Steve, gotta agree with you here. That 6K a year would come right off the bottom line. If needed, a bank loan would be cheaper in the long run. I had a business for over 30 years and my bad debt over that time was less than 1%.

 

Do you itemize the factoring fee on your invoice?

 

Yes, I do but the Broker or Shippers does not see the fee because when I do factor, the factoring company sends them the invoice. I do include in in QuickBooks program for my internal invoices.

When you guys can see the overall bigger picture then I will continue my conversation. Just like you guys cannot see the point that GMAN was making about refusing to haul cheap loads for fuel just to be running. I don't expect you guys to see the bigger picture. I've run 3 other successful and profitable businesses with no bad debt 0%. Please take some business finance courses and then contact me.

 

no need to get upset JT2 we all see things differently, I paid cash for my used truck and others think I'm crazy and buy new and make payments for the warranty and peace of mind, you factor your invoices and run your own authourity and I lease to fedex and put drivers in my truck. were all running our busines differently and as long as we all make money we are all happy in our own individual way. I never spent a day in college and don't think its necessary to understand business well enough to make a good living running a small business.

 

ummm how bout those tigers! :lol:

 

I was just thinking how stale it's gotten around here with Rev gone.

:lol:

 

I did not say you had to go to college to understand business but you do need to do is read and become knowledgible in business for the specific industry that you are running your business in. People were not born with business acument. It's a learned behavior. I guess that's why the truck repo man business is so profitable because people jump into this business not understanding business management for the truck industry. They think, oh, I'll just buy a truck, drive it, and not fully understand the trucking business or business management.

I guess what makes me upset is when people who really don't have clue make blanket statements about how others run their business. I can remember when Steve started on this forum and purchased his truck and all the things that he did not know. My husband has been in the trucking industry for 30+ yrs and I've been in the business for 2 years and he will tell that I taught him everything about this business except for how to drive the truck. Last year, a leased on driver came to me who was in the red (that's negative $ #s )and I turned his trucking business around in 1 year to the tune of $200,000. He listened and took the business plan that I created and followed it.

 

Too many truck drivers not enough businessmen.

 

It's easy to make good business decisions if you have no particular love for the business. Did Rockefeller love oil? No. Quite to the contrary, he loved horses.

 

Rank,

What's your point? Are you trying to say that I don't love this business? If you are then you are wrong. I may not love this business for the same reason as others and that's okay. This business is a real challenge for me and I like to be challenged and not get into a rut.

Real Estate gurus say to never sign a contract to buy a house if you are emotionally attached to it because you may buy a house that you can not afford. Seems like a lot of people did that and look what is happening in the mortgage business. Too many people made bad and uninformed decisions about the most major purchase of their lifetime. Bottomline is some of these people did not do their homework because their emotions got tied up in the process.

There are a lot of guys getting into this business because they see dollar signs. The don't have a business plan and they are not necessarily passionate about driving and seeing the beautiful country they we live in. I usually get about 3 calls per week from guys who got my number from another truck driver that I helped with his business in a positive way. I just got one of those calls today. The driver wants me to help him get his business back on track and he has his own authority and has had for a couple of years now. I rest my case.