Competitor
Strengths
Weaknesses
Unique Selling Points
Market Share
Competitor 1
Competitor 2
Competitor 3
Competitor 4
(Competitor.Name) offers trucking, logistics, freight distribution, and warehousing services. They are located in (Competitor.Location), where they provide local service. (Competitor.Name)'s professional crew ensures that the hauls operate smoothly, relieving the customer of concern about whether their shipments will reach on schedule and in excellent shape.
[Sender.Company] holds a competitive edge through the following advantages:
The team comprises friendly, highly qualified trucking and logistics experts with deep industry experience.
Embrace cutting-edge trucking and logistics technology to guarantee meticulous handling and efficient deliveries for each haul.
Unlike larger trucking companies, [Sender.Company] specializes in local distribution and readily accepts small hauls that others may decline.
Brand and value proposition.
[Sender.Company] stands out by providing distinctive value propositions to its clients:
A dedicated team of highly qualified professionals proficient in a wide range of trucking services.
[Sender.Company] harness cutting-edge technology and maintain flexibility to deliver the utmost quality of service to our valued customers.
[Sender.Company] has a well-rounded promotions strategy in place to boost its visibility and reach:
(Owner.Name) has cultivated a substantial network of contacts through years of providing exceptional service and expertise. His/Her clients have pledged to continue their partnership with him/her at [Sender.Company] and actively promote the brand through word of mouth and referrals.
Professional Associations and Networking
To expand its client base, [Sender.Company] will join esteemed organizations such as the Texas Trucking Association (TTA) and the American Trucking Association (ATA). The focus will be on building valuable connections within these associations.
Print Advertising
[Sender.Company] recognizes the importance of industry publications and will invest in professionally designed print advertisements. These ads will effectively communicate its services and unique value propositions.
Website/SEO Marketing
[Sender.Company] will leverage its in-house marketing director, who designed the print ads, to create an informative, well-organized website. The website will comprehensively present the services offered and provide essential contact details.
[Sender.Company] is committed to offering competitive pricing that aligns with industry standards, ensuring that their valued customers always perceive exceptional value in their investment when choosing their services.
They provide a range of flexible payment options to accommodate diverse preferences:
1. Payment in Cash or Coins
2. Payment through Point of Sale (POS) Machines
3. Online Bank Transfers via the designated payment portal
4. Mobile Money Payments
(Owner.Name) will serve as the Co-Owner and President of the company, assuming responsibility for overseeing all staff members and managing client relations.
(Staff.Name) | Co-owner and CFO, tasked with supervising accounts payable, accounts receivable, and the entire accounting department's operations. |
---|---|
(Staff.Name) | Staff Accountant responsible for all client accounting, tax payments, and monthly financial reporting. |
(Staff.Name) | Marketing Manager, responsible for handling all marketing, advertising, and PR activities for OTRT (On The Road Trucking). |
(Staff.Name) | Safety Manager, responsible for overseeing all maintenance and safety inspections for their vehicles and drivers, ensuring that safety remains a top priority for their operations. |
This well-structured team will contribute significantly to the efficient functioning and success of [Sender.Company] , enabling the [Sender.Company] to provide top-notch services to their clients while maintaining the highest standards of safety and financial integrity.
[Sender.Company] is poised to achieve several critical milestones within the next 12 months:
(MM/DD/YY) | Secure the warehouse lease agreement. |
---|---|
(MM/DD/YY) | Finalize employment contracts for the management team. |
(MM/DD/YY) | Complete contracts for sales representatives, dispatchers, and onboard initial drivers. |
(MM/DD/YY) | Commence active networking at industry events. |
(MM/DD/YY) | Initiate relocation to [Sender.Company]'s warehouse and secure the necessary fleet of trucks. |
(MM/DD/YY) | Officially launch the operations of [Sender.Company]. |
(MM/DD/YY) | Achieve a target of (mention specific target, e.g., 100 clients or a revenue milestone). |
(MM/DD/YY) | Implement a comprehensive safety training program for all drivers. |
(MM/DD/YY) | Expand the service area coverage to (mention the specific location or region). |
(MM/DD/YY) | Evaluate the feasibility of adding eco-friendly vehicles to the fleet. |
These milestones signify [Sender.Company] 's steady progression towards establishing a thriving trucking business.
Revenue and cost drivers.
The majority of [Sender.Company] 's revenue will come from transportation services. The following are the primary cost drivers for the company's operations:
Truck leases and maintenance
Lease on business location
Marketing expenses
[Sender.Company] is seeking (Amount) in debt financing to launch its trucking business. The following is a breakdown of how the funds will be used.
Warehouse build-out: (Amount)
Trucks, equipment, and supplies: (Amount)
Three months of overhead costs (payroll, rent, utilities): (Amount)
Marketing expenses: (Amount)
Working capital: (Amount)
The company's projected income statement, balance sheet, and cash flow statement are shown below.
Attach all financial statements for the company.
[Recipient.FirstName] [Recipient.LastName]
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Creating a business plan is essential for any business, but it can be especially helpful for trucking businesses who want to improve their strategy and/or raise funding.
A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.
This article provides an overview of the key elements that every trucking business owner should include in their business plan.
Download the Ultimate Trucking Business Plan Template
A trucking business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.
A trucking business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.
Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.
The following are the key components of a successful trucking business plan:
The executive summary of a trucking business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.
This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.
If you are just starting your trucking business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your trucking firm, mention this.
You will also include information about your chosen trucking business model and how, if applicable, it is different from other companies in your industry.
The industry or market analysis is an important component of a trucking business plan. Conduct thorough market research to determine industry trends and document the size of your market.
Questions to answer include:
You should also include sources for the information you provide, such as published research reports and expert opinions.
This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.
For example, a trucking business’ customers may include:
You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.
Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or trucking services with the right marketing.
The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.
For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.
This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.
This part of your trucking business plan should include the following information:
The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.
Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a trucking business include reaching $X in sales. Other examples include hiring key personnel, acquiring necessary licenses and permits, and establishing partnerships with vendors.
List your team members here including their names and titles, as well as their expertise and experience relevant to your specific trucking industry. Include brief biography sketches for each team member.
Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.
Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix).
This includes the following three financial statements:
Your income statement should include:
Revenues | $ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 |
$ 336,090 | $ 450,940 | $ 605,000 | $ 811,730 | $ 1,089,100 | |
Direct Cost | |||||
Direct Costs | $ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 |
$ 67,210 | $ 90,190 | $ 121,000 | $ 162,340 | $ 217,820 | |
$ 268,880 | $ 360,750 | $ 484,000 | $ 649,390 | $ 871,280 | |
Salaries | $ 96,000 | $ 99,840 | $ 105,371 | $ 110,639 | $ 116,171 |
Marketing Expenses | $ 61,200 | $ 64,400 | $ 67,600 | $ 71,000 | $ 74,600 |
Rent/Utility Expenses | $ 36,400 | $ 37,500 | $ 38,700 | $ 39,800 | $ 41,000 |
Other Expenses | $ 9,200 | $ 9,200 | $ 9,200 | $ 9,400 | $ 9,500 |
$ 202,800 | $ 210,940 | $ 220,871 | $ 230,839 | $ 241,271 | |
EBITDA | $ 66,080 | $ 149,810 | $ 263,129 | $ 418,551 | $ 630,009 |
Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
EBIT | $ 60,880 | $ 144,610 | $ 257,929 | $ 413,351 | $ 625,809 |
Interest Expense | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 | $ 7,600 |
$ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 | |
Taxable Income | $ 53,280 | $ 137,010 | $ 250,329 | $ 405,751 | $ 618,209 |
Income Tax Expense | $ 18,700 | $ 47,900 | $ 87,600 | $ 142,000 | $ 216,400 |
$ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 | |
10% | 20% | 27% | 32% | 37% |
Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:
Cash | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
Other Current Assets | $ 41,600 | $ 55,800 | $ 74,800 | $ 90,200 | $ 121,000 |
Total Current Assets | $ 146,942 | $ 244,052 | $ 415,681 | $ 687,631 | $ 990,278 |
Fixed Assets | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
Accum Depreciation | $ 5,200 | $ 10,400 | $ 15,600 | $ 20,800 | $ 25,000 |
Net fixed assets | $ 19,800 | $ 14,600 | $ 9,400 | $ 4,200 | $ 0 |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 | |
Current Liabilities | $ 23,300 | $ 26,100 | $ 29,800 | $ 32,800 | $ 38,300 |
Debt outstanding | $ 108,862 | $ 108,862 | $ 108,862 | $ 108,862 | $ 0 |
$ 132,162 | $ 134,962 | $ 138,662 | $ 141,662 | $ 38,300 | |
Share Capital | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Retained earnings | $ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 |
$ 34,580 | $ 123,690 | $ 286,419 | $ 550,170 | $ 951,978 | |
$ 166,742 | $ 258,652 | $ 425,081 | $ 691,831 | $ 990,278 |
Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:
Below is a sample of a projected cash flow statement for a startup trucking business.
Net Income (Loss) | $ 34,580 | $ 89,110 | $ 162,729 | $ 263,751 | $ 401,809 |
Change in Working Capital | $ (18,300) | $ (11,400) | $ (15,300) | $ (12,400) | $ (25,300) |
Plus Depreciation | $ 5,200 | $ 5,200 | $ 5,200 | $ 5,200 | $ 4,200 |
Net Cash Flow from Operations | $ 21,480 | $ 82,910 | $ 152,629 | $ 256,551 | $ 380,709 |
Fixed Assets | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Net Cash Flow from Investments | $ (25,000) | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Equity | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Cash from Debt financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow from Financing | $ 108,862 | $ 0 | $ 0 | $ 0 | $ (108,862) |
Net Cash Flow | $ 105,342 | $ 82,910 | $ 152,629 | $ 256,551 | $ 271,847 |
Cash at Beginning of Period | $ 0 | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 |
Cash at End of Period | $ 105,342 | $ 188,252 | $ 340,881 | $ 597,431 | $ 869,278 |
You will also want to include an appendix section which will include:
Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your trucking company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.
Now that you know what you should include in a trucking business plan, it’s time to get started on your own. Use the tips and examples provided in this article as a guide, and don’t be afraid to ask for help from an experienced business advisor or mentor. With a well-crafted business plan in hand, you’ll be ready to hit the ground running and build the trucking company of your dreams.
Wish there was a faster, easier way to finish your trucking business plan?
With our Ultimate Trucking Business Plan Template you can finish your plan in just 8 hours or less!
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By: Author Tony Martins Ajaero
Home » Business ideas » Transportation Industry » Trucking
Are you about starting a trucking company ? If YES, here’s a complete sample trucking business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a trucking business.
We also took it further by analyzing and drafting a sample trucking company marketing plan template backed up by actionable guerrilla marketing ideas for trucking businesses. So let’s proceed to the business planning section.
1. industry overview.
The trucking industry plays a very important role in the economy of the world; they provide essential services to the united states economy by transporting large quantities of raw materials, machines, equipment, dirt, rocks, building materials, and finished goods over land—typically from manufacturing plants to retail distribution centers and from warehouses to construction sites.
As matter of fact, heavy duty trucks are indispensable in the construction industry. The trucking industry is responsible for the majority of freight movement over land, and is a major stakeholder in the manufacturing, transportation, and warehousing industries in the United States of America and in other parts of the world.
