You need profitable loads to survive in the hot shot trucking industry. In fact, there would be no trucking industry without loads. We understand how stressful it can be to secure a profitable and quality load on a regular basis. The good news is that there are several ways to discover new loads for your hot shot business.
In this article, we’ll share four different ways to secure a hot shot load. Let’s begin.
How to Find Loads for Your Hot Shot Trucking Business
A freight broker is someone who connects truckers and shippers, you could consider them the middle man in the equation. If you’re new to the business and don’t know where to find quality loads then a freight broker could be your best bet.
Most importantly, these brokers do the majority of the work for you by negotiating rates with shippers. In North America alone there are more than 17,000 licensed brokers according to the Journal of Commerce.
To connect with one, you can search online or ask truckers you know for a referral.
Load boards, also known as freight boards, are an online marketplace centered around transporting loads. They serve as a platform where truckers, shippers, and freight brokers post and search for loads in their local area. These platforms are generally easy to use and let you filter your search based on what you’re looking for.
Some of the basic features of a load board include credit information, load matching, mobile access, and FMCSA verification. While most load boards are free to use, some charge a monthly subscription fee.
Note that using load boards does have some downsides. Though they benefit newcomers by helping them get started, the platforms create very stiff competition. Meaning, that it can be difficult to secure a load when several truckers are bidding on the same one. To get the load, truckers have to reduce their rates which in turn lowers their overall profit.
Hiring a dispatcher is another good way hot shot trucking businesses can get their operations up and running. Finding good loads, dealing with shippers, and negotiating rates are daunting tasks. They’re even more time-consuming and tedious for beginners.
This is where the role of a dispatcher comes into play. These people have superior negotiating skills and have many connections in the transportation industry. So, as a result, they’re able to get you loads at a competitive rate.
In many cases, dispatchers take care of operational and administrative tasks including collections, billing, paperwork, and invoicing. On average, dispatchers charge a fee of 10 to 15 percent of what the load will pay. However, the fees vary depending on the dispatch service you choose.
Networking is one of the cheapest and most effective ways to get your hot shot trucking business off the ground. Make sure you attend social events, business meetings, and other activities that can connect you with the right people. Networking helps you market your business and create valuable connections among other transportation industry professionals.
You never know, you could meet someone who could refer you to a good freight broker or you may even meet a shipper!
Finding loads for your hot shot trucking business requires you to have the right marketing tactics. Plus, you need to be active on various online forums and platforms to find and connect with other professionals in the transportation industry.
To protect your loads from external factors such as thefts and accidents, you’ll need hot shot insurance. Give us a call or fill out our online quote form today to get a competitive quote from one of our top insurance carriers.