If you’ve got substantial experience as a truck driver and above average business acumen you should consider starting a trucking company. Before you completely immerse yourself in your ideas and plans it would be worthwhile to understand that it takes a lot of grit, hard work and endurance to keep your head above water. Besides, you’ll need injections of cash at regular intervals to keep your trucking business well-greased and running smoothly.
Despite the rising cost of gas and diesel, the trucking industry is still booming. There is a lot of competition to bag trucking contracts. It takes more than a good hand on the wheel to keep your business afloat. Draw up a comprehensive business plan and use the following tips when pondering over how to start a trucking company.
If you’re planning to start a multi-truck organization, your finance requirements will be quite high. The start up costs in opening a trucking business varies between $10,000 to $50,000. So evaluate how you’re going to get this kind of funding. Figure out whether you’ll need a business loan. Potential sources of financing would be banks, financial institutions and any organizations who offer small business loans. Before you approach lenders and investors, draw up a concrete business plan summarizing your business goals, finance requirements, expenses and future incomes.
Rules and Regulations
When studying how to start a trucking business, familiarize yourself with all the laws and licensing procedures. Some of the rules and regulations you need to get acquainted with are IFTA licensing, state registration and permits, BOC-3 filing, fuel tax payments etc. Be thorough in your research and if still in doubt, perhaps it would be better to hire a compliance professional.
You also have to make a decision about the type of freight to carry. These days most things are transported by trucks. You can carry wet or dry freight, durable goods etc. So make up your mind about the kind of freight to transport. » Read more: How to Start Your Own Trucking Company