Owning a business whose primary responsibilities are loading up trucks and moving goods isn’t easy. As with any industry, there are challenges and obstacles that can make the job harder than imagined. Fortunately, for every obstacle, there are solutions that can be implemented to ease the burdens operators face.
Challenge #1: Financing
Securing financing for a new business is never easy regardless of the industry. However, it is worth exploring all of your options to determine the best solutions for your enterprise. One of the best things you can do is develop a solid business plan that will allow you to scale up to the ultimate vision you have for your business. This will also make it easier for you to secure funding for each stage without leaving you overextended at any point along the way.
Challenge #2: Hiring & Retaining Staff
The moving industry has plenty of opportunities for truck drivers, general laborers, customer support professionals, and individuals skilled in haulage and logistics. As with any industry, the more skilled and experienced, the higher the pay these professionals can command.
Successful moving companies conduct thorough manpower analysis prior to opening their doors and again at regular intervals throughout the year. While it is a challenge that takes time to determine, it is important to know how many staff you need and what job functions need to be filled throughout each season.
When it comes to hiring staff, only hire the best. Yes, you will pay more for top-notch personnel, but the return on the investment is increased quality and increased professional reputation. This translates into increased business and higher profits.
Challenge #3: Competing with the Competition
You don’t want to keep up with the Jones’; you want to beat their pants off. When it comes to competing with the competition, the only way to do it is to think smarter, work smarter, and make sure that your business is positioned to take advantage of opportunities that arise in the area. Developing strong partnerships, cultivating affiliate networks, and becoming active in the local business community via the Chamber of Commerce, Rotary Club, etc. will give you an advantage. You will know what changes are on the horizon and the best way to maneuver your operations to satisfy the changing needs of the region.
Challenge #4: Legal Issues
Taxes, regulations, taxes, and more regulations. Moving other people’s goods requires a lot of paperwork and a detailed understanding of policy and procedures. Investing in a good lawyer and a clever accountant can save you considerable amounts of time, money, and headaches. It can also help ensure that you have adequate insurance, the required business licenses, solid employment agreements, and the general legal protection every business needs in the event something goes awry during a move.
Challenge #5: Retaining Clients
Most Americans pick up and move every few years. Operators of moving companies face two big challenges in this regard: First, people don’t move with enough regularity to consider them steady clients. Secondly, many times you are helping clients move out of your general service area. This means that the best strategy is to turn your clients into your strongest advocates through good service and a memorable experience. In turn, they will share their experiences with their friends, family, and colleagues and help you generate a steady stream of new business.
The moving business is just like any other business. It requires careful planning and detailed analysis to chart a course to success. With patience and persistence, every challenge can become a stepping stone towards market domination.