Truck driving is a popular occupation in the United States. According to the American Trucking Associations, more than 3 million truck drivers are working in this country.
However, with the ongoing COVID-19 pandemic, there has been a truck driver shortage. While many truck drivers are working in the United States, there aren’t enough to meet demand.
It’s during this time, where the bold and ambitious can shine. Some people have decided to start their own truck driving businesses in an attempt to meet this demand.
While it’s always risky to start your own business, if you can afford it and are willing to go the extra mile, you can end up with a successful small truck driving business.
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Here are some tips on how to start a small truck driving business.
Specialize in a specific vehicle
First, you need to choose the type of trailer transport you want to specialize in. This is because the type of trailer you specialize in driving will depend on the types of services you will offer.
For example, if you specialize in step deck trailer transport, you’ll probably be using your services to haul tall and oversized loads. In comparison, if you specialize in refrigerated trailer transport, you’ll probably be transporting goods that need to be kept at certain cold temperatures like produce and other groceries.
Choose your location
Next, you need to choose where you want to provide your services and what your boundaries will be. You need to figure out if your business will be local, cross state lines, or potentially go international.
If you want to provide services in different states or internationally, getting started becomes more complex. You will need to think about how each state or country handles permits and insurance, which can be frustrating for new truck driving businesses to sort through.
Research laws related to running a business
For any business to operate successfully, you need to ensure you’re following your local state and federal laws. In this case, it’s necessary that you research the laws related to operating a truck driving business.
By doing your research on the law, you can avoid costly mistakes and potentially being shut down by the government. You could save a lot of trouble, time, and money by verifying certain legalities before you get started.
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Figuring out your costs
Starting your own trucking business requires you to lay out a carefully planned budget. You need to budget everything from buying a truck to getting the necessary permits in place.
It may take a while to save up enough funds to buy a truck, so you might want to start by renting one at first. In terms of applying for permits, these fees associated will vary, but they are necessary for you to provide your services.
You’ll also need to take into account if you need to hire additional help, provide office space, and utility costs (like gas, electricity, etc.) These will vary between each business.
Getting funded
Along with figuring out your budget, you need to figure out how you’ll get funding to start your business.
While you could self-fund, you would need a lot of money saved up, and it’ll need to last for a potential three to five years.
You can also get a loan from the bank, but you’ll need to consider if it makes sense financially. You don’t want to accrue too much debt in order to start your business, so be wise in your decision-making process when it comes time to take out a loan.
The trucking business is a huge industry, with billions of dollars in revenue each year. With the right research and planning, you can get started on your own small trucking business that can be profitable for years to come.
It takes a lot of effort to get your business off the ground, but once it’s running smoothly, you’ll be able to sit back and enjoy the profits.