You don’t need to be a numbers genius, but a basic understanding of finances is helpful when launching any kind of start-up.

First, you’ll need to establish where you’re going to source capital to get your transport business started. There are multiple options including the bank, investors and bootstrapping.

Next, you need to consider the specific expenses associated with the logistics industry, for example the licence and toll expenses, aside from maintenance, fuel and driver skills development training costs.

Although you haven’t started running your transport and logistics company yet, you need to consider operating costs and maintenance expenses when drawing up your budget. The latter is crucial for providing reliable service to customers as you must deliver the excellence you will market to them. While marketing may not seem important at this stage, it’s important to budget for this expense as your company grows.

Remember that besides all the above costs, you’ll require money to keep your vehicles safe when they aren’t in use and when they are on the road. Invest in a secure location and other security features, such as trackers.

Lastly, you’re going to need to pay your drivers and other staff salaries on a monthly basis, so factor in that expense when budgeting for your transport and logistics business.