Starting a trucking business
If you have trucking experience and would like to explore the administrative side of the industry, consider starting a trucking business. The potential for growth and revenue is high, but keep in mind that there will be a rough road ahead for any new trucking business—the cost of fuel is rising steadily and the competition can be fierce. However, there is still a very real need for the trucking industry, and you can capitalize on this booming market by drafting a realistic business plan and sticking to it.
Planning Your Trucking Company
Guidance on how to start your own trucking business can come in many forms, but you may want to begin by reviewing your own assets and capabilities. A trucking company is not a cheap small business to start: your initial investment must be large enough to cover the cost of your trucks, fuel and drivers. You will also need to determine where you will base your company, as well as the administrative tools required to manage all aspects of the business.
Construct a trucking business plan to clarify and address these issues in a concise manner, which will help you to apply for a loan. Be sure to include the specific services your company will supply, and why your services will be attractive to clients. Remember to discuss the impact your business will have on the market, but also the impact that you will have on the business: a bank is more likely to grant you a loan if you can show that you are responsible, capable and insightful. Go online to find a sample business plan to serve as a template for your own plan.
How to Start Your Trucking Business
To learn how to start a trucking business, you must learn about the rules and regulations that surround the trucking industry. In addition to a coherent trucking business plan and small business financing, you will need licenses and permits such as IFTA decals, USDOT numbers, IRP tags and MC numbers. Investigate all of the requirements on your own, or else enlist the services of a consultant.
In order to begin work you will need to get contracts, and in order to get contracts you will need to advertise as much as possible. Use brochures, local radio spots, the yellow pages and trade magazines to get the word out. Your name should also be memorable in order for your business to stand out among all of the other trucking companies. Finally, take good care when hiring your drivers, as one bad choice can result in a terminated contract.