In the United States, Large trucks and buses drivers require a commercial driver’s license (CDL) before they can be permitted to operate. The activities in the trucking industry is regulated by the United States Department of Transportation (USDOT), the Federal Motor Carrier Safety Administration (FMCSA) and the Federal Highway Administration (FHWA).
They ensure that drivers and trucking companies adhere to safety rules and regulations and also that potential truck drivers undergo special training on how to handle large vehicle before applying and obtaining their commercial driver’s license (CDL).
Statistics has it that food and food products, lumber or wood products, as well as petroleum or coal account for 34.8 percent of truck traffic in the United States and by volume, clay, glass, concrete and stone, farm products, as well as petroleum and coal account for 35.6 percent of truck traffic.
The advancement in technology in areas such as computers, satellite communication, and the internet, have contributed immensely to the growth of the industry. The advancement in technology is responsible for increase of productivity of trucking companies operations, it helps them effectively monitor their trucks and their drivers and it helps driver save time and effort.
The trucking industry is not restricted to trailers or large trucks hauling goods from destination to another via interstate highways, it also involves smaller trucks that helps transport smaller quantity of goods from one destination within a city to another destination within same city.
Trucking business is not only about transporting goods over a long distance. As a matter of fact, in the U.S. about 66 percent of truck tonnage moves distances of 100 miles or less; local and regional hauls account for almost half of all truck revenues and are they are the preferred choice for private carriers.
No doubt starting and operating a trucking business can be challenging, but the truth is that it can be rewarding at the same time. One good thing about the industry is that it is open for both big time investors who have the capacity to start the business with fleet of trucks and aspiring entrepreneurs who may one to start with just one truck.
Terry Granville Truck Service Inc. is a trucking company that will be based in 10548 SD Highway 32 Belle Fourche South Dakota.
We will provide daily freight services (trucking services, moving services & supplies, and bulk material sales & supplies) on one skid to full truckloads to and from South Dakota, North Dakota, Southern Illinois; St Louis, Missouri; Southeast Missouri; Evansville, IN; Nashville, Tennessee; Memphis, Tennessee and Chicago land areas et al.
We will also provide cross docking, warehousing, lift gate and specialized van service in South Dakota, North Dakota, Southern Illinois, Southeast Missouri and Western Kentucky.
Terry Granville Truck Service Inc. has been able to secure all relevant licenses and permits to operate throughout the United States and Canada.
We will ensure that we abide by the rules and regulations of the trucking industry and we will only hire experienced and qualified drivers with valid commercial driver’s license (CDL).Our customers and potential customers alike can be rest assured that they will get quality services at competitive rates.
We will go the extra mile to ensure the safety of goods under our care and our customers get value for their money. At Terry Granville Truck Service Inc. our goal is to provide excellent service to our customers and we pride ourselves on the integrity and competence of our company and our employees.
Terry Granville Truck Service Inc. will ensure that all our deliveries are on time and we supersede the expectation of our customers. We will only put trucks that are in top shape on the road, and all our drivers will be trained to be courteous, friendly and to abide by the rules and regulations of the industry.
We will maintain and take proper care of our drivers as well as our trucks and equipment.Terry Granville Truck Service Inc. is a family business; it is owned by Terry Granville and family. Terry Granville is an investor who has an interest in the trucking industry.
The company will be fully financed by Terry Granville and he will be the founding chief operating officer of the company. Terry Granville has a diploma in Transport and Logistics Management and his has over 5 years of experience in the transportation industry.
Terry Granville Truck Service Inc. is a company that looks forward to deliver excellent services in terms of helping our customers move goods and equipment from one destination to another destination. We want to be known as the trucking company that truly care for her customers. Our business offering are listed below;
Our Business Structure
Our business structure will be designed in such a way that it can accommodate but full – time employees and part – time / contract staff; those who just want to take some time off to generate additional incomes.
We intend starting the business with a handful of full time employees (drivers and back office staff) and some of the available driving roles fill be handled by qualified contract drivers. Adequate provision and competitive packages has been prepared for all our employees.
For now, we will contract the maintenance of our trucks to service provider. This is because we don’t intend to maintain a very large overhead from the onset. But as soon as the business grow and stabilize, we will assemble our own in – house maintenance team. Below is the business structure and the roles that will be available at Terry Granville Truck Service, Inc.;
Admin and HR Manager
Transport and Logistics Manager
Business Developer
Chief Operating Officer (Owner):
Commercial Truck Drivers
Front Desk / Customer’s Service Officer
Going by our vision, our mission and the kind of business we want to set – up, we don’t have any other option than to follow due process. Following due process involves hiring business a consultant to help us conduct SWOT analysis and prepare a trucking company marketing plan for our business.
Terry Granville Truck Service Inc. hired the services of a seasoned business consultant with bias for start – ups in the U.S. to help us conduct a thorough SWOT analysis and to guide us in formulating other business strategies that will help us grow our business and favorable compete in the trucking industry.
As a company, we look forward to maximizing our strength and opportunities and also to work around our weaknesses and threats. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Terry Granville Truck Services Inc.;
Our areas of strength in U.S include; size advantages, cost advantages, supply chain, customer loyalty and strong reputation amongst domestic industry players.
Our weakness could be lack of finance, high debt burden, cost structure, lack of scale compared to our peers who have already gained ground in the industry.
The opportunities that are available to us as a trucking company in the United States are online market, new services, new technology, and of course the opening of new markets
Some of the threats that we are likely going to face are mature markets, bad economy (economy downturn), stiff competition, volatile costs, and rising fuel prices.
The market trends as it involves the trucking industry especially in the United States and Canada is indeed dynamic and at the same challenging.
But one thing is certain, once a trucking company can gain credibility, it will be much easier for the company to secure permanent deals / contracts with big time merchants and construction companies who are always moving goods and equipment from one part of The United States of America to another part.
No doubt some of the major factors that count positively in this line of business are trust, honesty, good relationship management and of course timely and safe delivery.
Our target market are basically every one (organizations and individual as well who have cause to move things from one location to another location. We cover both short distance (inter states) and long distance (intra states). We are in business to move stuffs and anyone who has stuffs to move within the United States or from the United States to Canada, can contact us.
In other words, our target market is the whole of the United States of America and below is a list of the people and organizations that we have plans to do business with;
Our competitive advantage
Our major competitive advantage is the vast industry experience and solid reputation of our owner, Terry Granville. Terry Granville Truck Service Inc. no doubt is a new trucking company, which is why we took our time to do a thorough homework before launching the business.
We were able to highlight some factors that will give us competitive advantage in the marketplace; some of the factors are trust, honesty, good network and excellent relationship management strong management, strong fleet operations, direct access to all Atlantic and Gulf Coast ports, our transportation network serves some of the largest population centers in the U.S., our size advantages, cost advantages, supply chain, customer loyalty and strong reputation amongst domestic industry players.
Another competitive advantage that we are bringing to the industry is the fact that we have designed our business in such a way that we can comfortably work with both individuals who may want to make use of small trucks to transport goods within the city and also big conglomerates who are involved in massive movements of goods and equipment from one part of the U.S. to another part.
Lastly, our employees will be well taken care of, and their welfare package will be amongst the best in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our objectives.
Terry Granville Truck Service Inc. will ensure that we leverage on our strength and the opportunities available to us in the U.S. market to generate enough income that will help us drive the business to stability. We will go all the way to explore every available sources of income in the trucking industry. Below are the sources we intend exploring to generate income for Terry Granville Truck Service Inc.;
We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet out set target of generating enough income / profits from the first month or operations and grow the business and clientele beyond South Dakota to other states in the U.S. and Canada
We have been able to critically examine the trucking industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in the United States of America.
Below is the sales projection for Terry Granville Truck Service Inc., it is based on the location of our trucking business and our competitive advantage;
N.B : This projection is done based on what is obtainable in the industry and the nature of services that we will be offering.
Networking is an effective way to begin building your client base and we have plans in place to leverage on all our networks. In view of that, we will look out for gatherings where we can network with captain of industries, entrepreneurs, manufacturers and merchant et al.
As a matter of fact, our first port of call will be to connect with the nearest Chamber of Commerce; we are likely going to get our first major deal from them.
At Terry Granville Truck Service Inc. all our employees will be directly or indirectly involved in sales and marketing. We will create provision for our employees to earn commission when they bring in business for the organization. We will also encourage freelancers to work with us; whenever they refer clients to us to will earn a percentage of the deal.
Lastly, we will leverage on the power of the media by advertising our services using both online and offline platforms. We will work hard to ensure that get repeated business from any business deal we execute and also we will encourage our customers to help us refer their friends to us. Part of our strategy is to reward loyal customers and to leverage on word of mouth marketing from satisfied customers.
Over and above, we have perfected strategies to network with people who are likely to refer business our way. In summary, Terry Granville Truck Service Inc. will adopt the following sales and marketing strategies in sourcing for clients for our business;
Any business that wants to grow beyond the corner of the street they are operating must be ready and willing to utilize every available means ( conventional and non – conventional means ) to advertise and promote the business. We intend growing our business beyond South Dakota which is why we have perfected plans to build our brand via every available means.
Below are the platforms Terry Granville Truck Service Inc. intend leveraging on to promote and advertise her trucking business;
Terry Granville Truck Service Inc. has a lease arrangement with various companies and the company’s pricing is based on miles per thousands of tons of cargo transported. We have perfected our plans to charge competitive rates since we have minimal overhead compared to our competition in the industry.
We will ensure that we leverage on price to win over customers; our prices will be affordable and negotiable. The fact that our business door is open to both individuals and corporations means that we will have different price range for different category of clients. As the business grow, we will continue to review our pricing system to accommodate a wide range of clientele.
Our payment policy will be inclusive because we are quite aware that different people prefer different payment options as it suits them but at the same time, we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions. Here are the payment options that Terry Granville Truck Service Inc. will make available to her clients;
In view of the above, we have chosen banking platforms that will enable our clients pay us without any difficulty. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash.
Going by the report from our market research and feasibility studies , we will need about $1M to set up a trucking business in South Dakota.
Generating Funding / Startup Capital for Terry Granville Truck Service Inc
Terry Granville Truck Service Inc. is set to start as a private business that will be solely owned by Mr. Terry Granville and family. He will be the sole financial of the company but may likely welcome other business partners when need for expansion arises. These are the areas we intend generating our start – up capital for our business;
N.B: We have been able to generate about $200,000 (Personal savings – $150,000 and soft loan from family members – $50,000) and we are at the final stages of obtaining a loan facility of $800,000 from our bank. All the papers and document has been signed and submitted.
Terry Granville Truck Service Inc. is a business that was established with the aim of covering the whole of the United States of America and Canada, we have invested a whole lot of money in the business and we would not want to see our investment go down the drain which is why we hired a core professional to help us put strategies and structure in place that will keep the business growing.
Part of the sustainability and expansion strategy that we have adopted is the continuous training and empowerment of our workforce (both full-time staff and freelancers working for us) so as to provide them with the capacity to perform effectively in the highly competitive trucking / haulage industry in the United States of America.
In other to be in business for a long time, we will not in any way comprise our integrity and trust and we will continue to surpass the expectation of our customers.
Check List / Milestone
Unless you have rich relatives willing to finance your trucking business with no questions asked, it’s in your best interest to write a business plan to aid you when approaching lenders, investors or partners to maximize your chance of getting funding assistance. A comprehensive, detailed and properly structured trucking business plan can help you get the financing you need to purchase trucks, truck equipment and other necessities. But more importantly, it also provides a critical road map of practical and logistical steps you’ll take when starting a trucking business.
