Foreman Trucking LLC | Application Preview
Foreman Trucking LLC is seeking government grants to pay off two trucks and one trailer, with plans to purchase another trailer. The goal is to secure financing for an additional truck and trailer, resulting in a total of three trucks and three trailers. This strategy aims to streamline operations, reduce risks, and increase profitability, ultimately laying the groundwork for future growth.
The owner emphasizes a commitment to hard work and strategic equipment purchases, particularly versatile options like flatbeds with Conestoga covers, which are in high demand due to the construction industry's growth. Expanding the fleet will not only boost revenue but also allow for better customer service, as a larger operation can handle more loads.
The funding is viewed as a means to enhance community growth and create job opportunities. The owner highlights a hands-on management approach, focusing on efficient maintenance and cost-saving technologies.
Challenges identified include time constraints due to the company's young age, a steep learning curve in logistics, and adapting to market demands. The owner believes that overcoming these hurdles is crucial for establishing a competitive edge. Key advantages noted include successfully navigating initial startup costs and gaining practical experience through hands-on work and research, which has led to effective fleet maintenance and operational planning. Moreover, the owner is attuned to market trends, which allows for strategic decision-making in freight management.
In summary, the funding would enable the business to strengthen its resources, improve its service offerings, and foster growth within the community.
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General Information
Business Registration Number: 0165841399
Location: Tollesboro, KY, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $250k to $500k
Annual Gross Expense: $250k to $500k
Open to Loans: YES
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Funding Usage
The plan is to pay off the 2 trucks and 1 trailer, and then buy another trailer with the grant money. Shortly thereafter get a loan for another truck and trailer for a total of 3 trucks and 3 trailers. The 3 trucks and trailers would then pay for the latest purchase of 3rd truck and trailer. Greatly reducing the chance of failure while increasing overall asset purchases. I am not trying to get out of debt per say but rather consolidate and refine to increase overhead and profit to achieve further funding to ignite growth.
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Business Plan
With relentless hard work and determination, I plan on making myself more versatile with strategic equipment purchases that can be broadly used such as flat beds with Conestoga's. With the recent high demand of steel due to construction needs. This equipment is crucial. I intend to fully grow year by year with equipment. With more equipment comes more employees and a greater revenue flow. As I press on planning out what equipment is purchased, I can look at becoming more user friendly for my customers simply by being available for their needs. There is only so much 1 Truck, 1 Trailer and 1 driver can help/complete in a week. But how much more appealing is working with a client who has 10 trucks, 10 trailers and 10 drivers and can cover 40 loads a week. Everybody wins. With this money I will bring growth and opportunities to my community. I will be increasing the success of households as well as giving life changing chances to the people who want to work with me. I have been managing my business with little to no return for personal gain just to ensure it grows and becomes the dream I want it to be. I would not squander this opportunity but would in fact create opportunity. We utilize technology to help us plan our trips so that we can get the best fuel prices to save money for maintenance and shop costs. We perform all work maintenance and work on our trucks and trailers to help maximize overhead and cut inflated labor rates.
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Self Identified Competition
1st competitor I'm up against as basic as it sounds is time. Time has affected this business tremendously due to it only being 2 years going the start-up costs to a trucking company and fees that go with that far outweigh the benefits you may think you can get, for instance the insurance I paid in the first month in the first year, was $3300 a month for 1 truck 1 driver. Only when I added 2 drivers with 30+ years' experience to my insurance did it lower it to $2900 a month for 1 truck. 2nd competitor is learning curve, when I decided to start this business, I thought you could jump in a truck go deliver, reload and come back home. It is far more difficult than that. You have to be able plan your trip ahead of time while keeping a detailed log of your equipment before, during and after your home. All while documenting every mile you make and keeping up with all costs like fuel, maintenance needs and daily logs. 3rd competitor is being able to trend with what the country needs so that we can follow the money. Knowing when to look for better paying loads when the rates aren't there and building relationships with everybody you talk to so that the wisdom you gain can be used to plan for upcoming new lanes for moving freight. All these things may sound small, or out of context to the question or even laughable but I've never been competing with another company. It is just the fact that mine is so young that it makes things more difficult than another competing company doing the same thing. I would say they would have the same things to say that I am. To rebuke the 1st competitor, I would say that I have hurdled the most expensive part which is the first initial startup. It's strange that when you get your MC Number (Motor Carrier Number) you have to gain age on said MC Number from 30 days, 90 days, 180 days and even 360 days to just be able to book loads. Which is what the sole success is based off of. How is a company supposed to start up and be self-efficient from day 1, it's not. You have to scratch and claw and take what is available to you. To the 2nd competitor I would say this. I've not learned all I need to know to surround myself with success, but I am so much farther than where I started. We have to date rebuilt 2 truck engines, replaced whole transmissions and clutch assemblies, rebuilt and replaced rear end internals and so much more maintenance items without any degree or institutional teaching. It was completed by researching, asking questions of countless peers and the sheer determination of making sure it gets done so we can keep moving. The business end of the learning curve that we are seeing is knowing when the annual expenses are coming and knowing how to plan accordingly for that. To the 3rd competitor I'd say I have learned the logistic industry is changing from one need to the next and as I go, I am learning what times of the year freight is higher for moving watermelons from Florida, to when steel is peaking out due to a high influx of structures going up, to when grain season flourishes for moving seed from farms to farm centers.
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Contact Applicant
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