your weapon and what you really want to do is eat and sleep. The priorities of work make sure you do the important things first, if you don't create a strong security posture and clean your weapon and are attacked, things will get ugly real fast and you'll wish you had skipped dinner.

The same is true in business. It is really tempting to eat and sleep or maybe watch TV as soon as you finish your driving for the day. You probably have more important things to do like figuring out where to fuel so you buy the cheapest diesel and getting that next load so you don't get caught sitting once you drop off your current load. Being disciplined in the little things and doing the most important things first is what makes you successful with the big things.

I broke the priorities of work into two categories and we talk about them in more detail in this episode.

Priorities of Work During a 10 Hour Break

1. Take care of any urgent equipment issues.
2. Find your next load.
3. Personal time. (Eat, exercise, relax)
4. Sleep. (You have to make sure you get an adequate amount of sleep before you drive again, this is critical. If you haven't finished the items listed above and it is time to sleep, stop doing those items and go to sleep.)
5. Prepare for the day.
   1. Plan your route and where you will fuel.
   2. Handle issue with truck/trailer.
   3. Sweep the trailer.
6. Pre-trip.

Priorities of Work While At A Shipper/Receiver

1. Get backed into the door asap.
2. Take care of issues with the truck.
3. Find loads
4. Work on the business, for example, enter expenses into your accounting system.
5. Eat, sleep, relax.

#18. I Made Money ... Now What?

This is probably one of the most important episodes you can listen to. Listening to the episode is just step one, but what you really need to do is adopt the habits we talk about in this episode. Owner operators who live by the principles we discuss in this episode are the ones who are significantly more likely to succeed and ultimately THRIVE.

Last week we talked about how much money I made during the first three full months operating my trucking company. In this episode, we talk about what to do with that money. Much to the disappointment of my wife, it's not give it to her. Like I have been preaching, you need to have an owner's mindset and that money needs to stay in the company for future expenses and unforeseen challenges.

Below you can see the Balance Sheet for Haulin Assets that covers the months of May, June, and July. (If you have a slow internet connection, it might take a bit of time for it to show up). We cover it in detail during this episode. It is best to look at the balance sheet as you listen to the episode, so you can follow along.

The main thing I want to point out here is watch the savings account grow. In May I added $1,519.70 to the savings account, in June I only added $863.98 because it was such a rough month, and in July I added $1,802.08. By the end of July, the savings balance was $4,185.76.

You can see on the balance sheet I have broken the savings down into several categories. We cover what each one of those are during the episode. I also talk about how I determine how much to put into each category. I use a spreadsheet to help me figure that out. You can download the spreadsheet and learn more about how to use it on this page on Motor Carrier HQ's website.

Visit the Haulin Assets website to hear previous episodes and view full show notes.

#17. Did I Make Money During the First Three Months Trucking?

This episode will work best if you follow along with the P&L sheet that we've included in the show notes, HERE.

Drum roll please! This is the moment of reckoning. Did I make money or lose money the first three months out on the road? I answer that question during this episode. Okay, spoiler, I made $8,149.17 over that three months and that is on top of what I paid myself as a driver. Not too bad considering a lot of businesses lose money during the first year.

In this episode Craig and I go over the Profit and Loss Statement, often called the P&L, for the first three full months I was out on the road and I have to say I was pleasantly surprised. If you have never seen a P&L, it might be kind of confusing. Best way to learn and digest the info is to look at the P&L below and follow along as we talk about it during this episode.

Be sure to visit the Haulin Assets website to hear previous episodes and view full show notes.

#16. Getting an ELD (Electronic Logging Device)

It's time to hit the road, but before you do, you have to have some kind of ELD, electronic logging device. An ELD can frustrate you and there are a lot of them out there, so you want to make sure you make a good decision when you purchase one. In this episode we are going to cover some of the things you need to think about purchase your ELD.

We cover 5 factors you should consider when purchasing an ELD. Here they are:

1. Is it compliant with the FMCSA ELD regulation? (You can go to this FMCSA websiteto see which ones are good to go.)
2. Is it easy to use?
3. What other features does it have or should it have?
4. How much does it cost?
5. Do I need to buy a tablet to make it work?

What ELD device do you use, let us know in the comments at HaulinAssetsLLC.com, and whether or not you like it.

#15. DOT Drug and Alcohol Compliance

The drug and alcohol regulations for the FMCSA and DOT intimidate a lot of people. The DOT takes them very seriously and non-compliance is one of the areas that will get you in hot water with the government really fast. Following the rules is really not overly difficult or even too expensive, you just have to do it. Motor Carrier HQ has a flat rate program that costs $199 for the first year and then is $139 each year after that and they take care of the details. This episode will also help you better understand what needs to be done.

In this episode Craig and I sit down with Mercedes, Motor Carrier HQ's compliance guru. We spend most of our time talking about Drug and alcohol compliance, but also go over some of the other key compliance requirements you need to complete before you actually get on the road. Mercedes even created a checklist that covers about everything you need to do or have before getting on the road. You can learn more about the compliance items that need to happen before hitting the road and accessing the checklist, click here.

