There are nearly 3.5 million truckers in the United States. Of these truckers, one in nine are with an independent trucking company – for good reason.
Starting a trucking business can be incredibly profitable. The need for truckers goes hand-in-hand with the need for food, medicines, and other materials going from one end of the country to another.
The trucking business has survived as an essential throughout the coronavirus pandemic. The industry will continue to thrive as long as the needs of people exist.
If you’ve been thinking about starting a trucking business, check out this trucking business guide. You will be developing your own trucking business plan in no time at all.
- Get Your Commercial License
Chances are, if you are thinking about how to start a trucking business, you may already have your commercial driver’s license.
But if you do not, this will be your very first step. Commercial driver’s licenses are necessary to drive big rigs and 16 wheelers. Holding a commercial license will also be helpful in analyzing insurance and legalities, even if you are not behind a wheel.
- Determine Business Type
If you are asking yourself how to open up a trucking business, first consider what type of business you will be running.
While filing as a sole proprietor is generally easiest, it can be a hairy situation if your company is sued. Creating a corporation takes a bit more work, but can be well worth the effort, as it helps protect assets and liabilities.
- Know the Legal Ins and Outs
The trucking industry is highly regulated by the federal government.
Make sure you know what paperwork, licenses, and insurance are required before starting a trucking business. Do not get caught in the midst of a legal battle that threatens your livelihood because you were not aware of the regulations associated with the industry.
- Get An Insured Truck
Obtaining a truck can be a daunting task, but necessary for a trucking business.
Work with a good insurance agency, as well. Auto insurance absolutely should not be skimped on, as this can protect your business from sinking.
The Hummel Group is an excellent insurance company with several quote options. Visit their site to find out more.
- Know Your Finances
A profitable trucking company will boil down to well-managed finances.
Keep track of expenditures, including monthly expenses such as lease payments, insurance, cost-per-mile, and salaries. Track all incoming profits so that you always know how much money you have coming in.
It may be beneficial to hire a well-rounded bookkeeper to manage your finances so that you can focus on growing your business.
Starting a Trucking Business Can Be Very Profitable
Like any business, the amount of effort that you put into it will result in failure or success.
Starting a trucking business can be a very profitable venture if an individual is willing to put in the hard work necessary to succeed.
If you strive to work for yourself, a trucking business may be the perfect stepping stone for you.