A trucking business plan should contain much of the same information as any other type of business plan, regardless of the product or service the business provides. According to the U.S. Small Business Administration (SBA), a good business plan “guides you through each stage of starting and managing your business … [including] how to structure, run and grow your new business.” For truckers, the business plan should include industry-specific information that displays a thorough knowledge of what it takes to be competitive and profitable, according to the Owner-Operator Independent Drivers Association (OOIDA), a Missouri-based organization that advocates for the rights of professional truck drivers. The first thing you’ll want to do before sitting down to write your business plan is figure out what potential lenders, financiers or investors need to know to ensure your funding requirements are met. You will need to include some customized information in your business plan that is specific to your company’s individual needs. However, just about all business plans should include the following, according to the SBA:
Company description, market analysis, sales and marketing, funding request, financial projections.
The details in each section will differ depending on whether you want to be an independent owner-operator or company owner with a fleet of trucks. There will also be variations based on the type of freight you’ll be hauling and where your trucks will be travelling. As a general rule, though, each section should contain detailed and accurate information that lets potential investors or partners know you’ve done your due diligence on the trucking industry and have a clear understanding of what it takes to be successful.
As you begin the process of obtaining financing, it’s a good idea to do as much legwork as possible ahead of time so you'll be ready to hit the ground running when your financing comes through. Linda Finch, a compliance specialist with the OOIDA, recommends taking the following steps:
The OOIDA also recommends that truckers educate themselves on industry and financial basics before putting their business plans together. To that end, the OOIDA offers business education training seminars designed to help those who are starting a trucking business. The seminars cover everything from obtaining financing and developing the right financial plan to ensuring that all the right boxes are checked in terms of permits, licensing, taxes and compliance. When developing your business plan, the OOIDA offers the following guidelines:
It’s also important to familiarize yourself with the basics of accounting, regardless of whether you plan to handle this function yourself or contract it out to a third party. Courses are offered online and at community colleges that can help you learn about balance sheets, profit-loss statements and how to calculate total assets and total liabilities.
When you’re ready to start writing your business plan, using a template or outline like the one below will ensure your business plan is properly structured and organized. Read: 4 Signs It’s Time to Get a Business Line of Credit
To expedite the trucking business plan process, utilize a basic business plan template and customize it to your needs. Regardless of your industry, all business plans should cover the same key sections. Here are key sections to include when writing a business plan for a trucking company:
This section should provide a short overview of your company and its plans for the future. Include details on your company mission, financial information and performance and growth plans. Ideally, the executive summary will be no more than one or two pages. Because it’s the first thing someone will read, you need to make a strong impression here. Keep the wording crisp, compelling, precise and to the point. If you don’t catch the reader’s attention and make a strong case for why you’re starting a business and why it will succeed, your business plan might get pushed aside before anyone has a chance to read the rest of it. Related: How to Start Your Own Trucking Company in 10 Steps
The next section of your trucking business plan is the company description. This is where you write about the background of your business and your connection to the trucking industry. You can go into a little more detail here about the company mission, how your business will differ from the rest of the playing field and who’ll make up your client base. Use this section to outline the advantages you have over competitors. For example, you might have expertise in a particular type of freight or market, or a strong network of logistics companies, shippers and freight brokers. Provide details on your experience in the business, including everything from starting out as a truck loader to managing a fleet of truckers. This is also where you’ll provide key facts about your trucking business, such as the owners and management team (if applicable), the year of incorporation, where you’ll operate and the states your business is registered in. You will also provide details on employees (if any), their roles and responsibilities and your plans to hire more as your business grows.
In this section, you’ll outline the services you plan to offer, how you’ll go about executing them and how they will meet market demand. If you are licensed to haul hazardous materials, for example, explain how this is a competitive advantage and what kinds of customers will require your services. Provide information on where you’ll be operating and how that will impact your services. A trucker in the Southeast, for example, would probably haul more construction materials than one in the Northeast. Similarly, a trucker in the prairie states would probably have more seasonal business tied to farming. The services section should also include details about your pricing structure, the types of freight you plan to haul and the industries you’ll serve. Read This: 10 Business Plan Tips for Your Startup
In many respects, the market analysis portion is the most important section of your trucking business plan because it’s where you can wow lenders and investors with your market knowledge. The goal here is to provide the kind of data that shows you’re well-versed in industry trends, market demand, what works well and doesn’t work well in winning new business and the techniques you’ll use to gain an edge over rivals. Your market analysis should include the following information:
Also, provide data on how much market share you expect to carve out during a specified time period and how you plan to grab it. Be specific here. Instead of saying, “We plan to gain share by providing exceptional service,” explain what makes your service exceptional, how it differs from the competition and why customers will migrate to your company.
You can touch on operational risks here as well, particularly as they pertain to how pending legislation or regulations could impact your business.
Reaching the right people at the right time and in the right way will be a key element of your trucking business’ success. So will convincing prospects to do business with you once you’ve established a relationship. The sales and marketing section of your business plan is where you outline strategies to find potential customers and sell them on your services.
This section provides details on the financing requirements you’ll need to get your trucking business off the ground and keep it operating at full strength in the future. Be very specific in terms of the amount of money needed over the next several years and how it will be used. For example, you might use it to purchase a truck and truck equipment, pay salaries and bills and grow your client base. Also, specify whether you will require debt or equity, for how long and at what terms.
This is where you’ll disclose your company’s financial details and its ability to meet its fiscal targets. Include basic financial documents such as the balance sheet, profit-loss statement, cash flow statement and sales forecast. You can also include a break-even analysis explaining what you need to sell, either monthly or annually, to cover your costs of doing business. Provide an outlook of how the business is expected to perform over the next five years.
Now that you have a trucking business plan in place, where do you go for financing? Banks and other traditional lending institutions are an obvious option, but they often won’t finance brand new businesses. Similarly, the Small Business Administration requires three years of business tax returns, which means startups have limited financing options. One option, however, is Seek Business Capital, which specializes in helping startups and early-stage business obtain the funding they need to get their businesses up and running regardless of time in business. To get pre-qualified for trucking business financing or to just learn more about your options, check out the ultimate guide to truck financing . More From Seek
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Home » Transportation » Trucking Company
A trucking company is a company that is involved in transporting large quantities of raw materials, and finished goods over land—typically from manufacturing plants to retail distribution centers. The trucking industry hauled 72.5 percent of all freight transported in the United States in 2019, equating to 11.84 billion tons.
The trucking industry was a $791.7 billion industry in that same year, representing 80.4 percent of the nation’s freight bill. Available data shows that the industry is currently (2022) worth over $67.3 billion in the United States of America.
As of May 2015, over 90.0 percent of companies in the United States long-distance freight trucking industry are owner-operators. Therefore, even the top corporate operators only hold a small share of the total market.
According to the industry market research firm IBISWorld, J.B. Hunt Transport Services holds an estimated 2.5 percent market share, YRC Worldwide holds 1.8 percent, FedEx holds 1.6 percent, United Parcel Service of America owns 1.5 percent, and Con-way holds 1.4 percent.
Executive summary.
Benny Blanco© Trucking Company, Inc. is a licensed trucking company that will be based in Springfield, Illinois. They focus on special services that include; oversized, rare, and unusual commercial and military cargo, as well as the planning, coordination, and transportation of hazardous nuclear waste from source to destination.
Benny Blanco© Trucking Company, Inc. has been able to secure all relevant licenses and permits to operate throughout the United States and Canada. We will ensure that we abide by the rules and regulations guiding the trucking industry and we will only hire experienced and qualified drivers with valid commercial driver’s licenses (CDL) to handle our trucks.
Benny Blanco is the founder and CEO of Benny Blanco© Trucking Company, Inc.
A. our products and services.
Benny Blanco© Trucking Company, Inc. will be involved in: Transporting large quantities of raw materials and finished goods over land—typically from manufacturing plants to retail distribution centers and also from seaports to warehouses et al.
Our trucking company will operate the business-to-consumer and business-to-business model.
Benny Blanco© Trucking Company, Inc. will operate in the trucking industry.
Our mission is to be at the forefront of our industry and to make sure we build a successful trucking company that will operate in the United States of America and Canada.
Our vision of to be listed among the top ten trucking companies in the whole of North America.
Benny Blanco© Trucking Company, Inc. – Your Trusted, Fast, and Highly Secured Trucking Company!
Benny Blanco© Trucking Company, Inc. will be formed as a Limited Liability Company (LLC). The reason why we are forming an LLC is to protect our assets by limiting the liability to the resources of the business itself. The LLC will protect our CEO’s assets from claims against the business, including lawsuits.
A. strength.
The trucking industry is very big in the United States of America. The industry is responsible for most of the overland freight movement in the United States, with the market worth 732.3 billion U.S. dollars in 2020. At that time, there were over 902,000 truck drivers employed in the U.S., which is less than the industry requires.
Although the trucking industry declined in 2020, the industry is currently experiencing growth. Available data shows that steady wage expenses and increasing prices of fuel amid the low demand during the pandemic were responsible for reducing industry profitability.
Revenue in the trucking industry dropped 0.7 percent in 2020 as a result of the COVID-19 pandemic. The good news is that as the economy rebounds and moves are rebooked, the industry is expected to grow.
The industry was projected to record 5.4 percent revenue growth in 2023 and this is expected to outweigh the declines experienced earlier in the period, including 2020. Because the industry was deemed an essential service, operators have been able to maintain operations during most of the pandemic.
The trucking industry is changing, and players in the industry are improvising. No doubt, technology (software apps, dashboard cameras, and electric trucking) and climate change (people moving either from cooler to hotter regions or hotter to moderate regions) will change the landscape of the trucking industry going forward.
No, there are no existing niches when it comes to a trucking company, but a trucking company may decide to specialize in transporting certain types of goods.
Benny Blanco© Trucking Company, Inc. has plans to sell franchises in the nearest future and we will target major cities with thriving trucking markets in the United States of America.
Yes, there are franchise opportunities for the trucking business. Here are they;
Yes, there are county or state regulations or zoning laws for a trucking company, and players in this industry are expected to work with the existing regulations governing similar businesses in the county where their business is domiciled.
Please note that trucks are required to stop at motor carrier safety and weight inspection stations when signs direct them to do so. Driving large trucks and buses requires a commercial driver’s license (CDL). Obtaining a CDL requires extra education and training on how to handle such a large vehicle.
Drivers of commercial motor vehicles (CMVs) must adhere to the hours of service, which are regulations governing the driving hours of commercial drivers. Drivers must be at least 21 years old to drive on the interstates, with efforts being made to reduce the age to 18.
A. who is your target audience.
i. Age Range
Our target market comprises of adults above 18 years old who have the finance to do business with us.
ii. Level of Educational
We don’t have any restrictions on the level of education of those we are ready to do business with.
iii. Income Level
There is no cap on the income level of those we will help transport their goods or properties.
iv. Ethnicity
There is no restriction when it comes to the ethnicity of the people we will transport their goods or properties.
v. Language
There is no restriction when it comes to the language spoken by the people we will transport their goods or properties.
vi. Geographical Location
Anybody from any geographical location will be welcome to do business with our company.
vii. Lifestyle
Benny Blanco© Trucking Company, Inc. will not restrict any client from doing business with us based on their lifestyle, culture, or race.
