40
Pay Day: How to Pay Yourself
CHAPTER 41
Tax Talk: What You Need to Know About Your Taxes by Joan Szabo
APPENDIX
Business and Government Resources
Glossary
Index
Additional titles in Entrepreneur’s Startup Series
Start Your Own
Arts and Crafts Business
Automobile Detailing Business
Bar and Club
Bed and Breakfast
Blogging Business
Business on eBay
Car Wash
Child-Care Service
Cleaning Service
Clothing Store and More
Coaching Business
Coin-Operated Laundry
College Planning Consultant Business
Construction and Contracting Business
Consulting Business
Day Spa and More
eBusiness
eLearning or Training Business
Event Planning Business
Executive Recruiting Business
Fashion Accessories Business
Florist Shop and Other Floral Businesses
Food Truck Business
Freelance Writing Business and More
Freight Brokerage Business
Gift Basket Business and More
Grant-Writing Business
Graphic Design Business
Green Business
Hair Salon and Day Spa
Home Inspection Service
Import/Export Business
Information Marketing Business
Kid-Focused Business
Lawn Care or Landscaping Business
Mail Order Business
Medical Claims Billing Service
Microbrewery, Distillery, or Cidery
Net Services Business
Nonprofit Organization
Online Coupon or Daily Deal Business
Online Education Business
Personal Concierge Service
Personal Training Business
Pet Business and More
Pet-Sitting Business and More
Photography Business
Public Relations Business
Restaurant and More
Retail Business and More
Self-Publishing Business
Seminar Production Business
Senior Services Business
Specialty Food Businesses
Staffing Service
Transportation Service
Travel Business and More
Tutoring and Test Prep Business
Vending Business
Wedding Consultant Business
Wholesale Distribution Business
Do you understand the concept of being a middleman in business? Two companies or parties need to work together, but it takes a third, independent party to bring everyone together, to make the introductions, and then ensure the business transactions that need to happen transpire smoothly.
The role of a broker is to bring two separate parties together. In a social setting, a broker might serve as a matchmaker and introduce a single man to a single woman. When it comes to buying and selling real estate, for example, it’s a real estate broker who brings buyers and sellers together. A stockbroker, for example, brings investors and companies that are selling stock together.
Meanwhile, it’s the job of a freight broker to bring shippers and carriers together. This may seem like a simple and straight forward endeavor, but there’s a lot of problem solving and logistical work that goes into becoming a successful freight broker.
Of course, when your great aunt Agnes wants to introduce you to that “perfect” person, the only reward she’s hoping for is the satisfaction of being the catalyst behind a successful relationship—and perhaps some recognition at the wedding. But in business, brokers expect to be compensated for their matchmaking efforts, and justifiably so. Brokers perform an extremely valuable service, bringing together buyers and sellers who might not otherwise be able to find each other. Brokers assist in negotiating the terms of the transaction, and then often oversee the transaction from start to finish.
Brokers in passenger transportation are typically known as travel agents. Their function is to identify and arrange the most appropriate travel methods for their clients, whether it’s booking a single, one-way seat on an airplane, or putting together an elaborate tour package that includes surface and air passage, hotels, meals, and recreation.
On the freight side of the transportation industry, the primary role of a broker is to help companies that need to ship cargo find a trucking company that can deliver the shipment on time and in good condition, plus provide any extra services that may be required—all at a competitive price.
As you’ll discover, becoming a successful freight broker will require you to seek out shippers and carriers, manage these relationships, continuously overcome challenges that arise, and work under tight deadlines. Your ability to multitask, as well as tap into your communication, time