October 26, 2018
10 Ways Your Transportation Business Can Use Financing
Chances are, you can think of at least a few ways you’d like to improve your business but may not have the funds to do so. This is where working capital comes in handy! Pursuing transportation loans can help you improve your business’s operations, while expanding and marketing your services. There are a wide variety of businesses in this industry, such as trucking, limo and taxi companies, moving and medical transportation services, but they can all find ways to utilize working capital. In this post, we’ll review ten ways that your transportation business can benefit from a small business loan, so that you can get back on the road to success!
How to Use a Transportation Business Loan
1. Purchase New Vehicles
In order to run a successful transportation business, you’ll need high quality, state-of-the-art vehicles! If your current trucks or vehicles are old, deteriorating, or you simply don’t have enough means of transportation to serve your customer base, it may be time to purchase a few new ones. Of course, this can be very pricey, so consider using trucking loans to pay for this investment. Make sure that you compare prices prior to making purchases, which will allow you to make the most of your business financing.2. Repair Vehicles
Just because a vehicle isn’t brand new, doesn’t mean that you should get rid of it! For some businesses, it may be more economical to repair vehicles instead of purchasing new ones. This will depend on your company’s needs and the condition of your current vehicles, so you should evaluate this before making any big decisions. With working capital, you can pay for repairs, so that you’re not without vehicles for too long and can get back to work!3. Invest in Equipment
Many transportation businesses require equipment aside from vehicles. For example, moving companies should have towing equipment and additional storage, while medical transport companies may need equipment to ensure the health and safety of their passengers. These extra tools will depend on your business’s specific services, so consider using a transportation loan to pay for these costs.4. Hire Drivers
Having more drivers means being able to serve more customers and increase sales for your business! If you’re turning away business because you don’t have enough drivers to accommodate your customers, then you should consider using a transportation loan for hiring more drivers. If you’re concerned about hiring more full-time employees, you could also consider paying part-time drivers to be on-call during busy times. This will allow you to spend less on hiring costs, while still feeling confident that you’re able to meet customer demands.5. Market Your Business
In your transportation business plan, you should allot enough money to market your services. How will customers know about your business if you don’t market strategically? Below, you’ll find a few ways that you can market your transportation company.- Publish sponsored posts on social media: On social platforms like Facebook and Twitter, you can publish sponsored posts that target your ideal customers. For example, you can target nearby individuals that are interested in transportation services. By doing this, you’ll ensure that your advertisements get in front of the right people!
- Invest in SEO: Most likely, you have a website for your transportation business. Although this is a great start, you should ensure that it’s search engine optimized (SEO). If you need help with this, we suggest hiring an experienced SEO agency that can help your business conduct keyword research, secure backlinks, and implement other best practices.
- Be Active on Yelp: If your business has a Yelp profile, then you know that it can be a beneficial way to attract customers. Still, you could increase your reach by advertising on Yelp, which will ensure that your business’s profile is seen by more users searching for transportation services.