The trucking industry is flying (…or is it driving?) high right now and drivers across the country are finding phenomenal success. Rates are high and times are busy as the trucking industry helps push the country out of the final stages of a global pandemic.
We’re in good days right now, but what should truck drivers do to prepare for the next dip in the market? What should they do to prepare for leaner times? Start preparing now.
“I think of stories of the ants saving up for a dry season and hoarding their harvest undergroud so that they can eat long term. We’re no different,” ATBS President and CEO Todd Amen told us on the Successful Driver Podcast. “It’s a good time, but don’t and buy new toys like a Harley or bass boat, or a bunch of chrome for your truck. Save that money, because tough times will come and you’re going to need it to get through tough times. It’s nice to make money, it’s nice to have nice things but make sure you’re building your savings for when a tough time comes.”
People respond differently to the adversity that will inevitably hit when more difficult times for truck drivers come to fruition. Sometimes drivers make big decisions about equipment when times are tough. “People react differently,” said Amen. “A lot of times people freak out because what’s been going for a year or two isn’t there anymore. So they change segments of the market. Maybe going from dry van to flatbed, or flat bed to reefer. And that’s expensive. It’s hard to change.”
Amen says that will changing market segments isn’t always a bad thing, coming up with a long term plan for your business is essential. “You can change over time but when you change it costs money. You have to learn a whole new segment, learn new routes.”
Identifying a segment and become an expert driver in that space can go a long way toward short and long term success, and help you survive market dips. “Be consistent in what you’re doing. Pick something to be successful at,” said Amen. “Know it. Understand it. And ride out the storms, because the market will get good again. But we will have dips, there’s no doubt.”
Watch the full conversation with Amen here: https://youtu.be/bPvy56mb5W8