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Starting a Trucking Company – 3 Steps to Starting a Trucking Company
Trucking companies are vital to the economy because they help move freight around America. With trucks, goods get to their destinations faster and at lower costs. They also have a lot of potential for profits and growth. If you are thinking about starting a trucking company, there are several things you should consider.
Liability Protection
The trucking industry is a risky one, so it makes sense to use a business structure that protects you from liability. For instance, LLCs allow owners / members to limit their personal assets when a lawsuit arises against the company.
Choosing Your Trucking Business Type
There are several different types of trucking companies out there, from smaller, local operators to large national companies. The best way to determine which kind of trucking business is right for you is to do some research. This will give you a better idea of the kinds of loads and freight you can expect to haul.
Some of the most common types of freight truckers haul include machinery, electronic goods, and motorized vehicles. You can also find more niche load types, like food and restaurant supplies. Whether you choose to focus on these or some other type of freight, it is important to have a solid business plan in place before you start your company.
You will need to have the proper licensing in place for your trucking business, and you should make sure you meet all of the regulations before you open up shop. This includes having a commercial driver’s license (CDL) and any endorsements required by your state. Depending on your service and where you’re based, you may also need other licenses and permits.
Step 1: Write a Business Plan
A business plan is the first step in any new business. It helps you set goals, define your values and prepare for any challenges that may come up in the future. A good business plan should project 3-5 years ahead, and should detail your strategy for growing revenue.
Step 2: Select Process Agents
Once you have a trucking company, you need to hire process agents in every state where you travel and operate. These individuals complete your BOC-3 paperwork, which is a legal requirement for trucking businesses. They can also help you with any legal issues you may have and will be able to file on your behalf in court.
Step 3: Pick Your Trucks and Equipment
If you want to run a trucking company, you’ll need a fleet of trucks and some type of trailer. These should be safe, reliable and durable to withstand long periods of time on the road. It’s also wise to invest in equipment that will help you increase your productivity and safety.
Step 4: Identify Your Target Market
The most important aspect of running a trucking company is getting the right types of loads and freight to deliver. This means identifying who your main and secondary clients are, what products they need, and where you can get them. It’s important to make sure you have a stable, consistent flow of business so that you can earn a steady income and keep your trucks and equipment in tip-top condition.
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