Have you always dreamed of starting your own business? If so, there’s never been a better time.
After all, the economy is booming, creating more opportunities than ever before.
It’s no secret that the trucking business is one of the most important industries in the country. That’s because nearly every other industry depends on trucking to move their products from one place to another.
This article takes a look at the basics of starting a trucking business. It could be your chance to take advantage of everything this important industry has to offer.
Keep reading to get the inside scoop.
Contents
Create a Business Plan
As with any time of business, you’ll need to start by creating a business plan. This is a document that will serve as your guiding light through the first few years.
Your trucking business plan should include your overall vision for the company, the number of trucks and employees you intend to start with, the prediction for growth, as well as how much startup funding that you believe you’ll need.
Apply for Your Trucking Authority
It’s important to understand that every trucking company needs to have operating authority when working as a hire-carrier over state line if the vehicles are more than 10,000 GVW (gross vehicle weight).
The process for attaining your trucking authority is to first create a business name and then complete an application with the FMCSA. You’ll also need to file for a Motor Carrier Number.
Choose Your Process Agents
A process agent is a person who can legally represent you when you file the paperwork for your business in court. Keep in mind that you’ll need a process agent in every state where you intend to work and operate.
Be sure to check out Stealth Module for your trucking company.
Determine Your Business Type
When starting any type of business, you must determine the type of business you’ll be operating and file the appropriate paperwork with the IRS. This could be a sole proprietorship, a partnership, an LLC, or a corporation.
The best strategy is to hire an experienced tax accountant to take care of this for you.
Secure Financing and Get Insured
You’re going to need plenty of financing to get your trucking company off the ground. That’s another reason your business plan is so important. It will show potential investors when they can expect to see a return on their investment.
It’s also important to make sure that you have the necessary insurance to cover your business and your fleet of trucks.
Lease Your Fleet of Trucks
If you want to own a trucking business, you’re going to need trucks. The types of leases available include operators, lease-purchase, and terminal rental adjustment clauses.
Hire Experienced Drivers
You’ll also need good drivers. After all, someone has to drive the trucks and move the freight for your clients. The key is to hire the best people and let them help you grow a successful operation.
An Entrepreneur’s Guide to Starting a Trucking Business
There’s nothing easy about building a small business from scratch. Fortunately, this guide to starting a trucking business gives you the basic building blocks you’ll need to turn your dream into reality.
Continue exploring this blog to find more articles filled with great lifestyle tips and advice.