HOTSHOT

Start your Hotshot business right way.

If you are starting a Hotshot business, I hope this information will help you to reduce your learning curve. We want to share with you information, ideas and recommendations that will help you start your trucking business the right way.

Company documents

IRS

State filing

Bank account

MC / USDOT NUMBERS:

IRP Account ( taxes ) / IFTA Account ( decals for your truck ) In order to avoid both IFTA and IRP one would have to make sure they scale (truck and hotshot trailer ) under 26001 combined, and make sure the register the tractor or truck at a max of 26000.

DMV ( registration and plates )

Insurance policy for commercial vehicles

States permits KYU, NY HUT, NM and OR weight if you are going to be running with:

Factoring company ( it will help you with your business cash flow and they fully responsible for your receivables ) you will need to check different options but our recommendation is not only the fee per load they charge to you also check if you are going to be forced to sign a term agreement, account management, collection teams, communication, but the most important thing is that are big factoring companies that have a bigger list of approved brokers for hotshots loads.

Selecting your pickup truck, hotshot trailer and secure equipment for your business is a game changer for your revenue and profit .

If you are an owner operator or you are going to hire a company driver try to get your CDL class A license or hire a CDL driver. This will allow you to use the max weight capacity of your truck and trailer, and it will help us as a dispatch service to have more load options available for your truck and better rates or revenue for your business. Also consider for your truck that team drivers are a good option because they can drive per week over 5000 miles and hotshots loads normally are more flexible for shipping and delivery hours. Important if you are going to hire or plan how you are going to run, consider being out home at least for 2 weeks to maximize your revenue.

Selecting a Dispatch service is not only the dispatch fee.

You will need to know that the company has experience dispatching hotshots, understanding market conditions and so they can help you to make the easy and difficult decisions. Also consider the customer service to you, your driver and your brokers. Look for a dispatch service that provides all in one service helping you in all your requirements with a complete operations team and systems operations support ( TMS, CRM, Market Intelligence, etc ) so you can grow the business in control.

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We want to support you: 5 tips for owner operators

Yes, we know it, times are hard. But that also means that times are changing and we have been analyzing all of our data and there are a few observations that came out. We are sure that all of this can give you an idea of what types of changes can be made in your business to adapt it to the actual ecosystem needs.

Let us give you an update on current market conditions

1. The market started showing stabilizing contracted freight volumes over the past two weeks ( positive sign for carriers )

2. Tender rejection is still declining, but the rate of decline is less than before, this a reliable indicator of market direction. ( 8% nationwide ver low )

3. The slowing decline of the spot market is a positive sign for owner operators

4. Van contract rates also start showing some stabilizing in the market after a sizable drop in mid april ( positive sign for carriers )

5. Big market headwings to continue watching. China has not yet been felt in the US surface freight market, this is still a few weeks out and it's hard to tell how the surge in diesel will sap demand from shippers.

Here are 5 tips to help you and your business adapt to the actual market conditions.

1. You have to change and focus on weekly revenue NOT highest load rates. Define a revenue goal per week with realistic market conditions.

2. There are not many load options, take decisions faster and don't over think the rate ( not all the markets rates will have high paying rates )

3. Keep running, don't lose or wait for a perfect load. If you lose a day you lose revenue. Remember you will have to average all your week loads per mile.

4. Focus on KEEP your truck rolling every day. Be the first one or always on time to ARRIVE the shippers and receivers. Remember losing an appointment will make you sometimes lose a day.

5. Find a dispatch service that can help you to plan, check the market conditions and keep you rolling booking loads for you.

We can help you.

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