Becoming a successful freight broker goes beyond getting rich; it's about staying rich and planning for retirement. There are steps in place to guide you on how to retire with ease. In this episode, I share with you the 5 tips for freight brokers who want to retire rich. These are strategies that worked for me and consisted of; having an exit plan, setting up a retirement account, not day trading stocks, diversifying income and saving. These 5 tips serve as a roadmap to get you headed in the right direction!

Timestamps:

[00:10] 5 tips for freight brokers who want to retire rich

[00:41] #1 - Have an exit plan

[01:50] #2 - Set up a retirement account

[02:49] Starting early vs starting late

[03:53] #3 - Do not day trade your retirement

[04:29] #4 - Diversify your income

[06:12] #5 - Save, save, save

[07:34] Recap on the 5 tips

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Topics Discussed: Finding Your Freight Broker Niche

• Biggest mistakes when starting your broker business
• Figuring out your freight broker niche using these categories:

• • Equipment
  • Products, industry, or vertical
  • Geography
  • Hybrid model

Timestamps:

[00:08] The biggest mistake when starting your broker business is not finding a niche. Time spent chasing different kinds of freight is time lost finding freights in your niche; jack of all trades and master of none equals failure in this business.

[00:57] One of the categories to consider when finding your niche is focusing on equipment; vans, flatbed freight, refrigerator trailers.

[01:30] Focusing on products, industry, or verticals like steel, plastic, and different bottled products.

[01:52] Geography is another option; you can focus on your state's outbound freight or cross borders freight.

[03:04] Find your niche before chasing different freight

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There are many misconceptions when it comes to insurance, and the truth is you do not need to have insurance in order to be an active broker with legal authority. However, coverage is always a good thing to have in your back pocket. In this episode, you will learn the four different types of insurance that are recommended as a freight broker and what it covers.

 

Download FREE CHEATSHEET!

www.FreightBrokerBootCamp.com/Insurance

 

Timestamps:

[00:12] What type of insurance does a freight broker need?

[00:48] Optional coverage

[01:44] Workers’ Compensation

[03:04] General Liability Insurance

[04:15] Contingent Cargo Insurance

[05:54] Spike/Spot / Per Load Insurance

[07:08] Recap

 

Download FREE CHEATSHEET!

www.FreightBrokerBootCamp.com/Insurance

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Topics Discussed: 5 Freight Broker Tips to 10X Your Chance of Success

- Have a positive attitude  - Find your niche  - Know the basics of the 80/20 rule  - Be persistent  - Invest in yourself 

Episode Highlights: 

[00:11] 5 freight broker tips to help you 10x your odds in building and growing a successful freight brokerage. 

[00:19] #1 – Have a positive attitude no matter what and no matter who. A negative attitude will demotivate you and bleed into everything you do which may ultimately affect your ambition. 

[00:55] #2 – I’ve said it before and I’ll say it again, finding your niche is essential, and the earlier you find it the better off you will be. This goes for both freight brokers and entrepreneurs.  

[01:28] #3 – If you are not familiar with the 80/20 rule, it is essentially the idea of choosing two tasks you need to complete in a list of 10. Those two tasks outweigh the other 8 in value, so choose wisely.  

[02:02] #4 – You don’t have to be the smartest person or even the most talented person in a room. What matters is if you are consistent in being persistent. That can-do and never-quit attitude will be key in being a successful entrepreneur.  

[02:30] #5 Investing in yourself is about the most important thing you can do. You can start off small by reading a book or buying an online course; then you can gradually move up towards larger commitments like hiring coaches and mentors.

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Tej Sethi is a former student of the Freight Broker Boot Camp course, and today he is here to share his progress and sheds light on a few obstacles that kept him from succeeding early on. Tej lays out the steps he took to get started post-boot camp with cold calling and highlights the mental fortitude it takes to brush off rejection and continue to do outreach. He shares the plight in wanting to expand his carrier business which ultimately led him to pursue becoming a freight broker.

Before becoming a freight broker, Tej launched his own carrier business where he used 330k of his own capital as an initial investment. This afforded him two trucks, and by the time Tej decided to journey into freight brokerage, he had invested 500k. Wanting to start a new company with reduced risk and less upfront capital, Tej got his brokerage authority and in August 2020, he was off to the races. One full summer later, Tej is now earning 7k a month and growing exponentially.

 

Tune in to hear Tej’s story…

[00:10] Introduction to Tej Sethi

[02:23] Launching carrier company

[02:54] Opening the brokerage division

[05:04] Getting a freight broker authority

[07:18] Year forecast

[08:08] His Niche

[08:50] One thing you would have done differently?

[10:11] Outreach in brokerage

[11:48] Getting your first customer

[13:31] Unexpected complications

[16:39] The mutual fund approach

[18:33] Highlights of the brokerage journey

[22:02] Outro

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Topics Discussed: How do freight brokers make money?