When working out our pricing strategy, Benny Blanco© Trucking Company, Inc. will make sure it covers profits, insurance, premium, license, economy or value, and full package. All our pricing strategies will reflect;
A. sales channels.
Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, strategic alliances in the production sector and the construction industry, and freelancers to help refer clients to us.
Benny Blanco© Trucking Company, Inc. will also leverage the 4 Ps of marketing which are place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, so we can have a visible, in-demand service.
The fact that we will need loading crates, lubricants, and spare parts means that Benny Blanco© Trucking Company, Inc. will operate an inventory strategy that is based on a day-to-day methodology for ordering, maintaining, and processing items in our warehouse. We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business.
Here are the payment options that Benny Blanco© Trucking Company, Inc. will make available to her clients;
At Benny Blanco© Trucking Company, Inc., we transport goods from one location to another hence the nature of our offerings does not accommodate a return policy, but we guarantee our customers of the safe delivery of the goods under our care.
Our customer support strategy will involve seeking customer feedback. This will help us provide excellent customer service to all our clients. We will work with effective CRM software to be able to achieve this. Regularly, we will work towards strengthening our Customer Service Team and also Leverage Multi-Channel Servicing as part of our customer support strategy.
We plan to expand our revenue by 25 percent in the second year and the plan will include a marketing, sales, and operations component. The operations component of the plan would include attracting partnership and retainer deals that will enable the firm to boost our trucking service offerings and support revenue growth.
There is no production process when it comes to the trucking business.
The service procedure for a trucking company starts with a customer requesting the transportation of his or her goods or properties from one location to another or from one storage facility, warehouse, or business premises to another. Once the request is gotten, it will be processed and a suitable truck or van and staff are assigned to carry out the job.
Benny Blanco© Trucking Company, Inc. will rely on key players in the manufacturing and construction industry to refer business deals to us. So also, we have been able to establish a business relationship with wholesale supplies of crates, lubricants, spare parts et al.
Benny Blanco© Trucking Company, Inc. makes money from;
A. amount needed to start your trucking company.
Benny Blanco© Trucking Company, Inc. would need an estimate of $1.2 million to successfully set up our trucking company in the United States of America. Please note that this amount includes the salaries of our staff for the first month of operation.
Benny Blanco© Trucking Company, Inc. will not build a new facility for our trucking company; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own facility.
A. how much should you charge for your service.
Most trucking businesses charge an hourly rate that generally includes a moving truck, all the equipment, miscellaneous materials, and the movers. The more loaders and offloaders or trucks needed for your specific move, the higher the hourly rate will be. For example, a truck and 2 movers may cost $120 per hour. We will follow the industry’s standard.
The ideal profit margin we hope to make at Benny Blanco© Trucking Company, Inc. will be between 16 and 20 percent on each job carried out irrespective of the distance covered.
A. how do you intend to grow and expand .
Benny Blanco© Trucking Company, Inc. will grow our trucking company by first opening other offices in key cities in the United States of America within the first five years of establishing the business and then will start selling franchises from the sixth year.
Benny Blanco© Trucking Company, Inc. plans to expand to Boise – Idaho, San Francisco – California, Chicago – Illinois, Washington, D.C., Boston – Massachusetts, Miami – Florida, Seattle – Washington, Dallas – Texas, and Montpelier, Vermont.
We intend to expand to these locations because statistics show that the cities listed above have the most thriving trucking market in the United States.
Of the states that have witnessed the largest net gains in new residents, Idaho ranks near the top at 84.3 percent net gain, followed by Montana at 82.3 percent and Vermont at 64.29 percent. The states with the busiest interstate routes include California to Texas, New York to Florida, and California to Washington.
The founder of Benny Blanco© Trucking Company, Inc. plans to exit the business via family succession. We have placed structures and processes in place that will help us achieve our plan of successfully transferring the business from one family member to another and from one generation to another.
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Trucking businesses are essential components in every industry. Without them, goods won’t arrive from this company to that company, from this industry to that industry, from this branch to that branch, and many more. Many other businesses will stagnate without trucking companies. Trucks are one of the primary means of transporting goods, aside from ships and planes. So if you plan to start a trucking company, you could be embarking on a profitable business endeavor. But that won’t be a guarantee if you don’t play your cards right. You need to have strategies in owning such a business. And you should document those strategies using our Trucking Business Plan Templates. These downloadable files will help you outline your business plan flawlessly.
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Businesses hire the services of trucking companies to carry and transport the products and goods they’re selling. That’s how trucking businesses get profit. The process may seem simple, but just like every other company, there are many challenges in opening a trucking business. First off, you will need a trucking business plan.
A trucking business plan is a written document that every startup truck business owner needs as part of their preparation. It’s where you’ll find details of an envisioned trucking business—things such as what it’s all about, what goods or items will it transport, what financial strategies it has, and other important logistics .
A trucking business may not be one of those businesses we hear or see on a daily basis, but it’s one that’ll surely generate revenue and profit if done right.
Planning is crucial when it comes to starting any business. The trucking business is no exception. You need to have a written guide in doing the right approaches to build a sustainable business. That written guide is your trucking company business plan . So follow these steps to create an effective and helpful trucking business plan doc .
As its name implies, the executive summary is a detailed rundown of your trucking business plan or your trucking business itself. When you write it, it’s important to make it engaging to read. Take note that your trucking business plan is also a business proposal . You’ll be presenting it to potential investors and business partners. A decent executive summary can help in convincing them to support your startup trucking company.
In this step, you’ll be establishing your trucking company’s identity. It’s where you’ll set your trucking business apart from other trucking companies. In other words, you’ll be talking about what makes it unique. The company description or company profile is the official introduction to your trucking business.
In the company description, you can share the inspiration behind your trucking business, along with your mission and vision. You may also share details about your organizational chart , business location, and target markets.
Next, start discussing your specific trucking services. More or less, you’ll be offering the same services as other trucking businesses. But try to explain what makes them different. It could be a difference in price, methods of securing and keeping cargo safe, and whatnot. It’s all up to you. You’re the creative mind behind your trucking company. You can also include images of your trucks, both their exteriors and interiors. That should make your business plan more appealing.
A business plan isn’t a business plan if it doesn’t have strategies. The strategies you must have are marketing strategies , financial strategies, sales strategies , pricing strategies, and safety strategies. You have to explain all of them in full detail. They’re the foundations to make your trucking company profitable and sustainable. Make sure that your business strategies are realistic and achievable. And see to it that they can cater to your trucking company’s goals.
The type of trucking businesses that can generate the most profits are:
According to Trucker’s Training, being a truck driver doesn’t always guarantee a $100,000 yearly salary. But thanks to high demands on truck driving jobs, truck drivers can make $80,000 yearly , especially those with experience and CDL training.
Being resourceful always helps if one wants to start a business with less existing assets and capital, even a business as big as a trucking business. These are the ways you can start a trucking business with little to no money:
If you start planning right now, your trucking business can be operational in months or a year from now. So if you’re serious about it, don’t waste time. Download our trucking business plan example to begin your journey asap. Your trucking company could become the next big thing in the industry! And you may also check out our Sample Food Truck Business Plan Templates .
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TruckingBusinessPlan.com
A Complete Business Plan for a Trucking Service
The COVID-19 pandemic has created a number of unique opportunities for trucking and transportation businesses throughout the United States. As people have remained at home, the demand for the delivery of goods has exploded. This new demand has spurned the need for a number of new transportation companies to enter the market. It should be noted that even once the pandemic subsides, the demand for trucking and transportation service is excepted to remain strong as many people are expected to continue to work remotely.
At TruckingBusinessPlan.com, we have created a number of very easy to use tools for creating a business plan specific for a trucking service. The package includes a completely editable pre-written business plan, a question-and-answer based excel model, an interactive pitch deck, three SWOT analysis templates, and a stand alone marketing plan.
Every industry requires a trucking company. Without them, goods cannot be transported between companies or industries. Many other businesses will stagnate without trucking companies. Aside from ships and planes, trucks are a standard mode of cargo transportation. Thus, if you wish to start a trucking company, you may be in for a lucrative endeavor.
1. trucking business plan template.
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A trucking company may not be one of the most common businesses we hear about or see daily, but it can generate a lot of revenue and profit if done correctly. Every new truck business owner should prepare a trucking business plan. It’s here that you’ll learn about the specifics of your envisioned trucking business, such as what it’s all about, what goods or items it’ll transport, what financial strategies it’ll use, and other crucial logistics .
When it comes to entrepreneurship, it’s critical to plan. To build a long-term business, you’ll need a written guide on how to take the proper steps. Your trucking company business plan is that written guide. So, to make a valuable and practical trucking business plan , follow these steps.
As its name implies, this executive summary is a detailed overview of your trucking company or your trucking company. It is essential to make it attractive to read when you write it. Please note that you also propose your corporate trucking plan. You are going to introduce it to potential investors and partners. A decent summary from the management can help persuade them to support your truck start-up company.
You must understand your financial situation before making a plan. Determine your economic costs and the expected profits you’ll need for your company. Mention the potential capital you might obtain, as well as the costs you expect to incur while running the business, such as employee salaries, insurances, and so on.
Begin discussing your specific trucking needs. You’ll essentially be providing the same services as other trucking companies. However, attempt to explain what distinguishes them. It could be a price difference, a difference in the methods used to secure and protect cargo, or something else entirely. It is simply up to you. You are the driving force behind your trucking company’s creativity. Additionally, you can include images of your trucks’ exteriors and interiors. This should improve the appeal of your business plan.
If a business plan has no strategies, it’s not a business plan. Marketing strategies , financial strategies, sales policies, pricing strategies, and security strategies are all strategies you should have. All of them have to be fully explained. They are the foundations for a rentable and sustainable trucking company. Ensure you have a realistic and feasible business strategy. And make sure they meet the goals of your trucking company.
Although the trucking industry can be highly profitable, it is also highly competitive. Every year, a large number of truckers attempt to enter the industry but fail. They assist you in making the transition from employee to a business owner.
Although the trucking industry can be highly profitable, it is also one of the world’s most competitive. Aware of the profit potential, several would-be entrepreneurs attempt to break into the industry, but they fail year after year.
The main cargo trucks handle and carry a large number of products in a trailer container or van. The general freight trucking industry provides services like local takeoff, regional sorting, line-haul, destination sorters, and local delivery.
If you are beginning to plan, you can operate your trucking business in months or years. To start your journey asap, download our trucking business plan example. The next big thing in the industry could be your trucking company! And you can check out our business plan templates for sample food trucks too.
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A trucking business plan must contain the strategies you will adopt so as to withstand the market threats like competition, losses and financial crisis. The most difficult step in starting a trucking company is often the first step, that is, getting started. Even the best business plan is useless if not implemented properly. This step is one of the most difficult, as even if you have the plan ready, you need to know how to execute them.
Step 1: describe your business, step 2: identify your financial situation, step 3: resources and materials, step 4: budget, step 5: legal details, step 6: marketing strategy, free simple trucking business plan template.
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A transport truck carries a cargo container at port in Vancouver, on July 14, 2023. DARRYL DYCK/The Canadian Press
Pride Group Holdings Inc., once a fast-growing Canadian trucking conglomerate, is set to be wound down after efforts to restructure its $1.6-billion Canadian debt load failed – an attempt complicated by the effects of a freight recession and allegations of financial irregularities.
