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Engaging in the haulage industry can be a truly lucrative business—but only for the right people. It is not only about ensuring that your haulage contracts are equitable and worded in careful consideration of the current relevant laws, but also about knowing the ins and outs enough so that you can be there when opportunity knocks or avoid getting affected when an economic loss is imminent. If you’re seriously thinking about getting into the business, then here are reminders that may help you make that final decision. Should you buy or lease? Depending on the amount of capital you have in hand, you can either buy your own trucks or just lease them. If you buy your own trucks, you should know that the risks are all on your shoulders—this should compel you to ensure that the driver is reliable and well-experienced in this specific industry. You may also need to hire a competent manager to oversee the entire operation. On the other hand, if you lease the trucks, you’ll be free of the heavy burden of having to shell out a huge initial capital. Just make sure that your haulage contracts have no loopholes that might work against you. How much do you know about the industry? This industry is not exactly the kind of business you can suddenly decide to engage in while eating a burger at some fast-food joint. Success in the industry takes know-how of how things happen—from writing and issuing haulage contracts to knowing where to find people who might need your services. You may also have to register with certain companies or institutions in the field of importation, those who buy and sell products, goods manufacturers, even publishers or printers. You may also have to register with owners of truck garages. And most importantly, do you know enough so that you can formulate a competitive pricing strategy for your start-up business, vis-à-vis the cost of running it, with the end result of reaping a profit? Can your knowledge allow you to start without much capital? The haulage industry, especially in the UK, is such that you can still make a lot of money using only your knowledge of who owns a fleet of trucks and who needs goods delivered to certain destinations. In fact, many business-savvy individuals have succeeded in running such a business without owning a single truck. They are able to use their insider’s knowledge of how the industry works to do the business. However, such people are usually those who have worked in the industry for a long time, and therefore have an extensive network of industry contacts that they can use as leverage. A caveat, though: you will need to take care of the wording of the haulage contracts you issue with different partners or regular customers, as even a slight oversight could cause you to lose a lot of money. But in any case, if you are sufficiently knowledgeable, making the big leap from being an employee to entrepreneur can change your life. Norman Dulwich is a correspondent for Haulage Exchange, the world's largest neutral trading hub for haulage contracts in the express freight exchange industry. Over 2,500 transport exchange businesses are networked together through their website, trading jobs and capacity in a safe 'wholesale' environment.
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