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Many truckers make the mistake by doing something because it is working for one person. Remember to watch as many videos as possible to see if it is a right fit for you.
As an owner operator it is difficult to manage fluctuating cashflow issues when you have to wait to get paid from your accounts receivable. Personally, I recommend that you use credit responsible and don’t bite off more than you can chew. It is highly encouraged that you are debt free personally and use cash as a preferred method to handle transactions. However, you can grow your business exponentially if you utilize other people’s money. Remember that you are running your business and it requires different strategies for different folks. I recommend checking out NASTC fuel cards and comdata fuel cards. Some of the drawbacks of using fuel cards is that you have to pay the balance off within a week. This can be a problem because you might have to wait until you get paid and that can be weeks or several days.
Golden Child recommends that you apply for a business credit card and ask for credit increases every 3-6 months. Using credit cards wisely can be a helpful tool to grow your business. Many truckers go out of business by not having enough working capital to sustain.
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In this video Melvin Peterson aka “The Golden Child” interviews a trucking fleet owner Vic. This trucker, owner operator, and fleet owner reveal how you can get direct contracts. He currently have multiple contracts with different vendors. Please watch and take notes if you have any interest in building a trucking fleet. Don’t forget to check out the links and order a copy of my book entitled “How to Obtain Wealth in 30 days!”. You can order it by clicking on the link in the description section or directly from Amazon. I hope you enjoy the show.