In March, Mississauga-based Pride filed for creditor protection after defaulting on more than 40 loans, and pleaded for time to restructure instead of being forced to liquidate. The request was initially granted by the Ontario Superior Court of Justice.
But in a new report filed Thursday, Ernst & Young LLP, Pride’s court-appointed monitor, said it “no longer views a going-concern restructuring plan as a feasible option given the lack of stakeholder support for it.”
Provided it can obtain financing to facilitate this proposal, E&Y will “move forward with a centralized, coordinated and controlled disposition and wind-up of the remaining Pride Entities assets.”
In the spring, when Pride requested a restructuring, it argued that a liquidation would result in “thousands of trucks being sold on the market at once, which would decimate the value of trucks across the North American market.”
In response, the court gave Pride, which was founded by brothers Sam and Jasvir Johal in 2010, two months to come up with a plan. The company also arranged interim financing, known as debtor-in-possession, or DIP, financing, to fund its operations in the meantime.
Pride’s restructuring plan was presented in early June, which called for selling some assets and re-working the business in order to continue on as a leaner company, and Pride had been working with this goal in mind.
On Aug. 1, however, all parties involved in the restructuring were told the DIP lender would not provide any more money, sending the plan into chaos. Seven days later, E&Y recommend a full wind-down.
The court-appointed monitor is also asking a judge to approve the hiring of Nations Capital LLC as an adviser for the wind-down. NCI recently advised Yellow Corp. after the trucking firm filed for bankruptcy protection with US$1.2-billion in debt. Yellow’s sale process was one of the largest dispositions of commercial and industrial equipment ever.
Pride’s restructuring has been complex from the very beginning . In a strong market, its trucks could be sold or re-leased to a competitor, but that isn’t very feasible for any operator in the current environment. After interest rates jumped, consumer spending and, notably, home building and renovations dropped – both of which are key sources of trucking industry demand. The cost of financing a truck has also soared.
As well, Pride’s business model is built around leasing trucks to independent operators, and this segment of the sector has been one of the hardest hit. In addition to falling demand, an oversupply of independent truck drivers has meant shipping rates dropped sharply – and those rates often are not enough for drivers to cover their lease payments.
Because Pride is a conglomerate, it gets hit from all sides. One division, for instance, sells new and used trucks, while another leases trucks to independent drivers and provides them with financing.
In the spring, the company had also disclosed in court filings that a group of bank lenders, led by Royal Bank of Canada, discovered a number of alleged financial irregularities. These allegations made any restructuring even more unusual.
In court filings, Pride said an adviser it had hired found that some of its trucks were being financed by more than one lender, without the lenders knowing. Because of this, multiple lenders had competing claims against the same collateral as the company tried to restructure.
The adviser also found that Pride took out loans to purchase new vehicles, but then didn’t make the purchases or repay the funds.
Mitsubishi HC Capital Canada Inc., one of Pride’s major lenders, is also suing the Johal brothers and alleging fraud.
Late last year, Pride alerted Mitsubishi to some registration issues, such as multiple trucks being assigned as collateral to multiple lenders, but claimed it was the result of bookkeeping issues and promised governance reforms. In an Ontario lawsuit, Mitsubishi said it has since done more due diligence and found a systemic problem.
“Through further investigation following Pride’s initial admissions, Mitsubishi has learned that Pride and the defendants have employed various related methods of fraudulently defeating or diminishing Mitsubishi’s ownership and security interests in leases, trucks and equipment in a manner known as ‘double VINing,’” the lender alleged. (VINs are vehicle identification numbers.)
Mitsubishi is suing the Johal brothers because they personally guaranteed some of the money borrowed. In total, the lender is owed $93-million in Canada for direct loans to Pride and another $255-million for financing leases that are packaged and sold off.
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Boeing is redesigning the fuselage component that blew out of a nearly new 737 Max 9 aircraft mid-flight in January, as the planemaker seeks to draw lessons from the accident that has thrown it into crisis.
The company revealed the plan during a daylong hearing with the US National Transportation Safety Board, which grilled executives from Boeing and supplier Spirit AeroSystems Inc. about their safety and manufacturing culture. Boeing said engineers are working on design changes that would prevent the so-called door plug from being closed until it’s firmly secured, after the NTSB found the element hadn’t been properly reinserted and was missing bolts to hold it down.
Boeing has undergone a comprehensive overhaul since the Jan. 5 accident, switching out senior managers, announcing the repurchase of Spirit, and slowing production to improve build quality. NTSB Chair Jennifer Homendy said shortcomings that contributed to the panel mishap had been known for years inside Boeing. At one point in the hearing she reprimanded managers for what she said sounded like an effort to turn the session into a “PR campaign” about Boeing’s resurrection from crisis.
“Why does it take a serious tragedy, which could have been so much more serious, for change to occur?” Homendy said, adding that Boeing has “a long way to go — just based on what I’ve looked at — on safety culture.”
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The NTSB released thousands of pages of information at the start of the hearing about the accident, which involved a jet flown by Alaska Airlines. Interviews with Boeing employees show an at-times overstressed workforce that was well aware of 737 Max fuselages arriving from Spirit with defects.
One employee told investigators that “the planes come in jacked up every day” while another said the aircraft have issues “with structures, skins, open holes.”
Boeing is still struggling to leave the accident behind. It announced a new chief executive officer last week, and the company is only now starting to step up its rate of aircraft production again, which had fallen precipitously after the accident, according to Elizabeth Lund, a Boeing senior vice president of quality testifying at the hearing.
Despite the lack of serious injuries, the accident has attracted huge public interest. The panel was found in a yard shortly afterward, and investigators quickly identified it had been missing bolts to keep it in place.
A preliminary NTSB report found evidence suggesting the door plug was removed prior to leaving the facility to fix damaged rivets and then reinstalled without being properly attached. While the rivet work was entered into Boeing’s formal record system, there was no mention of the door removal.
Boeing has said it’s missing formal documentation on the panel’s removal, a serious violation of its manufacturing protocols. At the hearing, Lund said workers believe they only temporarily pushed the door plug in place to prepare the aircraft to move outside.
Boeing did identify two employees who were likely involved in opening the door plug and moved them into a “lateral position” at the company, Lund said, adding that they were now on paid administrative leave at their own request. The NTSB said it hasn’t had a chance to interview the door crew manager, who is on medical leave.
Homendy expressed concern about written statements the NTSB has received from Boeing employees who may have played a role in the door plug’s removal, noting they all seem to end with a comment about having zero knowledge of what happened.
Since the accident, the planemaker has retrained mechanics and managers. It stepped up inspections, including at Spirit, in an effort to tackle defects and missing parts that lead to so-called “traveled work,” where tasks are completed out of the normal sequence.
Boeing has also encouraged employees to submit safety concerns through an internal program called “Speak Up.”
But Lloyd Catlin, a business representative for the International Association of Machinists and Aerospace Workers, said at the hearing that the union — which represents thousands of Boeing workers — still doesn’t have confidence in that program.
“It’s in its early phases,” he said. “It needs help.”
Understanding users of online energy efficiency counseling: comparison to representative samples in norway.
Introduction: To achieve substantial energy efficiency improvements in the privately owned building stock, it is important to communicate with potential renovators at the right point in time and provide them with targeted information to strengthen their renovation ambitions. The European Union recommends using one-stop-shops (OSSs), which provide information and support throughout the whole process, from planning to acquisition of funding, implementation, and evaluation as a measure to remove unnecessary barriers.
Methods: For this paper, we invited visitors of two Norwegian websites with OSS characteristics to answer an online survey about their renovation plans and energy efficiency ambitions. The participants visited the websites out of their own interest; no recruitment for the websites was conducted as part of the study ( N = 437). They also rated a range of psychological drivers, facilitators, and barriers to including energy upgrades in a renovation project. Their answers were then compared to existing data from representative samples of Norwegian households regarding home renovation in 2014, 2018, and 2023, as well as data from a sample of people who were engaged in renovation projects in 2014, which was collected by the research team with a similar online survey. Furthermore, 78 visitors completed a brief follow-up online survey one year later to report the implemented measures.
Results: We found that visitors of the websites are involved in more comprehensive renovation projects and have substantially higher ambitions for the upgrade of energy efficiency compared to the representative samples. They also perceive stronger personal and social norms, as well as have a different profile of facilitators and barriers.
Discussion: The findings suggest to policymakers that OSSs should be marketed especially to people motivated to upgrade energy efficiency but lack information and are unable to implement their plans alone. Also, the construction industry might refer interested people to such low-threshold online solutions to assist informed and more ambitious decisions.
Reducing energy use in the building sector by increasing energy efficiency is a key pillar of decarbonising Europe as formulated in the EU’s “Fit for 55” legislation ( Schlacke et al., 2022 , 4). On a global level, the residential sector is the third largest energy consumer, representing 27–30% of the energy consumption, almost at the same level as transportation and industry ( Nejat et al., 2015 , 843; IEA, 2023 ). Also in Europe, the residential sector stands for 26% of final energy consumption, being the second largest consumption sector after transportation ( Tsemekidi et al., 2019 , 1). Whereas the primary energy consumption in the residential sector decreased by 4.6% between 2000 and 2016 ( Tsemekidi et al., 2019 , 9), there is still a substantial untapped potential for further improvement of energy efficiency in the sector. This can be achieved through energy efficiency renovation of the existing building stock ( Pohoryles et al., 2020 , 11–12). Realizing this potential requires that also private house owners invest in energy efficiency measures. However, the annual rate of housing renovation in Europe is only about 1% ( Biere-Arenas and Marmolejo-Duarte, 2022 , 185), which is far too slow to reach the ambitious energy conservation targets. Besides, not all of those renovations include energy efficiency improvements. This raises the question of how property owners make decisions about renovating and energy efficiency measures and how they can be efficiently supported in these processes. To alleviate this problem, one-stop-shops (OSS), which are places where interested citizens can get counseling and support for the whole process of an energy retrofit, have gained a lot of attention lately as a means to support citizens in the matter of energy retrofits also from the European Union (as for example reflected in recently finished EU projects like “EUROPE one stop” or “ProRetro”).
Bertoldi et al. (2021 , 3–12) analysed the role of OSSs across Europe. They concluded that OSSs may be able to address some of the main barriers that households face when deciding about energy efficiency renovations. Often, these barriers can be categorized as economic (upfront costs, need for loan, split incentives between landlords and renters/disagreement between owners), information (information asymmetries, outcome uncertainties, incorrect beliefs), and decision-making (limited attention, social invisibility of the action, cognitive burden, loss aversion, status quo bias). Their analysis of 63 OSSs over Europe showed that the services the OSSs offer differ considerably, as do their business models. Some of them are public entities that often offer services for free, others are commercial enterprises. Their clients are usually homeowners living in relatively old buildings, and only a few of them work with social housing. Also Bagaini et al. (2022 , 3–4) analysed and categorized 29 OSS initiative around Europe and formulated five key elements on which the different OSS differed: (a) value proposition, (b) services, (c) partnership management, (d) revenue stream, and (e) shared value. Based on these dimensions, they destilled three archetypes for OSS models: They refer to them as the Facilitation Model (mostly focused on providing information to homeowners without a revenue generation model behind), the Coordination Model (also taking in a project management role with the contractors and generating revenue by fixed fees), and the Development Model (similar to the Coordination Model but with a revenue generated dynamically from the shared energy savings). Along similar lines, Pardalis et al. (2022) compared publicly and privately funded OSSs. In addition to the facilitation and the coordination model they separate the development model into “all inclusive models” (where the renovation process is fully managed by the OSS under one single contract, but energy savings are not guaranteed) and “ESCO models” (where Energy Service Companies−ESCOs−manage the whole renovation package and also guarantee energy savings). Whereas publicly funded OSSs are evaluated as providing homeowners with crucial services at the right time, privately funded OSSs struggle more with generating revenue and providing access to financing.
