Adding another revenue stream to your towing business could be just what you need to take things up a notch. Whether you’ve been in business for years or you’re just starting out, there’s bound to be a market you can tap into relatively easily. To get started on finding your next niche, take a look at the pros and cons of these four towing markets you might not have considered.
Small Aircraft Recovery and Towing
Luckily, plane crashes aren’t very common, in fact there are usually under 100 per year, but that doesn’t mean planes never need to be towed. From accidents to transport, the opportunity to tow planes is more common than you may realize. This might be just the occasional profit boost your business needs.
Standard tow trucks should get most plane towing jobs done, but the type of truck will always depend on the size of the aircraft. For the most part, you should be able to handle the tow with a car carrier, heavy duty truck, or a trailer. You may need some additional tools, but you probably already have all the major equipment you need.
Planes are complicated and surprisingly delicate pieces of machinery. To effectively tow an aircraft, you’ll need a certain level of knowledge. You may need to invest in some training before you can break into the market.
In addition to being a rather complicated tow, you also have to remember that after an accident, everything is considered evidence. You’ll need to be adept at following procedures and handling potential evidence.
Because of the increased complexity, you’re justified in charging more which is, of course, great for business. You’ll have to do some market research to figure out exactly what to charge for any given job and how to properly advertise your ability to respond to these situations. You’ll most likely be one of the few in your area, so competition shouldn’t be too tough.
It’s also important to remember that you won’t be able to count on towing planes as a steady revenue stream. While it may be a helpful skill to have and a valuable service to offer, it won’t be your most called on service. Consider your proximity to airports and the amount of air traffic in your area before diving in.
Every day, people find themselves needing to move their vehicles across the country without being the one behind the wheel. This is where you come in. Transporting cars across long distances might diverge from your typical day-to-day tows, but it can be a strong service to add.
Car shipping is a pretty robust market with a steady number of customers making it a fairly reliable income stream to tap into and there won’t be much of a learning curve when adding this service. You and your drivers should already have all the towing skills you need. Once you have a large enough carrier to handle the amount of cars you want to transport per trip, you’ll be able to get going quickly.
You will need to evaluate your logistical abilities. Transporting cars over a long distance requires some serious planning. From scheduling pick-ups and drop-offs to making sure the most efficient routes are followed, transporting vehicles can get complicated. You’ll need to find a way to stay highly organized and maybe even hire someone to handle this aspect of the business. On top of that, transporting a car across the country isn’t quite as quick as your average tow. You’ll need drivers that are willing to spend days and even weeks on the road at one time.
Heavy Duty Towing
Semis, buses, RVs, tractors, and construction equipment all need to be towed from time to time. Bigger machines and vehicles may be sliding under your radar, but it’s time to look into adding these towing services to your repertoire.
Like with aircraft towing, the process can be more complicated and time consuming. Though it might mean you can only take a few jobs per day, you can usually charge more for your services. Before deciding to do heavy duty towing, you’ll need to decide if you’d rather do a few big jobs or lots of smaller ones.
In order to start towing these, you may need to invest in the trucks that can handle the size and weight of the bigger equipment. Luckily, equipment financing makes it possible to afford the trucks you’ll need.
With the summer winding down, people will be looking to get their boats moved into storage. A lot of boaters underestimate the skill that is needed to tow a boat safely leading to boat trailer breakdowns. Being equipped to tow boats and even boat trailers can come in handy at the beginning and end of summer. It can give your business a great seasonal pick-me-up.
In addition to breakdowns, you’ll find that some people will want you to handle towing from beginning to end meaning you’ll need to know how to get a boat out of water. Special trailers with adjustable tongues, ramping equipment, and other tools may be necessary to properly get the boat out of the water and onto the road. It may be wise to do a little research and ask some veterans for tips.
No matter which market you decide to break into, you’ll be on your way to growing your business. Don’t let a lack of equipment get in your way. Beacon Funding is ready to help you afford the trucks you need to tap into new markets. Head to beaconfunding.com to learn more.