How To Start Your Own Moving Company – Starting your own trucking company is a daunting task, but with a little planning and advance work, the process can go very smoothly.
I got into this business when I worked as an accountant for friends who had just started their trucking business. When the business was still new, I did a lot more than bookkeeping and over time I realized I had the skills and knowledge I needed to open my own business.
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Here are some tips on how to start a trucking company that I have picked up over the years. By following these guidelines, you can ensure that you pull together and cross your line – and ultimately make your business a success.
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Before you get started, here are some basics you need to ensure when starting a trucking company: a business plan, insurance, and the right equipment.
Your business plan should be based on research and analysis of the specific market you are entering. Do you know how to get your clothes, for example, or do you intend to use the baggage register? Have you established relationships with suppliers? Are there places to avoid? An important step is to understand how your business needs to work to be successful and then set it up in an effective, principled way.
Your trucking business plan should also include financing information, including the type of equipment you need and whether you plan to buy or lease that equipment (all of which will affect your startup costs). Understanding your finances is one of the most important things you can do when starting your business. Once you know your operating costs, how much you want to pay drivers, how much fuel, etc., you will be able to choose the freight that will benefit your business.
If you intend to transport goods across multiple state lines in one location, you must apply for a motor driver’s license. Agency staff can help you create your own MC number, USDOT number, and BOC-3 system agencies, as well as submit federal and service permits and IFTA, IRP, and Unified Registration Forms Carrier (UCR). The truck approval application process takes weeks, and any errors or mistakes can lead to costly mistakes if your new business doesn’t have time for it – so it’s best to turn your paperwork to the experts at Authority. The inspection comes with a free one-month freight card (and then a 10 percent discount) so you can get your truck on the road faster.
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From a legal and insurance perspective, $750,000 in primary liability insurance is the minimum required by the Federal Motor Carrier Safety Administration (FMCSA) to open a trucking business. However, most dealerships will require insurance of $1 million or more, so in most cases it makes sense to increase your coverage limit. You need to register your business on your country’s website to start your business legally and start collecting revenue. Since the trucking industry is regulated at the federal level, the cost of starting a trucking business does not vary by state, except for insurance.
Finally, if you’re going to run a trucking company, you need a truck! The two main options to consider are day cabs and cabins. Day cabs are two-seater trucks without a bed in the back (meaning the driver hopes to be home or sleep in a hotel every night), while crossovers are small studio cabs on wheels with a bed, fridge, television and television. other useful things.
You will also need a trailer. The specific type of trailer depends on the type of goods you are transporting. For example, dry cargo requires a dry trailer, while cold cargo such as milk and produce requires a refrigerated trailer (or “referer” as it is known in the industry). Heavy loads such as logs, poles and building materials are often transported in trailers with (unclosed) beds. Depending on the type of goods you are transporting, you may benefit from investing in equipment such as ropes, chains and tarpaulins.
So all in all, how much does it cost to start a trucking company? Initial costs can easily be in the vicinity of 30,000. In my case, $20,000 of that went to buy my truck and equipment, and $10,000 went to insurance under payments and claims to comply with the Department of Transportation. If you already have equipment, your costs will be between $5,000-$10,000, but the average amount to start a business with used equipment is $30,000.
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If you are new to the trucking business, you may not have established relationships with brokers and shippers, so the next pressing question is how to get the freight.
Load tables like the one they offer are important tools for new trucking companies because they allow you to see and book loads that sellers and shippers want to move in real time. Freight programs are easy to use and allow you to quickly search the most popular freight market by origin, destination, equipment type and from.
When you find a result that meets your search criteria, you can contact the seller to discuss the price and order the shipment. If there isn’t a quick match, you can set an alert and be notified immediately if a load that meets your criteria is available. Not only that, it provides a convenient mobile app that you can use to search and book luggage on your phone. In addition, the One app allows you to easily check fuel prices, search for nearby freight, find the best truck stops and rest stops, parking, fuel prices, access turn-by-turn directions and dock information via Dock411.
Freight factoring is another service I recommend for small trucking businesses as this will allow you to get paid quickly and avoid waiting for suppliers to pay their invoices. Here’s an example: Let’s say I order and ship through a broker. Merchants often work with payment terms of 30 or 45 days, but as a small business I can’t wait that long to pay my debts and operating expenses. A consignment service allows me to get paid in a day or two in exchange for a small percentage off the top (usually 3 percent, but this can change).
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Once the shipment is delivered, I submit all my documents to the shipping company and they will advance the invoice payment minus their rate – which means I get $970 a day or so per shipment. 1,000 shipments. Factoring can make a big difference for small trucking companies, especially those that don’t have a line of credit to draw on instead.
I also recommend getting a fuel card for a couple of reasons. A fuel card gives you a discount on fuel and can come with payment terms, so instead of drivers paying cash at the pump every day, you’ll be able to collect fuel and pay later. When you combine fuel cards with factoring, you can create a system where you delay payments and get paid quickly, helping to reduce or minimize any cash flow issues that may arise. .
As I mentioned earlier, the most important thing when starting a trucking company is to study your market thoroughly. I have seen more than my fair share of new business owners leave the trucking business as quickly as they entered. More often than not, it’s because they haven’t done their research fully, didn’t know the needs of the business, or didn’t understand how the business needed to be run to be successful. Running a trucking business takes a lot of time, and getting started can be one of the most intimidating stages of the process. It is important to educate yourself and know what to expect. In fact, it may be more important than running the business itself!
The good news is that there is a lot of information on how to start your own trucking company readily available on the Internet. A good place to start is my popular YouTube channel. Do your research, watch live streams and join the American Trucking Association. That way, you can stay informed about the relevant laws and any legislative changes that may affect your business. You might consider taking a course on how to start a trucking company.
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Another reason why understanding money is important? Along with everything else, you need to know your operating costs per For example, if fuel costs $0.50 per mile, your driver earns $0.50 per mile. mile, and your other miscellaneous expenses totaling $1.25 per Ideally, you will do enough to
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Hi, I am Erick Norman. A blogger specialist in Kitchen Design.