A freight broker can earn a decent income by increasing his/her work experience and remaining in the industry for a longer time. The increasing volumes of global trade has added to the income level of individuals from this industry.
In recent years, various business opportunities have evolved in the broking field, and amongst them, freight broking is by far the best. This, owing to the high requirements of effective transportation needs, both at the national and international levels. Since every country is now realizing the need of improving foreign trade laws, import and export businesses have become more liberal, and hence, the need of risk-free and effective transportation has become a top priority in every business. In this scenario, it is likely that if you set your feet firmly in the freight industry, you can establish your own independent business and command a decent salary. Mind you, this industry is a huge sector, and if you look at data and statistics, you will be surprised to know that transportation is something that drives economies. A brief look at the history of transportation will remind you of how crucial a middleman or freight broker has been in the transportation business since ages. Initially, in the freight industry, one has to work as a freight agent, and almost everyone begins his or her career in this field by starting at this position.
According to U.S. Bureau of Labor Statistics (BLS), a freight broker earned a mean annual wage of around $20.00 an hour, or approximately $40,000 annually (May 2011). Let’s have a look at the salary according to the sector type (BLS, May 2011):
|Sector||Hourly Wage||Mean Annual Wage|
|Scheduled Air Transportation||$18.38||$38,220|
|Freight Transportation Arrangement||$20.20||$42,010|
|Couriers and Express Delivery||$18.69||$38,860|
|General Freight Trucking||$18.89||$39,300|
The salary varies by industry, those working in water transportation or the federal government may earn an average salary of more than $50,000. Salaries also vary according to:
- Experience in the industry
- Number of clients and professional relationships
- Quick, fast and effective service skills
- Owing independent business
- Working location
- Education and training in this field
- The reputation of the company one is working for
There is huge opportunity to earn six figure salaries in this business, but remember that it comes after decent work experience and patience. Since the freight business is all about experience, clients and very good training, it is imperative to take a training course from some registered school for this industry. There have been many schools established for training freight brokers, as the need of trained professionals in this field has been felt by transportation companies to improve their business as well as run effective transportation facilities.
In order to be a successful freight broker, one has to be responsible with regards to some important responsibilities, that include:
- To provide freight facilities to various companies
- To arrange for pickup and drop schedules
- To keep a record of the transportation schedule
- To manage multiple deliveries and improve business tactics
- Resolve freight discrepancies
- Interactive to customer inquiries
- To maintain a healthy relationship with all customers
- Negotiate the freight charges between parties
- Promote the business through special discounts at regular intervals
- Personal contacts with carriers
- To look out for new business opportunities
- To look after the paperwork associated with the transportation
- Maintain freight files and customer receipts for reference purposes
It need not be stated here that a middleman in the form of a freight broker arranges transport facilities for helping companies transport their goods and services, effectively. This can increase with experience, and a career in this business is challenging, but can be very rewarding if one is patient enough to be in it for some years.