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Freight Broker Factoring

Finding the Right Freight Broker Training

When you search for freight broker training courses on Google, you will inevitably find pages and pages of results. How can you decipher which one is best for your freight brokerage? More importantly, how can you determine which one will provide the best return on your investment? Let’s take a look at a few of the key features to look for when choosing a freight broker training program for your business.

Experience

The goal of any freight broker training program is to gain as much knowledge and value as possible in order to grow your freight brokerage. To improve the chances of achieving this goal, you need a training partner that has specific experience in the freight broker industry. For example, the Transportation Intermediaries Association (TIA) training program is backed by over 30 years of experience in the industry. Typically, the longer the company has been in business, the more reliable their training program will be.

Reputation

Along with extensive experience comes a host of satisfied customers. The reputation of the training provider you choose should be an important factor in determining whether their program is worth the investment. Are there other freight brokers or those in the transportation industry talking about this program? Look for reviews to find out if it’s legitimate. If you’re not careful and don’t do your homework, you could end up with a training program that is sub-par and fails to produce the results you’re after.

Convenience/Flexibility

Freight brokers often find themselves being pulled in a number of different directions. To accommodate this somewhat chaotic schedule, you need a training program that supports the busy freight broker lifestyle. This may include online classes or courses that can be completed at home. Of course, some people are just naturally more successful attending a physical class. Figure out what best fits your schedule and plan from there.

Cost

For most freight brokers who are just getting started, the cost of training is also an important factor. Not only do you need to find a program that will provide quality course material with training options that suit your schedule, but it will also likely need to fit within a particular budget. Companies looking to free up extra capital to fund training may consider freight broker factoring as an option. Simply sell your outstanding accounts receivables to a factoring company, like Triumph, and you could have cash in your pocket the same day. Freight broker factoring is a great alternative to other quick cash options.

As with anything else in business, choosing the freight broker training program that’s best for your freight brokerage is an important step in ensuring a qualified, well-trained staff. Knowing what characteristics to look for – such as the ones listed above – can help take you from overwhelmed to confident when choosing the best freight broker training option for you.

Factoring Invoices

The Importance of Finding Your Niche While Maintaining Flexibility

The freight brokerage industry is one of intense competition. While being flexible is important, identifying a specific niche to focus on can help your firm stand out and improve your chances of sustained profitability. Some freight brokers naturally know what markets they should target based on their experience within the industry, but others – particularly those who are just starting out – may not find this decision as straightforward. If you find your company is taking on too much, or you’re struggling to differentiate yourself from your competitors, here are a few tips for locating and capitalizing on your most lucrative market.

Benefits of Niche Marketing

The reason focusing on one or two key areas is so advantageous, especially in the freight brokerage field, is because doing so allows your firm to develop a higher degree of expertise. By working in the same market segment day in and day out, you will become immersed in all of the elements that make that sector unique. Over time, this in-depth experience will help your company emerge as a trusted resource, both for existing and prospective customers. You’ll also be able to dedicate your time, effort and marketing dollars to a much more targeted audience, increasing your ROI.

Identifying Your Freight Broker Niche

Some freight brokerages find it easy to identify the specific niche markets where they’d be most likely to succeed. For others, this process takes a concerted effort. If you’re in the latter group, here are a few tips for determining which areas would be best for you to focus.

  • First, assess your company’s unique value proposition. What makes your firm so special? Why should your prospects choose your freight brokerage over another? Identifying these strengths and key competencies can help you further define the area in which your services would be most effective.
  • Next, consider the various segments in the industry to determine which most closely matches what your firm has to offer. Some niches to consider include:
    • Regional
    • Type of product/material being shipped
    • Type of trucks used
    • Specialized brokerage cargo
  • Finally, once you’ve decided on an area of focus, immerse yourself in it. Learn everything there is to know about that particular segment and start marketing your firm accordingly.

Additional Tips

Now that you’ve figured out which market your firm is best suited for, the real work can begin. Developing a strategy and establishing yourself as a key player in your chosen area of expertise isn’t something that happens overnight. It takes time and effort to truly achieve the results you’re after. That said, here are a few tips to get you moving in the right direction.

Leverage Your Experience – On-the-job experience is extremely valuable and a critical component of successfully establishing yourself as a niche market expert.

Build Your Portfolio – Focus on landing a few good clients and then build on that momentum. Over time, this will help your freight brokerage to develop a reputation as a leader in your chosen market.

Establish Alliances – In such a competitive industry, putting down roots in a specific segment can be challenging. Linking up with other professionals who are also related to the industry (but not direct competitors) can help. One example is you can find other professionals through the TIA.

Promote Your Specialty – Once you’ve identified and begun conquering your particular niche, make sure your marketing efforts are aligned accordingly.

Invest Wisely – Lastly, you cannot expect to be successful, unless you’re maximizing your firm’s cash flow. If this area still isn’t your strong point, freight broker factoring might be an option to consider.

The freight brokerage industry can be fiercely competitive. While it may seem like a good idea to be open to all areas of business, taking on too much could potentially harm your company in the long run. Focusing on a specific niche market, on the other hand, can really help your firm stand out. The tips provided above should help you identify what areas to focus on for optimum results.

Want more industry tips and tricks? Check out our Freight Broker Blog.

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Get Ahead with Your Carriers: 5 Freight Broker Software Products

Utilizing software product can play a big role in the success of a freight brokerage for a number of reasons. First, it can help streamline operations. It can also dramatically improve efficiency and productivity levels. Finally, it’s one of the most effective ways to maintain compliance at all times. The problem is not all freight broker software products are created equal. To help making your selection a little bit easier, here are few of the more popular options, in no particular order.

Tailwind Transportation Software – The Tailwind product is great for freight broker companies that handle a variety of load types, including local, flat bed, intermodal, and long haul loads. It includes multiple load boards, accounting functionality, customizable quotes and is cloud-based and paperless. The company offers free demos so you can see how the product works prior to purchasing.

Ascend TMS – With their FREE TMS, AscendTMS manages loads, financials, document management and much more. If you need to pinpoint your carriers within your TMS, the AscendTMS tracker allows you to see where your drivers are located using their cell phone’s GPS. Also with this integration, carriers can send a text message with the status of the load, allowing you to keep tabs on the load from pickup to drop off. With AscendTMS, you also have the ability to post to 52 load boards, so your loads have the best chance of getting picked up. Learn more about AscendTMS’ features, here.

McLeod PowerBroker Software – This product is extremely popular among many large freight brokers because it is incredibly robust and feature-rich. It offers a fully integrated freight brokerage operations management system and a complete accounting software solution all in one package, from one company. Furthermore, the company also offers mobile applications so freight can be managed from anywhere.

Aljex– Aljex is a cloud based TMS with products for brokerages, carriers and intermodals. For freight brokers, they provide daily support, giving you the help you need when you need it. Their support is unlimited, allowing you to best use their robust system for all of your needs. From document imaging to posting to load boards, Aljex has many features available to users. You can even request a free demo of the product before you purchase.

3PLSystems, Inc. – The 3PL product branded as “BrokerWare™ Transportation Management System” is designed to operate freight brokerage from A to Z utilizing a wide variety of unique and highly-effective features. These include such options as least cost routing, sales portal, customer portal, and a bi-directional accounting integration. They’re also known for their user friendly interface. The company offers a number of demo videos as well as the option request a live demonstration.

When it comes to choosing the right freight broker software, the options are many. The five listed above should at least give you a decent starting point to help you narrow your selections and choose the ideal product for your business needs.

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