Mysherri Rhodes—a truckers world accountant—always wanted to start her own business but was intimidated by the idea of majoring in business. A woman born and raised in Chicago has had various careers before finally settling into the position she is in today.
Rhodes pursued a degree in recreation administration from Chicago, and then she worked as a personal banker in Atlanta. Having already been a mom to one child and pregnant with number two, Rhodes decided to quit her job as a banker to stay at home and take care of her growing family. After staying at home for seven years, she started to get antsy and joined a graduate school where she studied finance and business and learned how to do taxes.
Taxes, which had been a subject of great interest to Rhodes, led her to seek employment with a Liberty tax, where she met her mentor, who provided insights into the field of self-employment. Rhode’s husband was a trucking entrepreneur; she felt she could use her expertise to help other truckers world with their tax forms.
In 2015, Rhodes and her husband began their trucking business with two trucks. The duo helps trucking companies with their bookkeeping and tax preparation, and they help them identify red flags by taking a closer look at the numbers.
Interaction with TN’H:
In an interview with TN’H, Rhodes discusses her experience founding a business with her husband and how she and her husband have grown their company since its conception. When asked about the first thing she implemented in her business, Rhodes told the host about the GPS method—Growth, profits, systems—she used to grow her company’s bottom line.
Rhodes said that if drivers are treated with respect and paid well, there won’t be any driver issues. Rhodes also noted that gestures like these make stand out from the competition. At the outset of her career as a business owner, she had made many mistakes. However, she learned the importance of identifying her weaknesses and setting goals to anticipate the next move in her business.
The GPS method by Rhodes allows you to identify your goals and strategies in an easy-to-follow, step-by-step manner. This method will help you make your business a more attractive funding target and develop successful business relationships based on specific SOPs. Rhodes emphasized the changes in business practices over the years. She suggested that truckers world manage their taxes well. Rhodes’ advice was beneficial to the trucking companies and even those who wanted to start a similar business.
In her final thoughts, Rhodes said, one cannot simply reach seven figures in net worth; one must have a firm grasp on the underlying systems that drive long-term financial success. By carefully setting up systems and following a mentor’s advice, you can make seven figures. You must look at your numbers regularly to better understand how all your business systems are functioning.
Please view the Video Below to know more about GPS method
[skipto time=11:41] 11:41 – The starting of trucking company. [/skipto]
[skipto time=20:44] 20:44 – How to pay drivers.[/skipto]
[skipto time=42:23] 42:23 – The changes in the taxes. [/skipto]
[skipto time=46:06]46:06 – The challenges. [/skipto]
[skipto time=49:40]49:40 – The GPS method. [/skipto]
The creator & host of Truck N’ Hustle, is a renowned personality in the trucking & logistics industry who hosts podcasts with the reputed & successful trucking entrepreneurs to share the knowledge required to start & sustain the logistics business!
Mysherri, along with her husband got into the trucking business around 2015 starting out with 2 trucks. The couple learned extremely fast the importance of money management and understanding your numbers as a trucking business losing 80k in the first few months of business.