One of the statistics that should spur your dream of owning your own trucking business is that trucks move up to 70% of the freight across the US. That's a big pie worth billions of dollars that you should be invested in, and you can be if you start learning how to set up your own business trucking across the country. Sometimes, that can look too big for you even though it isn't! There is a shortage of truckers out there, and with the rising demand of freight and increased rates, this is the time right now to get your business started. For it to go well, you need a cheat sheet to help you.
There are plenty of benefits out there to running your own trucking business, and you can choose with whom you want to work, how much you should haul, and how often you do it. It's up to you to ensure that you run this business with ease, pulling in the right customers and making deliveries on time. You'll be in charge of buying up Piedmont Trucks and hiring staff, buying other equipment, and planning a way to market your business to the customers - it's a lot sometimes! Since you'll own the business, you can also make your salary a decent one and take a bigger share of the profits, too. It's worth knowing, though, that despite all of these benefits and things to do, it's not always going to be easy. The potential benefits of starting a trucking company far outweigh the reasons to wait around before you do it anyway! So, with this in mind, we've got a relatively short guide on how to get this right so that you can start your own trucking company.
Get prepared
It takes time to plan and prepare for your business. Getting started with your own trucking business is going to involve a lot of this and the best approach is to get started as a trucker. If you have been a trucker before you already know the business, and have an idea about how things work in the industry. Most of the owners in a trucking business get their start with being on the road and if you don't have the right experience, you need to make sure that you can get your commercial driver's license. You have to pick out a name for your trucking business, which is important if you want to be able to stand out in the crowd. You need to also ensure that you have an LLC or other entity with your business name if you want to include your first and last names.
Get to know your target market
Targeting the right market is important if you're going to get out there with your business. If you want to be a niche carrier, then you need to make sure that you avoid the bigger competition and establish your name in your industry to create better sales opportunities. If you have a specialist niche, you can often acquire a smaller but more expensive client list and still have a grip on the market. It's not always easy to figure your niche out, but that doesn't mean that you can't do it. Think about who you will engage with and which products and industries in your target locations matter the most.
Create a business plan
Every business, no matter the industry, needs to have a business plan to succeed. This plan outlines all of your goals and your aims for the coming years, and a business plan makes the process of starting a trucking company far easier and more efficient. It can specify the processes of your business, your pricing, sales strategies, marketing plans, and more. Your business needs to be planned to the bottom line and the top of the pops! You should make sure that you know whether you are choosing a short or long-haul trucking business, whether you buy trucks or rent them, whether you plan to grow and expand - it all matters.
Get to know the legal requirements
Your business needs more than a commercial driver's license, and owners need to have a number of the FMCSA requirements outlined properly, too. Some of the permits that your trucking company may need include the US DoT and Motor Carrier numbers, which track your safety and compliance, and the classification of your business. You need to get these by registering your new trucking business with the FMCSA. After you file your application you can get your numbers and you can get going. Another permit you'll need is the unified carrier registration number. This will validate your active insurance coverage and this is for every single state that your trucking company operates within. You can use your new MC and USDOT numbers to register.
Get electronic devices installed
Ideally, you'll install safety devices in your trucks for tracking, but you need to remember that you should have an FMCSA-registered and compliant Electronic Logging Device in each vehicle. This will be the case if you are non-exempt or not! These devices can log where your business has been!
Utilizing logistic professionals like SSO Logistics for your freight forwarding and transportation needs will help improve the success of your trucking business.
Sort out funding
You are a new business, and that means you should think about an investment of around $30,000 before you get your business off the ground. You have to buy vehicles and equipment, rent warehouses to operate from and think about the specific expenses that you may need for your state, too. You want to reduce your overheads from the get-go, but that takes research and knowing who to approach!
Get insured
Lastly, before you go ahead and hire anyone to drive for you, you need to make sure that your assets are insured. Insurance is vital as it protects your business, your staff, and the people on the road. Protecting your business from the unexpected burdens out there should be a priority for you! Your assets are vital and you have to believe in that before you get started. Good luck!