According to Bertoldi et al. (2021) , a key activity all of the surveyed OSSs cover is the assessment of the status quo, which is done in different ways (sometimes as a guided online self-assessment). Then, a stage of guidance toward possible measures is started, usually resulting in an individual renovation plan. In the next stage, financing is secured (either directly or indirectly, for example by supporting applications for subsidies). In the implementation stage, OSSs either manage the implementation themselves or recommend contractors who will do that. Often OSSs are involved in quality assurance of the implemented measures afterwards, sometimes certifying the result. Some OSSs also monitor the building after the energy upgrade to support the clients, often through a contract where financial benefits are shared between the OSS and the client (often in ESCO models). Finally, most OSSs also engage in campaigns for energy efficiency in buildings to increase awareness.
McGinley et al. (2020 , 355–57) formulate some key considerations for OSS design. They define OSS as offering full-service retrofitting, including initial building evaluation and thorough analysis, proposal of retrofitting solutions, retrofit execution, and quality assurance. However, they also state that little is known about characteristics and motivations of households that are drawn to OSS and how household decisions are impacted by OSSs, a research gap we aim to fill with this paper.
A number of recent EU projects have addressed the issue of OSSs in detail. In particular, the “EUROPA one stop” project (europaonestop.eu) is interesting as it created an online platform (SUNShINE−savehomesave.eu) to connect homeowners, facility managers, and contractors working on energy efficiency upgrades and provide them with easy access tools to online diagnose their renovation potential. This platform is structurally comparable with the platforms analysed in this paper and can be considered a concept following the facilitation model. However, to understand how homeowners may be affected by OSSs, it is important to take a look at decision-making processes.
In a detailed study of decision-making about energy retrofits in Norwegian households data of which was also used as a comparison for this study, Klöckner and Nayum (2017 , 1014) found that an extended Theory of Planned Behaviour ( Ajzen, 1991 , 182; Klöckner, 2013 , 1032) formed a viable theoretical framework to structure these decision processes. They were able to show that personal norms, positive attitudes, and high self-efficacy were the decisive factors for forming intentions to include energy efficiency upgrades in renovation projects. Social norms were closely related to personal norms and an important trigger of these. More distal factors were problem awareness, value orientations, perceived consumer effectiveness, and innovativeness. The most central concepts are briefly introduced in the next paragraph.
In this context, personal norms are a feeling of moral obligation to invest in better energy efficiency. Positive attitudes are the overall evaluation of the pros and cons of the decision to invest. That is how good or bad this would be, all taken into account. Self-efficacy captures how capable one feels to implement the investment, a factor that most likely will be directly affected by engaging with an OSS. Following the theoretical framework as outlined and tested by Klöckner and Nayum (2017 , 1014), an intention to invest will thus be formed: (a) if people feel that they are morally obliged to do that because wasting energy is a bad thing which is more likely; (b) if other people who are important to them support this view. Furthermore, c) a positive attitude to energy efficiency investments d) and a high self-efficacy (i.e., knowing how to implement these measures and/or who to contract to do it) also contribute. As attitudes are a combination of positive and negative beliefs about the behavioral alternatives that people choose between ( Ajzen, 1996 , 385–403), a closer look at assumed barriers and facilitators underlying those alternatives could help in understanding the decision process further, as discussed in the next section.
A number of studies analyzed facilitators of or barriers against implementing energy efficiency in a residential building from different theoretical and methodological perspectives. In his PhD thesis, Pardalis (2021 , 60) finds, based on an online survey with almost 1000 homeowners in Sweden, that the house age and time lived in a house but also energy concern trigger the decision to renovate. These factors are, again, influenced by sociodemographic factors of the occupants. Thus, structural aspects seem of importance as drivers of the retrofit decision.
Digging deeper into the decision process, Xue et al. (2022 , 5) conducted interviews with 39 professionals in the retrofit market to identify barriers to energy retrofitting from the perspective of the public sector, the private sector, and the owners who conduct the retrofit. They found financial issues as the most important barrier in all three groups. For owners who are supposed to implement energy efficiency measures, they further named lack of information, lack of creative models or cases, risks connected to the project, trust, and negative social influence as important barriers. Also, problems of reaching an agreement, time consuming processes, limited added value, and concerns about payback time were named.
Many of these aspects were also reflected in another qualitative study. Klöckner et al. (2013 , 406–408) interviewed 70 Norwegians on drivers and barriers regarding energy efficiency behaviour. They found that economic barriers (e.g., lack of investment money), motivational barriers (e.g., too much effort, loss of comfort, low perceived efficacy), structural barriers (e.g., building structure, ownership), and informational barriers (e.g., lack of trust, uncertainty, lack of specific information) were central.
Departing from practice theory in an ethnographic study of renovation projects, Judson and Maller (2014) interviewed 49 Australians involved in renovation projects and unraveled the process of renovation even more. They found that renovation projects, to a large degree, are shaped and reshaped by the existing or evolving practices people have within their buildings. Energy efficiency is traded off against other needs and meanings, negotiation between different household members occur, and focus shifts dynamically. Some parts of the home have a meaning for its inhabitants as part of their daily practices which cannot just be changed to enhance energy efficiency.
With a quantitative perspective, Klöckner and Nayum (2016 , 5) studied barriers in different stages of renovation processes in a representative sample of Norwegian households. Their findings indicate that facilitators like perceived increase in comfort, anticipated better living conditions or increased marked value were important in the early stages of decision making. Information about subsidy schemes or trustworthy information about the procedures came out as important at a later stage when planning was more advanced. Correspondingly, some barriers like building protection regulations, planning to move soon, or not owning the building were relevant already early in the process before people started even thinking about an energy retrofit, whereas barriers like too much disturbance of everyday life, contractors with a lack of competence, the need to supervise contractors, or a lack of economic resources were turned out to be relevant barriers later in the process. A particularly important barrier appeared to be the feeling that “the right point in time for a larger renovation project has not come, yet”.
In an economic modeling approach comparing expected utility theory (which assumes that decision makers chose the alternative with the best possible utility for them) and cumulative prospect theory (which assumes that decisions about investments are strongly affected by specific decision biases), Ebrahimigharehbaghi et al. (2022) found that cumulative prospect theory, which takes biases like “reference dependence” (utility changes are interpreted differently with respect to difference reference points), “loss aversion” (losses weigh higher than gains of the same size), “diminishing sensitivity” (avoiding risk for positive outcomes but taking risks for negative outcomes), and “probability weighting” (events with low probability but more extreme outcomes are overestimated) is much better equipped to predict homeowners investments in home energy efficiency in a large sample from the Netherlands than classical expected utility theory. This shows that people’s decision-making in such cases takes other aspects than economic utility into consideration to a large degree.
Studies such as the ones briefly mentioned above show that the selection of aspects that can interfere with or facilitate a decision-making process about energy retrofits is plentiful. In addition, they even have different importance depending on where in the process a decision-maker is. This makes it demanding to provide the most helpful support for decision-makers in the residential sector. It seems important to provide the right information at the right time to the right people, which underscores the need for careful targeting and timing of information provision. Flexible and interactive online counseling systems, which can take people through all stages of the process, similar OSSs, may be a way to find a good balance between resources needed and effects achieved in targeted energy counseling. Interestingly, Pardalis (2021 , 66) asked homeowners what would be most important for them with respect to OSSs, and guarantees for costs and quality, as well as having one contact and one contract and a preliminary check and counseling were on top of the list, directly addressing some of the issues identified as barriers in many of the studies above.
Summarizing what has been outlined in the introduction, energy efficiency upgrades of residential buildings are a major contributor to reaching the targets of the energy transition of the European Union. However, the private residential sector is lagging behind in this process. Renovation rates of the aging building stock are low. Even when the buildings are renovated, energy efficiency measures are not always implemented. In cases where some energy efficiency measures are included, they are often not to the standard that would be recommendable. One-stop-shops have been heavily promoted recently as a way of removing the burden of planning, financing, and implementing a deep renovation project from the individual house owners. Consequently, many such services have been implemented around Europe with differing business models, financing, and mandate. However, relatively little is known about who uses these services and what effect they have on their users. Especially, it is unknown to a large degree how interacting with a low-threshold digital OSS following a facilitation model shapes its users’ perception of barriers and facilitators of a retrofit decision, and if it affects their motivations and ambitions for this project. This research gap is addressed by the present study. More specifically, we are analysing if visitors of energy efficiency counceling websites differ in their engagement in retrofits, their energy efficiency ambitions, the profile of psychological variables, the drivers and barriers from representative samples of the population and a sample of home renovators.
Our study is, thus, contributing to the literature by providing new insights into how natural users of websites with OSS characteristics differ from the general population of homeowners on a number of psychological and socio-demographic characteristics. This helps on the one hand to identify who are the target group for such low-threshold website services, but on the other hand, we also provide an assessment if their renovation ambitions, and especially the level to which they intend to implement energy efficiency measures in these updates differs after they visited the service. Through a one-year follow-up, we can also provide an assessment of to which degree the planned measures were implemented. Taken together, the focus on primarily psychological drivers and barriers of energy efficiency investments in homes for a very specific target group in comparison to large, representative samples of homeowners paints a new, and informative picture of who the users of these websites are not only socio-demographically, but also psychologically, what they are looking for on these websites, and to which degree the websites support them in their pathway towards more energy efficient homes. Being able to run the comparisons of a relatively large sample of website users to several, large representative comparison samples which were surveyed with the same methodology in the same country over the course of 10 years provides an unique opportunity to understand the target group.
2.1 study design.
For this study, we collected responses from users of two online energy efficiency counseling websites, which have a similar structure that might be conceptualized as OSS following a facilitating model. These websites offer an analysis of the current energy standard of privately owned residential buildings (either as a guided self-assessment or based on data from the Norwegian building registry). They can also suggest a rough renovation plan and connect the homeowner to potential contractors who can implement energy efficiency measures. Moreover, they can provide information about costs, pay-off rates, subsidies (incl. information on how to apply), etc. Energismart.no is promoted by the environmental organization Friends of the Earth Norway, whereas energiportalen.no is promoted by Viken county. From January 2022 until January 2023, participants for the study were recruited from natural visitors of both websites by messages on the websites and pop-up windows, which promoted participation in our study and provided a link to the online questionnaire. We thus recruited people who visited the websites out of their own interest without promoting using the websites from our end. This sampling strategy was chosen to recruit a ecologically valid group of website users.
In the online survey, participants were then asked about their plans for retrofitting their homes, recently finished or ongoing retrofitting projects, the ambitions for energy efficiency upgrades as part of these retrofits, and psychological drivers and barriers of the decisions.
