SPAN Blog

Thursday, August 20, 2020

The Right Product At The Right Time

Edward Dzialo 8/20/2020

 

It starts with that idea to take charge of your future by becoming your own boss. 

There’s no shortage of reasons not to run your own business. The hours are long, the responsibility is steep, and when you have questions, there’s no one above you to ask.

At SPAN, we are proud supporters of truckers and their industry. We’ve seen people just like you, men and women, who possess the drive to begin their own trucking business.

Like my father tells me, it’s not about how much you make, it’s about how much you spend. This belief couldn’t apply more to being a successful busniess owner.

That idea that started your business turns into work. And the majority of this work is done by you. From what we’ve seen in the trucking industry, it’s not uncommon for a married couple to go in business for themselves.

Profit Margins

Let’s keep running with the idea of a married couple starting a trucking business.

To keep their overhead low, they will likely be both the bosses and the employees. They’ll lay out their vision, manage the finances, and drive the trucks.

One of the easiest mistakes for new business owners to make is to think that every dollar they make is profit. For example, if the married couple makes $100,000 in their first year, their profit is not $100,000.

In some states, you will be required to pay yourself. How much is their time worth? For the sake of argument, if each person pays themselves $40,000 and takes the remainder to reinvest back into the business, then everything is great, right? Not so fast.

Running a business is tireless work, especially one where fourteen-hour drives are a common occurrence. When you add up the hours they spent running their business, and you divide that by $40,000, how does that break down per hour/per mile?

Very quickly, you’ll see that the $100,000 they began with, doesn’t amount to what you thought it did.

Every dollar counts.

One Cost-Effective Solution

As we’ve discussed, paying yourself is important. Even if your state doesn’t require it, you need to know how much you’re making. This is going to drive all of your decisions.

For the married couple who runs their own trucking business, how are they to decide if picking up a load at X price is truly worth it? If their compensation doesn’t exceed what they need per mile to grow their business, then they won’t be in business for long.

This is why I am offering the idea of using pay stubs. Pay yourself! Know what your time is worth. Your time is a non-renewable resource.

For the small business that is run by the married couple, they could potentially lose a lot of money by choosing the wrong pay stub generator.

Some pay stub generators charge $20-$200 a month, and then there is an additional cost per pay stub per employee. On the upper end of the spectrum, this couple could be spending $250 a month on pay stubs for two people!

Every dollar counts.

With 123PayStubs, you pay $3.99 per pay stub. This is a very competitive offer. Everything you need with nothing you don’t.

SPAN Enterprises & 123PayStubs

I am very proud to work at SPAN Enterprises. One of the reasons why is because it began with an idea and a few people who worked relentlessly to build it.

Just like the example we used regarding the married couple who started their own business, SPAN grew from similar roots. A product like 123PayStubs would’ve been an ideal tool for them to use at the time (they just hadn’t developed it yet!). To be successful, every decision matters. Each choice will have an impact on the future of your business.

Not all these decisions have to be challenging. Choose 123PayStubs as your pay stub generator. It’ll have a positive impact on your business and budget.

Try 123PayStubs Today!




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