Here are some of the bullet points we covered during this episode:

• What is a drug and alcohol consortium?
• Do I have to have a drug and alcohol policy?
• What do I have to give my drivers?
• If I am the owner and only driver, do I have to participate in my company's drug and alcohol program? (Spoiler, the answer is YES)
• Pre-employment drug tests
• Random drug testing pool
• Driver qualification files

Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!

#15. DOT Drug and Alcohol Compliance

The drug and alcohol regulations for the FMCSA and DOT intimidate a lot of people. The DOT takes them very seriously and non-compliance is one of the areas that will get you in hot water with the government really fast. Following the rules is really not overly difficult or even too expensive, you just have to do it. Motor Carrier HQ has a flat rate program that costs $199 for the first year and then is $139 each year after that and they take care of the details. This episode will also help you better understand what needs to be done.

In this episode Craig and I sit down with Mercedes, Motor Carrier HQ's compliance guru. We spend most of our time talking about Drug and alcohol compliance, but also go over some of the other key compliance requirements you need to complete before you actually get on the road. Mercedes even created a checklist that covers about everything you need to do or have before getting on the road. You can learn more about the compliance items that need to happen before hitting the road and accessing the checklist, click here.

Here are some of the bullet points we covered during this episode:

• What is a drug and alcohol consortium?
• Do I have to have a drug and alcohol policy?
• What do I have to give my drivers?
• If I am the owner and only driver, do I have to participate in my company's drug and alcohol program? (Spoiler, the answer is YES)
• Pre-employment drug tests
• Random drug testing pool
• Driver qualification files

Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!

#14. What is IRP or Apportioned Registration?

License plates in the trucking industry have many different names: IRP, apportioned registration, etc. Navigating the registration process is not simple, so we’ll try to shed some light onto it.

In this episode I interview Ariel, Motor Carrier HQ’s resident expert on the International Registration Plan, often referred to as IRP or apportioned registration. We talk about what IRP is, who has to get apportioned plates, and some of the process to make it happen.

To learn more about the process, check out  What Is IRP or Apportioned Plates on Motor Carrier HQ’s site. It also has a link you can follow to get the contact info for the department in your state where you go to set it all up.

Let us know what you think about this episode by commenting at HaulinAssetsLLC.com and rating us on whatever platform you use to listen to the podcasts. We really appreciate the ratings!!

#13. How to Save Money on Fuel and More

So far in this journey of starting a trucking company we have spent a lot of money, now it's time to switch gears and talk about saving money. In this episode we talk strategies for saving money on fuel, maintenance, repairs and some personal expenses. 

The top five expense for a trucking company, in order are:

1. Driver wages and benefits
2. Fuel
3. Truck and Trailer
4. Maintenance and Repairs
5. Insurance

As always, check out the full show notes at https://haulinassetsllc.com/episodes/

#12. Financing Your Startup and Operating Costs

In the last episode we showed how much it cost us to start Haulin Assets, and we discussed how your situation might be similar or different. Now it’s time to roll up our sleeves and get to work by figuring out how to gather all the money you’ll need in order to get that truck moving down the road and making money!

For most people, coming up with the money to start their trucking company is the most challenging part of getting going. As the saying goes:

“The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one.”

Below is the list of ways to get money we talked about, and there are even more we didn’t talk about. Let’s start with the first one. Maybe you only have $500 in savings, well, that is a start.

Move to the next option and maybe you can sell $1,000 worth of stuff. You’re not there yet but getting closer, so keep moving down the list.

Maybe you can get a $3,000 loan from a bank. Now you’re up to $4,500. Just keep moving on down the list and you’ll eventually get there.

Once you have gone through the list and you still don’t have enough, start at the top and go through it again. It may take time, but one thing all successful business owners have in common is that they don’t give up easily.

Here is the list.

• Savings
• Sell some things you don’t need
• Non-profit micro-lenders
• SBA Microloan Program
• Bank loans
• Loans from friends and family
• Bring on a partner
• Credit cards
• Factoring (more to fund ongoing expenses, not startup costs.)

More Resources

We have a page on Motor Carrier HQ's website that provides some more insight and has some additional resources on how to finance your trucking company. I go into more detail about each one of the options I listed above. You can check it out here.

And be sure to check out other episodes and full show notes, as well as comment sections, at https://www.haulinassetsllc.com

#11. How Much Does It Cost to Start a Trucking Company?

"How much does it cost to start a trucking company?" is probably the most common question we get asked. In this episode we are going to answer this question with a real life example. When I started my trucking company a few months before writing this post, I took meticulous notes documenting each and every expense I made.

In this episode, I talk about each and every startup expense I made and tell you exactly how much it cost. Since every person’s situation is going to be different I also give a best case scenario and explain why I think your situation might be different than mine. I hope this discussion will help you start to get a clearer picture for how much your startup expenses will be. Additionally, my team and I have created some tools to help you figure out about what your costs will be.

Be sure to check out the Motor Carrier HQ Startup Cost Calculator here. You can use this helpful tool to calculate your own startup costs.

And get the full shownotes at haulinassetsllc.com