Since randomization of users of the websites was not possible, as people self-assigned to the websites, we chose a comparison group design, where we compared the means and distributions of key variables in our survey against representative homeowner data collected in 2014, 2018, and 2023 ( Klöckner and Nayum, 2016 , 2017 ; Egner and Klöckner, 2021 ; Egner et al., 2021 ; Peng and Klöckner, 2024 ) with the same survey instrument (see Table 1 for an overview of the survey samples). Because of that design, we are unable to draw causal conclusions, but we can get indications for differences between the samples (for a deeper discussion, see the limitations section below). We were also not able to survey our participants before they entered the websites. Thus, we do not know if the described differences were already there before they used the website, or which differences were caused by the website visit. It is likely that people visit such counseling websites when they already have developed an interest for the information presented there. Thus, some of the differences will have existed already pre-visit. Especially some of the drivers and barriers, but also some parts of the psychological profile might fall into that category and it is important to keep this in mind when interpreting the results. Furthermore, we do not know how long people stayed on the websites, what they read, and how much they used the information to adapt their renovation strategy, which would have given us more insights into their user experience. However, we believe that comparing the visitors to representative homeowners from different historical points in time in the same country surveyed with the same questionnaire can give us some relevant insights and at least input for generating new hypotheses.
Table 1. Overview of sample statistics in the different samples.
Differences between the samples were identified by comparing 95% confidence intervals for the means. Non-overlapping confidence intervals were interpreted as significant mean differences. Effect sizes for the differences are presented in Supplementary Appendix Table 1 .
One year after the participants answered the survey, we approached them again with a short survey asking if and which retrofitting measures had been implemented in the meantime and if not, why. The follow-up survey was sent to every participant who agreed to be contacted again.
The surveys conducted in all different studies compared here were collected through an online survey platform operated by the University of Oslo (Nettskjema.no). The questions used for the analyses presented in this paper composed only part of the questionnaires; we describe only the relevant questions below. The full survey can be found in the data repository together with the dataset. 1
In the surveys, participants were asked about their gender, age, highest education level, gross household income (in the 2023 data collection, individual gross income was recorded), the type of house they lived in, and if they owned or rented etheir dwellings. The categories of these variables can be found in Table 1 .
To capture if the participants were just finished, engaged in, or planning what we refer to as a “deep renovation” project, we asked them the following questions:
(1) Within the previous three years, were you involved in a renovation project that involved (a) substantial work on the roof like replacing all tiles, (b) replacing at least 50% of the outer walls, (c) replacing at least 50% of the window area, and/or (d) substantial work on the foundation? This definition was developed for the 2014 study in a collaboration of the researchers behind the studies and the Norwegian Energy Efficiency Agency Enova and used in the same form in all data collections since. The aim of this definition was to differentiate larger renovation projects from smaller, more cosmetic renovation projects.
(2) Are you currently involved in a renovation project according to the definition above or are you planning to engage in such a renovation project within the next three years?
However, the definition does not automatically assume that energy efficiency measures are included in the deep renovation project.
The ambition level of these renovation projects was measured by how many of the four components they (are planning to) implement, and it ranges from 1 to 4.
If participants answered “yes” to either or both of the questions presented in the previous section, they were asked if that renovation project included, includes or is planned to include (a) additional insulation of the roof of at least 10 cm, (b) adding additional insulation to the walls of at least 5 cm, (c) energy saving windows with a μ-value of 1.0 or lower, (d) at least 5 cm additional insulation to the foundation walls, (e) installation of mechanical ventilation, and/or (f) installation of balanced ventilation. Also here, the definition of these measures was agreed upon with Enova in 2014 to represent a substantial improvement in the energy standard of the respective building component. For our analyses, we counted the number of these measures that had been/were planned to be implemented in the deep renovation project. The number could thus be between 0 and 6.
Based on the Theory of Planned Behaviour ( Ajzen, 1991 , 182) extended by personal norms from the Norm-Activation Model ( Schwartz and Howard, 1981 ), four psychological variables are central to understand people’s intentions: attitudes, social norms, perceived behavioral control or behavioral efficacy, and personal norms. Each of these variables was measured by two items in the surveys, with a 7-point Likert scale from −3 to +3. Higher values indicate stronger norms, attitudes, or efficacy.
The two items to measure social norms were “People who influence my decisions think I should insulate my home” and “People who are important to me think I should retrofit my home”. The two items to measure perceived efficacy were “I know which person or company I need to contact to have my home professionally insulated” and “I know what I need to do to insulate my home”. The two items to measure personal norms were “Because of my values/principles, I feel obliged to insulate my home” and “I feel personally obliged to retrofit my home”. For each pair of items, the mean score was calculated and used in subsequent analyses.
Attitudes were measured with four semantic differentials: “Increasing the energy standard of my home would be (a) useless−useful, (b) uncomfortable−comfortable, (c) unfavorable−favorable, and (d) bad−good”. Each pair has −3 as the anchor for the negative word and +3 as the anchor for the positive word. For further analyses, the mean of the four items was calculated.
All items had been used in an identical way since the first study in 2014, as documented elsewhere ( Klöckner and Nayum, 2016 , 2017 ). In the 2023 data collection, different answering scales were used, therefore the results are not comparable and are not reported here ( Peng and Klöckner, 2024 ).
Finally, a list of potential barriers and facilitators of energy efficiency upgrades was presented in random order to the participants, asking how much they agreed with each item. The items can be found in the Supplementary Appendix . These lists were derived from a qualitative study on reasons why Norwegians upgrade or decide not to upgrade energy standards of their dwellings ( Klöckner et al., 2013 ). In the 2023 data collection, different answering scales had been used, therefore the results are not comparable and are not reported here.
The sample of counseling website users was recruited from the first week of January 2022 to the first week of January 2023. In total, 437 answers were collected. These answers were not equally distributed over the year, however, as ( Figure 1 ) shows. Whereas relatively many responses were collected in winter and early spring 2022, the interest was reduced in late spring and summer before it skyrocketed after summer 2022, as well as in winter 2023. This coincided with electricity price peaks in Norway (especially in the South) and media discussions about that topic. Thus, a first conclusion can already be that the interest in using energy efficiency counseling websites clearly follows the pattern of the energy price fluctuation and accompanying societal discussion.
Figure 1. Number of participants recruited for the counseling website user survey per week in 2022 (the line is the moving average).
Table 1 below shows the sociodemographic statistics of the sample from the counseling websites in comparison to the existing samples in detail. As can be seen, the samples are comparable on most of the dimensions. All samples contain close to 50% males and females (with the most deviation in the sample of renovators from 2014). The average age is around 50 years in all samples, with the youngest average age in the 2023 population sample and the oldest average age in the sample of the users of the websites. Education varies quite strongly, with the population sample from 2014 being the outlier with far lower education level than all other samples. Participants recruited from the counseling websites had the highest education level. The median household gross income category is the same in most samples. However, it is lower in the 2014 population sample and higher in the sample of people who answered the one-year follow-up after the visit on the counseling websites. Income categories of the 2023 sample cannot be compared, as individual gross income was recorded in that data collection. However, it can be extrapolated that the average household income would be comparable to the other samples. The proportion of people living in detached houses is particularly high in the sample of website users and the renovator sample from 2014. Also, the level of people owning their dwelling is close to 100% in these groups and a little lower in all other groups. As a conclusion, it can be said that the samples are comparable on most dimensions. Meanwhile, the website users are most similar to the people who were recruited as being in a renovation project in 2014. That is, they are more likely better educated, more likely to live in a detached house, and more likely to own their dwelling than representative samples of Norwegian households.
In the following section, we present the results of the comparison of the counseling website users with the other available samples. To do this, we examine the 95% confidence intervals as displayed in the figures for overlaps between the group of website users and the other groups. As the data is partly in separate datasets, we did not calculate formal significance tests, but a non-overlapping 95% confidence interval corresponds to an assumed significant difference between the respective groups. The numbers for the website users are always highlighted in the figures. Effect sizes are reported in Supplementary Appendix Table 1 . An overview of all results can be found in Table 2 .
Table 2. Summary of the differences between the website visitors and the representative homeowner samples from 2014, 2018, and 2023, as well as the renovator sample from 2014.
As can be seen in Figure 2 , the percentage of people who were involved in a deep renovation project is higher in the group of counseling website users than in all three population samples. The same can be said for the ongoing or planned deep renovation projects, which are also more common for people visiting the energy counseling websites. Only the group that was specifically recruited in 2014 to only contain respondents who either just had been, were still, and/or were planning a deep renovation project in the near future has higher numbers (which is not surprising). Interestingly, the number of finished and planned projects in the population sample is lower in 2023 than in 2018 and 2014, likely an effect of renovation saturation after COVID years.
Figure 2. Percentage of households per group who were, are or plan to be in a deep renovation project (see definition in the text). The columns with the bold lines are the users of the counseling websites, whiskers represent 95% confidence intervals (CI), non-overlapping CI are regarded as indicating a statistically significant difference.
Among the users of the energy counseling websites, the ambition level is higher than in any other group, both for finished, ongoing and planned projects (see Figure 3 ). This means that they are engaged in slightly larger projects, involving more of the four different potential measures (walls, windows, roof, foundation). Thus, these people probably are or plan to be involved in more comprehensive renovation projects.
Figure 3. Ambition of the deep renovation (how many different measures are included of walls, windows, roof, and basement). The columns with the bold lines are the users of the counseling websites, whiskers represent 95% confidence intervals (CI), non-overlapping CI are regarded as indicating a statistically significant difference.
When looking at the level of ambitions for integrating energy efficiency upgrades in the renovation projects, the picture is even more interesting (see Figure 4 ). Among the users of the energy counseling websites, the ambition level is substantially higher than in any other group, both for finished, ongoing, and planned projects. On a side note, even if the total percentage of people involved in deep renovation was lower in the population in 2023 than in 2014 and 2018, the degree to which energy efficiency measures are included is increasing as can be seen in Figures 2 , 4 . This may be an effect of the energy crisis in Europe in 2022.
Figure 4. Ambition of the energy retrofit as part of the renovation (how many different energy efficiency measures are included of more insulation of walls, better windows, more insulation of roof and basement, balanced ventilation system, and heat pump). The columns with the bold lines are the users of the counseling websites, whiskers represent 95% confidence intervals (CI), non-overlapping CI are regarded as indicating a statistically significant difference.
When comparing the psychological profiles of the website users to the population profiles from 2014 and 2018, it can be seen that the website users have substantially higher personal norms. This indicates that they feel more moral pressure to increase the energy efficiency of their dwellings (see Figure 5 ). They also feel stronger social norms, meaning more social pressure from their peers to engage in such energy upgrades. For attitudes, the differences are smaller. Meanwhile, the attitudes are slightly more positive than for the population samples, on the same level as for the renovators in 2014. Interestingly, despite small differences, the website users have the lowest perceived self-efficacy, especially compared to the renovators in 2014. In contrast to renovators in 2014, they feel less convinced that they know how to go about for the renovations.
Figure 5. Means in key psychological variables driving the decision to renovate and energy upgrade. The bold black line is the sample from the counseling websites, whiskers represent 95% confidence intervals (CI), non-overlapping CI are regarded as indicating a statistically significant difference.
Figures 6 , 7 show how the website users perceive facilitators and barriers of energy efficiency upgrades of their dwellings in comparison to people in the other samples. For some facilitators and barriers, differences are substantial: counseling website users expect more comfort, a cost reduction, a house that is better to live in, increased property value, and less waste of energy as a result of the renovation. They score the lowest of all samples, though, on availability of information, payback time, and availability of subsidy.
Figure 6. Means in key facilitators for an energy upgrade. The bold black line is the sample from the counseling websites, whiskers represent 95% confidence intervals (CI), non-overlapping CI are regarded as indicating a statistically significant difference.
