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Contents

Start Your Own Freight Brokerage Business, 5th Edition

Preface

Chapter 1

Introduction to the Freight Brokerage Business

The Players

How They Started

Specialist or Generalist?

Who’s Minding the Store?

Do You Have What It Takes?

Before Becoming a Freight Broker or Agent, Get the Proper Training

Chapter 2

What Does the Business Require?

Education and Experience

Building Carrier Relationships

Banking On Your Banker

Those Critical Customers

Record-Keeping Requirements

Chapter 3

Operations

Facts on File

Shipper Information

Carrier Information

Finding Carriers

Rates and Commissions

Quoting Rates

Documents

Carrier/Broker Agreement

Load Confirmation and Rate Agreement

Bill of Lading

Contract Labor Receipt

Invoices

Contract of Carriage

Are You on a Mission?

Seasonal Issues

The Impact of 9/11 on Brokers

Chapter 4

What Can Go Wrong?

Transit Delays

Cargo Loss or Damage Claims

Responding to Problems

Chapter 5

Locating and Setting Up

Put It All in Writing

The Agent Option

Naming Your Company

Brand Your Business

Choosing a Legal Structure

Insurance

Professional Advisors

Create Your Own Advisory Board

Basic Office Equipment

Telecommunications

Keep Your Customers Out of Voicemail Jail

Transportation Brokerage Software

Website and Email

Use Online Content to Educate Your Customers

Your Social Media Policy

Inventory

Company Vehicle

Chapter 6

Staffing Your Company

Basic Positions

Calling All People

Evaluating Applicants

Benefits

Keep People in Perspective

The High Cost of Turnover

Why Train?

Training Techniques

Noncompete Agreements

Chapter 7

Marketing

Market Research

Choosing a Niche

Communicating with Your Customers

Know Thine Enemy

Outsourcing Opportunity

Join the Right Groups

Chapter 8

Sales

Telephone, Online, or Face-to-Face Sales

Qualifying Prospects

Determining Needs

Why Do You Ask?

Steak or Sizzle

Does Anyone Object?

Ask for the Business

Chapter 9

Financial Management

Setting Credit Policies

Warning Signs

Cash-Flow Controls

The Power of Compensating Balances

Managing Payables

Facts on Factoring

Chapter 10

Tales from the Trenches

Use Advertising and Marketing Techniques that Work

Prepare for the Future

Don’t Reinvent the Wheel

Get Rid of Carriers That Don’t Perform

Maintain a Broad and Diverse Customer Base

Get in the Spotlight

Be Open to Evolution

Protect Your Reputation

An Industry Veteran Puts the Pieces Together

Appendix

Freight Broker Resources

Associations and Regulatory Agencies

Online Services and Resources

Publications and Training Resources

Software

Successful Freight Brokers

Glossary

Index

Start Your Own Business

ON YOUR MARK . . .

PART 1

THINK

CHAPTER 1

Introduction

CHAPTER 2

Taking the Plunge: Get Ready to Be an Entrepreneur

CHAPTER 3

Good Idea!: How to Get an Idea for Your Business

CHAPTER 4

Good Timing: Should You Launch Your Business Part or Full Time?

CHAPTER 5

Build It or Buy It?: Starting a Business vs. Buying One

PART 2

PLAN

CHAPTER 6

Choose Your Target: Defining Your Market

CHAPTER 7

If You Build It, Will They Come?: Conducting Market Research

CHAPTER 8

The Name Game: Naming Your Business

CHAPTER 9

Make It Legal: Choosing a Business Structure

CHAPTER 10

Plan of Attack: Creating a Winning Business Plan

CHAPTER 11

Call in the Pros: Hiring a Lawyer and an Accountant

PART 3

FUND

CHAPTER 12

All in the Family: Financing Starts with Yourself and Friends and Relatives

CHAPTER 13

Nothing Ventured, Nothing Gained: How to Find and Attract Investors

CHAPTER 14

Looking for Loans: The Ins and Outs of Debt Financing

CHAPTER 15

Fed Funds: How to Get Government Loans

GET SET

PART 4

PREPARE

CHAPTER 16

What’s Your Deal?: Negotiating Successfully by Cliff Ennico

CHAPTER 17

Site Seeking: Choosing a Location for Your Business

CHAPTER 18

Looking Good: Creating a Professional Image

CHAPTER 19

Stock Answers: The Lowdown on Inventory

CHAPTER 20

It’s in the Mail: Setting Up Mailing Systems

CHAPTER 21

Charging Ahead: Offering Your Customers Credit

CHAPTER 22

Cover Your Assets: Getting Business Insurance

CHAPTER 23

Staff Smarts: Hiring Employees

CHAPTER 24

Perk Up: Setting Employee Policies and Benefits

PART 5

BUY

CHAPTER 25

Buyer’s Guide: Business Equipment Basics

CHAPTER 26

Business 24/7: Using Technology to Boost Your Productivity

CHAPTER 27

Net Works: Building Your Company Website

CHAPTER 28

Keep in Touch: Using Technology to Stay Connected

GO

PART 6

MARKET

CHAPTER 29

Brand Aid: Building a Brand

CHAPTER 30

Marketing Genius: Advertising and Marketing Your Business

CHAPTER 31

Talking Points: How to Promote Your Business

CHAPTER 32

Sell It!: Effective Selling Techniques

CHAPTER 33

Now Serving: Offering Superior Customer Service

PART 7

ENGAGE

CHAPTER 34

Net Sales: Online Advertising and Marketing

CHAPTER 35

Social Studies: Social Media Marketing

CHAPTER 36

Can You Relate?: Social Media Networking

PART 8

PROFIT

CHAPTER 37

Keeping Score: The Basics of Bookkeeping by J. Tol Broome Jr.

CHAPTER 38

Making a Statement: How to Create Financial Statements by J. Tol Broome Jr.

CHAPTER 39

On the Money: Effectively Managing Your Finances by J. Tol Broome Jr.

CHAPTER 40

Pay Day: How to Pay Yourself

CHAPTER 41

Tax Talk: What You Need to Know About Your Taxes by Joan Szabo

APPENDIX

Business and Government Resources

Glossary

Index