1. Broker contacts shipper
2. Provide the shipper with a freight quote
3. Ship tenderers load to broker
4. Approve the vendor’s credit
5. Broker posts load on load board
6. Find a truck
7. Send the broker-carrier-setup packet to the carrier
8. Carrier send back signed broker carrier agreement
9. Broker sends rate conformation
10. Carrier signs and returns rate confirmation
11. Broker dispatches driver into pickup location on day of load
12. Check calls
13. Broker monitors delivery
14. Carrier sends invoice to broker
15. Broker invoices shipper with copy of a signed copy of the bill of lading
16. Broker going to pay the carrier
17. Broker receives payment from the shipper

DOWNLOAD Free Cheat Sheet at https://www.freightbrokerbootcamp.com/money

Episode Highlights:

[00:00] How do freight brokers make money

[01:04] #1 – Contact your shipper either by phone, email, or face to face. Start the conversation.

[01:29] #2 – Provide the shipper (or potential shipper) with a quote for a load or freight.

[02:06] #3 – Assuming the shipper accepts your quote and accepts you as their broker, they will tender you a load. Tender simply means they will send you an offer for a load. You will need to accept that offer to make that load yours.

[02:52] #4 – Assuming they are a new customer, you will need to approve their credit.

[03:34] #5 – Once you approve their credit, you will then need to post that load on your favorite load boards; 123 Load Boards, Truckstop, Direct Flight are some examples. Post details on that load, this will create visibility for carriers searching for loads.

[04:08] #6 – Find a truck to cover that load. This will come in the form of inbound or outbound calls. Either a carrier will call you or, if you see a truck that matches that load, you will call them to negotiate.

[04:53] #7 – Send the broker carrier setup packet to the carrier

[05:12] #8 – The carrier will then send back a signed copy of the broker carrier agreement with proof of insurance.

[05:45] #9 – You will then send a rate conformation to the carrier, assuming they have been fully vetted. It includes details about the load; origins, destinations, pick-up times etc.

[06:10] #10 – Carrier then signs and returns rate confirmation

[06:17] #11 – Broker dispatches driver into pickup location on day of load to make sure the carrier will pick up the load on time.

[06:34] #12 – After pickup, the broker will do daily check calls on the load to touch base with driver. This is to make sure the driver is on time for delivery.

[06:59] #13 – The broker is responsible to make sure the freight delvers on time, in good conditions, and with no damage.

[07:15] #14 – Carrier will send an invoice to the broker. This should include a signed copy of the bill of lading and any other shipping documents.

[07:32] #15 – Broker invoices shipper with a signed copy of the bill of lading

[07:49] #16 – Broker is responsible to pay the carrier on time based on terms of invoice or agreements, typically no more than 30 days.

[07:58] #17 – Broker receives payment from the shipper

[08:40] Recap of the 17 steps

[10:37] Cheat sheet: How freight brokers make money

DOWNLOAD Free Cheat Sheet at https://www.freightbrokerbootcamp.com/money

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Topics Discussed: Difference Between a Freight Broker and Agent

1. What is a freight broker?
2. What is a freight agent?

Episode Highlights:

[00:11] What is the difference between freight broker and freight agent

[00:22] A freight broker is someone that is licensed from the FMCSA as a property broker and/or freight broker. They are responsible for managing shipments, assessing credit on shoppers, invoice customers, pay carriers, collect receivables, and be insured.

[01:02] Freight agent is someone who works under a licensed broker. They do not need to be licensed or bonded. Their job is to find shipments, rate shipments, source carriers, and make sure their customer's freight is picked up and delivered on time.

[02:01] An agent’s pay is straight commission, between 50-70% of profits they generate for that broker. Brokers keep the difference.

[02:40] Freight Broker Boot Camp

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Learn to Become A Freight Broker/Agent in 30 Days or Less!

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Welcome to the Freight Booker Bootcamp Audio Experience Podcast. In this prelude, I’m going to share with you what the show is all about and the purpose behind it making it. I’ll share with you a bit of my background in the industry and make sure to stay until the end to find out how you can win some cool prizes. 

What is This Show About? 

After receiving numerous requests on easier ways to consume my content, I decided to launch a podcast where the goal was to share the best of the best training-related content in small digestible segments.  The podcast is set to air 2x a week and is designed to help you launch and grow a successful freight broker or freight agency business. Some of the material you can expect to see are live Facebook and YouTube trainings, online workshops, training videos from my YouTube channel, and interviews from top industry experts! 

About Me 

I’ve been an entrepreneur for over 25 years. I started my freight brokerage business in 2003; by the time I sold the company, I had made over 200 million in sales. In 2009 I launched Freight Broker Bootcamp in hopes to create a comprehensive and cost-effective online freight broker training program for new people looking to join the industry. Since the launch, Freight Broker Bootcamp has trained over 10k students how to launch and grow a successful freight broker businesses. 

Win Some Great Prizes! 

During the launch, I will be giving away some really cool prizes like books, shirts, free trainings, and even cash. All you have to do to subscribe and leave an honest review - and be sure to include your best contact email. Good luck! 

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Learn to Become A Freight Broker/Agent in 30 Days or Less!

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