Best Tips to Start A Successful Trucking Company
Updated: Mar 16
If you're about to start your own trucking company, or have been thinking about it, this article outlines the best tips to start a successful trucking company.
Many new truck drivers do not realize how competitive the trucking industry is and end up failing sooner after starting because they didn't plan. Knowing how to run a trucking company goes way beyond just knowing how to drive a truck. You need to take time to plan your company out step by step so you can success.
Here are the best tips to start your successful trucking company!
Plan your business
You need to plan your trucking business out before putting it into action. Develop a business plan that includes:
The type of equipment you'll use
If you will lease or buy your truck(s)
How many drivers you want to hire, if any
Your financial budget which includes: insurance costs, equipment costs, fuel costs, salary costs, taxes and fees, and maintenance and repairs.
Become official in the trucking industry
You must be in compliance and have your authority before you can start working or you will run into some costly mistakes. You need:
A legal business structure: Sole Proprietorship, Limited Liability Company, etc.
The right insurance coverage
Plus other paperwork that needs to be filed in order to run interstate or intrastate commerce
Decide where you will find loads
The next big step to being successful is knowing where you are going to find loads for your trucking company. Researching your options is key to securing the best paying loads. You need to decide if you want to work with a dispatcher, use load boards, or work directly with brokers or shippers. Another important thing to consider in your planning stage is knowing the type of lanes you want to run in and the price you want to charge. Having this all figured out before hand will give you an advantage and make the whole process easier.
Make a plan to get consistent funding
A lot of bills come with running your own trucking company. But don't let that be a turn off. If you have plans for consistent funding, this is a walk in the park. Making sure you have enough cashflow to cover all your monthly expenses throughout the year is key to being successful. Working with a factoring company or using quick pays is a great way to get consistent funding for your business.
Let us help you get start your successful company! Call us today at (855) 552-4689 or fill out the form below.