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Road Map › Phase 1 — Getting Started › Emergency Fund
An emergency fund is money or available credit reserved for unexpected repairs, downtime, and personal expenses.
Engine work, roadside repairs, and towing.
Determine how many months of expenses you want covered, including the potential cost of renting a replacement truck.
Monthly living expenses and additional reserves for health or family emergencies.
Identify alternative funding options for unexpected downtime without depleting your cash reserves.
This should be in your business plan.
Don't be naive. You need to have a plan if things go seriously wrong.
Calculate what your trucking business needs to earn per mile or hour to cover operating expenses, support your personal financial needs, and reach your profit goals.
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