Figure 7. Means in key barriers towards an energy upgrade. The bold black line is the sample from the counseling websites, whiskers represent 95% confidence intervals (CI), non-overlapping CI are regarded as indicating a statistically significant difference.
For the barriers, they score particularly high on perceptions of the renovation taking too much time, on lack of money, difficulty of finding information, a lack of ability to decide what to do, and a lack of capable contractors. They score lower on perceptions of it not being the right time to act.
In the one-year follow-up, the participants of the energy counseling website survey were contacted again and asked if they implemented the planned actions. 201 participants (46.0% of all participants) gave permission to be contacted a year after the initial survey was completed, and 78 (38.8% of all who were willing to be contacted) answered the short follow-up survey.
Of the 78 participants, 25 stated that they implemented the energy efficiency upgrades that they were planning to implement (32.1%). 29.2% of these changed at least 50% of the outer walls, 45.8% worked on the roof, 45.8% on the windows, and 37.5% on the foundation walls.
Of the 25 who implemented the measures, 15 added at least 5 cm insulation to the walls, 13 installed highly efficient windows (μ = 1.0 or smaller), 13 installed new mechanical ventilation, 12 insulated the roof with at least 10 cm additional insulation, 10 insulated the foundation walls with at least 5 additional cm of insulation, and 7 installed a balanced ventilation system. In addition to these measures, 11 installed heat pumps, 11 installed clean-burning wood stoves, and 5 installed solar panels on their houses. Overall, the measures taken were fairly ambitious.
The main reasons for not implementing the planned measures among the remaining participants of the follow-up were lack of economic funding (57.1%), lack of subsidies (42.9%), and that the time was not right, yet, to start the renovation, again reflecting some of the main barriers indicated in the introduction.
The study conducted with the users of two energy efficiency counseling websites had three aims: (a) finding out if users of the website differed from representative samples of Norwegian households in terms of engagement in retrofits and have higher ambitions for their renovation projects and the energy efficiency measures embedded in them, (b) finding out if they differ in the psychological profile in central variables driving the decision-making process, and (c) finding out if they perceive facilitators and barriers in this process differently than representative samples of households. Furthermore, a follow-up study aimed to find out how many participants implement their ambitions up to a year later.
For all three main questions, we find substantial differences. Whereas the website users are mostly comparable to the general population of Norwegian households regarding socio-demographics (but have a higher education level and an even smaller percentage of people renting their dwelling, which reflects well the drivers for renovation projects as identified by Pardalis, 2021 ), their psychological profile differs in two important points. Compared to all other samples (also including the renovators studied in 2014), the website users have far higher levels of personal norms−they feel they really should do something about the energy standard of their homes−and also higher social norms. Considering the importance of these two factors for intentions to implement energy renovations ( Klöckner and Nayum, 2017 , 1014), this finding is relevant. Having such high levels of these two variables makes it more likely that people will form intentions to improve the energy standard of their homes. It also indicates that people like these are a prime target group for interventions like OSSs: They are already motivated to take action because they have high energy-related moral standards, and they feel the social pressure of their peer groups.
Since we could not survey these people before they went to the website, we do not know if they had such high personal and social norm values already before the visit to the website. On the other hand, since one of the websites is promoted by the environmental organization Friends of the Earth Norway, it can be assumed that this is the case. Interestingly, users of the counseling websites had a slightly lower level of self-efficacy, especially compared to the renovators from 2014. This implies that a lower level of self-efficacy might be a barrier to implement the intentions they form, and maybe also a reason for visiting the websites. Again, this means that this group is a very attractive target group for OSS-type interventions: Alleviating the low self-efficacy is something a well-designed OSS can achieve by reducing uncertainties, providing requested information, and not the least making the link between the urge to act on the side of the homeowners and the competence the homeowners are lacking provided by skilled and trustworthy contractors. This finding is, again, very much in line with what Pardalis (2021) found as being the most important features of OSSs from the perspective of potential users.
Also in terms of facilitators and barriers analysed, counseling website users had some values substantially different from the other groups. In particular, increased expected comfort levels, expected cost reductions, and expectations of having a better house to live in after the renovation were more important facilitators for website users than for the population samples or the renovators. Expecting an increased value of the house after the renovation was also higher than for the population samples, but at the same level as for the renovators. Perceiving the current energy standards a waste was standing out again for the website users. This indicates that they enter the process with a different, more energy interested perspective (or they get convinced of that by visiting the website). Interestingly, counseling website users score lower on perceptions that information is easy to find, and that access to subsidy is available. Maybe this is also a reason why they ended up on the websites in the first place.
Among the barriers, the website users mention a lot more often the time demand for supervision and the lack of money as the main barriers. They thereby raise the need to have a facilitator (or even a manager) of the renovation process, again a function OSSs typically fill. The websites we studied are following a facilitation model, but still leave the management of the project to the homeowners. From their answers, we can conclude that many of them would actually prefer a more comprehensive model. Also here, they reiterate that they consider information hard to find, that they cannot decide what to do, and that contractors lack competence. The latter three again might be reasons for being interested in the website services in the first place. The websites seem to partly satisfy their needs, as can be seen in that a significant amount of the website visitors implement their renovation plans within a year. However, some still sit with the same lack of support and the same barriers after a year. Maybe for them, a more comprehensive OSS model with a higher degree of process management would be more appropriate. In line with the renovators from 2014, the website users are to a lesser degree unsure if the right point in time for a renovation project has come. Overall, the order of importance of renovation facilitators and barriers to a large extent reproduces what has been found in earlier studies ( Klöckner et al., 2013 ; Klöckner and Nayum, 2016 , 2017 ; Bertoldi et al., 2021 ; Xue et al., 2022 ).
Most importantly, we found that the visitors of the websites had stronger ambitions for their renovation projects, and in particular for the implementation of energy efficiency measures as part of them. Of course, we do not know if this was caused by visiting the websites or if it was already higher before they visited. Nevertheless, we can assume that there is at least some mutual influence. People with a stronger motivation, but who are unsure about how to implement, visit the websites, which then confirm their motivations and provide hands-on counseling to remove the implementation barriers. This then eventually might result in higher ambitions. This is good news for the OSS concept, even the low-threshold version of it that these websites represent ( McGinley et al., 2020 ). However, not all visitors seem to receive from these websites what they need. For the future, it might be recommendable to use low-threshold OSSs like the ones studied here following a facilitating model as an entry point but implement an (automated, maybe AI-based) detection of who would benefit from more comprehensive OSS models to channel these people to the offers that better suit their needs.
Finally, we could at least tentatively show−even if based upon only relatively few cases and subject to large sample attrition−that about 1/3 of the participants manage to implement their energy upgrade intentions. These people usually combine several measures and implement a deep renovation. For these people, the websites seem to have pushed them in the right direction without too much effort. As such, these websites have their niche as gatekeepers for a deeper process for some people, as the final push and reassurance for others.
Even if the study presented here shows some interesting results in a field where more research is needed, there are a number of limitations that are mostly caused by the design we had to choose. The biggest limitation of this study is that the participants recruited among the website users were, for obvious reasons, not randomly assigned to use the website but self-selected, and they were not surveyed before the visit on the website, a limitation that was already discussed in the methodology section. In addition, the users of the website fall into a narrower sociodemographic category than the population samples, though they seem to be rather comparable with people engaged in renovation projects six years prior to our study. Furthermore, we do not know how long people stayed on the websites, what they read, and how much they used the information to adapt their renovation strategy.
To address these limitations, studies with more controlled experimental designs would be advisable. Assigning participants randomly to different conditions (including no OSS, and different models of OSS) would give a better understanding of what the effects of the OSS are and what differences people come with in the process. Such a study could also test, whether different forms of OSS interact with different sociodemographic and psychological profiles of homeowners. In simple words, it might answer the question, which form of OSS works for which type of homeowner.
One-stop-shops have been promoted as a measure to overcome the inertia in energy efficiency retrofitting, especially in the privately owned residential building stock. Results from our study on users of two Norwegian energy efficiency counseling websites, which offer services in many ways similar to an OSS following a facilitator model, show that the users of these websites clearly differ from representative samples of Norwegian households that were surveyed with similar instruments. Their profiles were more like a sample of people who were in the beginning or in the middle of a larger renovation project, which was surveyed in 2014. However, the results also show that they are scoring substantially lower on their perceived access to information and subsidy. Regarding the psychological profiles, they were much more strongly motivated by personal and social norms than average households. Most importantly, it appears that visitors of such low-threshold websites have substantially higher ambitions for the energy upgrades, which about 1/3 of them have implemented a year after they visited the websites. Interest in online energy efficiency counseling services seems to be impacted by societal discussions about energy and/or by energy prices, as suggested by the spike in recruitment to our survey coinciding with an energy price increase during 2022 (however, this intriguing possibility will need to be confirmed in future studies). From a policy perspective, the results are interesting because they indicate that low-threshold OSSs can be gateways capturing people who are motivated for energy efficiency upgrades but not able to make the decision for several reasons. For some of them, the services that these relatively simple online platforms can offer is already enough to reduce their uncertainty and make the missing connections. For those still not satisfied after visiting these platforms, future developments should explore whether they can be automatically directed to more comprehensive forms of OSSs.
The datasets presented in this study can be found in online repositories. The names of the repository/repositories and accession number(s) can be found below: https://zenodo.org/records/10453810 .
The studies involving humans were approved by the Norwegian Agency for Shared Services in Education and Research (SIKT). The studies were conducted in accordance with the local legislation and institutional requirements. The participants provided their written informed consent to participate in this study.
CK: Conceptualization, Data curation, Formal analysis, Funding acquisition, Investigation, Methodology, Project administration, Supervision, Validation, Visualization, Writing–original draft, Writing–review and editing. AN: Data curation, Formal analysis, Writing–original draft, Writing–review and editing. SV: Conceptualization, Funding acquisition, Writing–original draft, Writing–review and editing.
The author(s) declare financial support was received for the research, authorship, and/or publication of the article. This study has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No. 957115 as part of the ENCHANT project: www.enchant-project.eu. Data for three of the comparison groups for the analyses was extracted from two previous projects funded by the Norwegian Energy Efficiency Agency, and one comparison group was extracted from data from an ongoing project funded by the Research Council of Norway (BEHAVIOUR, Project No. 308772).
The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.
All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article, or claim that may be made by its manufacturer, is not guaranteed or endorsed by the publisher.
The Supplementary Material for this article can be found online at: https://www.frontiersin.org/articles/10.3389/fpsyg.2024.1364980/full#supplementary-material
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Keywords : energy efficiency, renovation, one-stop-shops, counseling, psychological drivers, theory of planned behaviour, personal norms, facilitators
Citation: Klöckner CA, Nayum A and Vesely S (2024) Understanding users of online energy efficiency counseling: comparison to representative samples in Norway. Front. Psychol. 15:1364980. doi: 10.3389/fpsyg.2024.1364980
Received: 03 January 2024; Accepted: 18 July 2024; Published: 06 August 2024.
Reviewed by:
Copyright © 2024 Klöckner, Nayum and Vesely. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) . The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
*Correspondence: Christian A. Klöckner, [email protected]
Disclaimer: All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.
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The average age is around 50 years in all samples, with the youngest average age in the 2023 population sample and the oldest average age in the sample of the users of the websites. Education varies quite strongly, with the population sample from 2014 being the outlier with far lower education level than all other samples.